If you code trading strategies in Pine Script™, you know how essential precision is. But calculating stop-loss levels, take-profit zones, and position sizes by hand can be both tedious and error-prone. That’s why this robust Pine Script strategy helper library is a game-changer. Designed for backtesters and algorithmic traders, it simplifies the math by wrapping up common tasks like converting ticks to currency, calculating percent-based exit levels, and sizing positions based on risk.
In this article, we’ll break down what the library does, why it’s indispensable, and how it can enhance your trading edge with just a few lines of code.
Designed for Real Trading Needs
1. Percent Functions
Functions like percentToTicks() and percentToPrice() allow you to convert a percent of your entry price or current price into ticks or monetary values. Want to exit at a 2% profit or risk exactly 1%? These functions handle the math—and flip logic automatically based on position direction.
2. Tick Conversion Tools
Whether you’re expressing levels in ticks, currency, or price, tick functions like priceToTicks() and ticksToCurrency() get you there. Perfect for placing precise stop-losses or take-profit orders.
3. Stop & Target Level Creators
Functions such as ticksToStopLevel() and ticksToTpLevel() compute stop-loss or take-profit levels in ticks offset from your entry. These adjust automatically if you’re long or short, and are ideal for use with strategy.exit().
4. Risk-Based Position Sizing
Avoid the common mistake of risking different amounts on each trade. The library offers calcPositionSizeByStopLossTicks() and calcPositionSizeByStopLossPercent() to help you size each position based on your risk tolerance and stop level.
5. Enhanced Exit Orders
Want a user-friendly exit command that understands both percentage and tick-based stops? Try exitPercent() and exitTicks() wrappers—built to plug directly into strategy.exit() while interpreting your stop or take profit with precision.
Pro-Level Metrics: Sharpe & Sortino Ratios
Newer versions of the library include SharpeRatio() and SortinoRatio() functions. Using monthly return periods ensures consistency with Pine Script’s Strategy Tester results—and gives you cleaner insight into risk-adjusted performance.
Updated Features in Version 5
- Pine Script v6 compatibility ensures smooth integration with the latest syntax.
- Improved
exitPercent()—now without thewhenparameter for v6 compliance. - Better-looking Release Notes and FAQs embedded for clarity.
Example Workflow
Copy the library into your Pine Script, add it to your chart, and watch how it visualizes:
- Entry level (orange line)
- Stop-loss (fuchsia)
- Target level (green)
Position size, stop, and take-profit dynamically update based on your parameters—making your testing transparent and repeatable.
Why It Matters
| Problem | Library Solves It |
|---|---|
| Manual tick or percentage conversions | Auto-calculation based on entry price or tick distance |
| Forgetting to flip stops/targets for shorts | Stop levels adapt automatically based on trade direction |
| Inconsistent position sizing | Risk-defined sizing via standardized methods |
| Lack of risk-adjusted metrics | Built-in Sharpe & Sortino calculations for backtests |
| Pine Script incompatibility issues | Fully updated to Pine Script v6 syntax and conventions |
Final Thoughts
This powerful Pine Script utility library bridges the gap between quant-style risk management and accessible trading strategy development—without the need for advanced math or clunky manual inputs. Its functions empower both amateur coders and experienced quantians to build consistent, reliable, and risk-aware trading systems.
If you’re tired of handcrafted exit logic or inconsistent sizing, this tool is the upgrade you’ve been waiting for.
Share it, integrate it, and trade with precision.
Disclaimer
The information provided in this article and the associated indicator is for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any financial instrument. Trading and investing involve significant risk, and you should always consult with a qualified financial advisor before making any trading decisions. Past performance does not guarantee future results. Use this tool and strategy at your own risk.
Frequently Asked Questions
1. What is this library used for?
It helps Pine Script strategy developers calculate stops, take-profit levels, position size, and performance metrics using flexible percent- and tick-based methods.
2. Can it automatically flip stop and target levels for shorts?
Yes. Functions like ticksToStopLevel() and ticksToTpLevel() intelligently reverse direction based on long or short positions.
3. Does it support Pine Script version 6?
Absolutely. The v5 library is fully compatible with Pine Script™ v6, and all functions are adapted to meet updated syntax requirements.
4. How does position sizing work?
Use calcPositionSizeByStopLossTicks() or …Percent() to determine your trade size so that the defined stop level risks exactly your selected percentage of account equity.
5. What about exit order wrappers like exitPercent()?
These functions wrap around strategy.exit(), simplifying exit placement with stop-loss or take-profit defined in ticks or percent. Use them without worrying about signal logic or position direction.