BEST Trade Manager (Plug&Play)

Introduction

This is very likely the most loved utility script that we shared on TradingView.
This Trade Manager is standalone and available on our BEST utility scripts library.

The concept is simple: plugging any indicator to the script and get real-time analytics with :
- 1. Multiple options for Stop-Loss/Take-Profits
- 2. Analytics panel (Profit and Loss in percentage and points value, max drawdown/profit, risk-to-reward ratios, ...)
- 3. Labels showing the current stop-loss/profits price levels
- 4. TradingView alerts and dynamic alerts

The indicator is also included in our Algorithm Builders, and certainly helps you immensely analyzing your charts and your trades.

We made sure that all the graphical elements on the chart will be updated in real-time whenever our user change anything on the TradingView indicator configuration.
We also enabled dynamic alerts for the Trade Manager component.
More info available in the Alerts section below

Stop Loss and Take Profits labels position on chart


  • Colour candles based on trend state: automatic candles coloring based on profitability. Light color when beyond the entry price, dark color otherwise

  • SL/TP Labels X Position: You can adjust the horizontal labels positions with the field SL/TP Labels X Position
Stop-Loss Management

You'll have different Stop-Loss options. There is not a best or worst one. All depends on your own trading strategy and if it makes sense to you.

Trade Manager stop losses options based on price value or trailing stop

Selecting the Default option means the trader doesn't use a custom Stop-Loss. And solely use the included hard-exit as the Stop-Loss signal.

For what's following, let's assume that 2 is the stop-loss percentage value you inserted in the indicator and the Algorithm Builder gives a BUY signal. This is NOT a recommendation at all, only an example to explain how this feature works.

- % Trailing : The Stop-Loss starts 2% away from the entry price - and will move up (because we're on a BUY trade as per our example) every time your trade will gain 2% profit
- Percentage : The Stop-Loss stays static 2% away from the entry price. There is no trailing here

Now using 100 as example for the options below:

-Fixed Price Value: Set the Stop-Loss at a fixed position (value should be in currency/units of value/price level on the chart)
-Fixed Price Value: Set the Stop-Loss at a fixed position (value should be in currency/units of value/price level on the chart)
-Fixed Distance Value: Set the Stop-Loss at a fixed points/pips distance value (example for a LONG: 100 sets the stop level 100 pips below the entry price).

Use TP Trailing : This is a very remarkable feature. The stop-loss is set 2% away when the trades starts.
When the TP1 is hit, the stop-loss will be moved to the Entry price (also called breakeven). Then when the TP2 is hit, the SL is moved to the previous TP1 position.

Take Profits Management
Take profit offering 3 options. Value/Percentage/Pips Distance

You can manage up to 2 take profit levels based either on percentage or price value target.
- Percentage: for instance, setting the % TP1 to 2% will set the TP1 level 2% away from the entry price.
- Price value: for instance, setting the value for Bitcoin TP1 target 10000, sets the TP1 level at that price level.
- Distance value: for instance, setting the value for BTC/USD TP1 target 200, sets the TP1 level 200 USD away, from the entry price.

Labels Lines

This option has been specially designed for mobile users. The TradingView native labels are very long and take "too much place on the screen".
The number input will move the labels on your chart, the higher the number, the more to the right they'll be located.
You'll have now shorter labels so that your chart will look nicer on mobile devices.

Deactivate TradingView native labels
Label Lines
❌ Hard Exits ❌

We included the hard exit indicators in the Trade Manager - as we also did for the Algorithm Builders.
The hard exit (or invalidation) is a fundamental part of the Best Trading Indicator™ method. We explained numerous times on TradingView, our website, and social media channels why we "love" this concept so much, and how it saved our capital numerous times from getting savagely wrecked by the market.


Note: We'll be adding new Hard Exits indicators, and as you might know already; the subscribers will benefit from the upgrades for free :) - as explained on our Pricing page)

❌ Hard Exits - MACD ❌
Hard Exit MACD

On the left image, we use a MACD 20/50/50 as a dummy example.

Rule #1: A trader must keep using his/her logic : If enabled, the hard exit MACD has to make sense with your indicator signals. For example, if a trader uses entries based on a MACD 12/26/9, but invalidates using a MACD 20/50/50 - what do you think will happen ?
Answer: Probably nothing sensible because the hard-exit MACD 20/50/50 is more significant than the entries given by the MACD 12/26/9.
Without going any further into this edge case, our point is : the feature works if it has been thought of to exit a trade before a SL gets hit.

Rule #2: Must be used to reduce your losses - not your wins
A MACD is a momentum indicator - meaning when there is a decrease in the trend strength/velocity, the MACD will drop, and might turns negative - When in a LONG trend, this is a valuable input as it alerts the trader the trend might goes south (perhaps a time to move up the SL and take a bit of profits or closing the trade if not already with a positive balance on that trade).

- We can see on the left image, (once again, this is only an example and not a general rule) - that the Hard Exit MACD 20/50/50 allowed the trader to exit his/her LONG position with a better exit compared to a stop-loss based on this Supertrend.
- However, on the right part of the image, it exits the SHORT position way too soon.

There the example is simple and we hid a lot of graphical elements to simplify. But we think you got our point.
That's precisely why we cannot recommend a specific value for any indicator - here a MACD 20/50/50 could work overtime if combined with a good configuration/money/risk management etc.

🔔 Alerts 🔔

When the settings change, the alerts already created aren't updated automatically.

If you change any settings, you'll have to delete the alert(s) related to that setting and recreate it/them.
For example, let's assume you would change the stop-loss of your trade manager but already created an alert for it days ago.
As the previous alert is based on your previous configuration, you'll have to recreate it.

Please let us know if that doesn't make sense to you.

Tradingview Alerts Settings

The screenshot should be self-explanatory enough

You mandatory need to create 1 alert for the BUY event and 1 alert for the SELL event

The Algorithm Builder allows to capture the alerts on those BUY green triangles and SELL red triangles.

You'll have to create 1 alert per event (buy or sell) per asset (BTC, DOW, APPL, ...) per timeframe (m5, m15, ...).

For instance, if you add your Algorithm Builder to your chart. You have to create 2 alerts. A first one to capture the MAIN BUY event, a second one to capture the MAIN SELL event.

According to your TradingView subscription type, you might receive the alerts by email and by SMS

Hard Exits alerts
Alerts Hard Exit

Hard Exits BUY, and SELL alerts must be with the Once per bar close option.
The framework is made to invalidate when the hard exits sub-indicators give the signal, at the end/close of the m1 candle.

Trend Manager alerts
Trade Manager alerts

You'll be able to create alerts based on our Trade Manager. It's recommended to wait to be in a trade, and after creating the Trade Manager alerts.

As we could recommend to trigger the BUY/SELL alerts on candle close (for more security/less risk for fakeouts), it's generally a best practice to set the Trade Manager alerts using the Only Once or Once per bar because traders want to exit their trades at a specific price in real-time.

We mean, once the SL/TP1/TP2 are hit, you might not want to wait for the candle close to act, because it could be too late, and very often won't be in the trader favor.

🔔 Dynamic Alerts and TradingView automation 🔔

Here are the list of third-parties capturing TradingView alerts and forwarding them to many FOREX (CFD) brokers.
The process to connect the Algorithm Builder entries/exits signals to those systems is fairly easy.
You'll find more insight to make your alerts compatible with those systems here.

More information to create and manage custom alerts here