I’m trying to code a simple strategy using pine script.
The problems are regarding the stop loss.
I would like once the position is open a SL at 0.2% under the open price.
Once the price reaches +0.1% it closes the SL and open a trail stop loss following at 0.02% under the highest price since the position is open.

The important point is to keep the initial SL active until the price reaches the +0.1% and then switch to the trail SL.

Below my current script.

I hope my explanation is clear and someone can help me.

Thanks a lot,

Alex

//@version=5 

strategy('RSI Crossover Strategy', overlay=true) 

 

rsi_length = input(14, title='RSI Length')  

rsi_cross_under = input(50, title='RSI Cross Under Level')  

rsi_cross_over = input(67, title='RSI Cross Over Level')   

stop_loss_percentage = input(0.2, title='Stop Loss Percentage')  

take_profit_percentage = input(0.1, title='Take Profit Percentage')  

rsi_value = ta.rsi(close, rsi_length)  

lowest_rsi_20 = ta.lowest(rsi_value, 64)  



strategy.entry('Buy', strategy.long, when=(ta.crossover(rsi_value, rsi_cross_under)) and (lowest_rsi_20 < 40))  



stop_loss_price = strategy.position_avg_price * (1 - stop_loss_percentage / 100)  

take_profit_price = strategy.position_avg_price * (1 + take_profit_percentage / 100) 

Entry = strategy.position_avg_price  

 

strategy.exit('Stop Loss/Take Profit', 'Buy', stop=stop_loss_price, limit=take_profit_price) 



// Plot stop loss and take profit levels with labels 

plot(strategy.position_size > 0 ? stop_loss_price : na, color=color.red, linewidth=1, title="SL",style=plot.style_line) 

plot(strategy.position_size > 0 ? take_profit_price : na, color=color.green, linewidth=1, title="TP",style=plot.style_line) 

plot(strategy.position_size > 0 ? Entry : na, color=color.blue, linewidth=1, title="TP",style=plot.style_line) 

I already tried multiple approaches but it obviously not working so far