Jalna

Can you define your understanding of a % profit taker i.e. how would the indicator know your previous buy price?

I assume the formula you are interested in is along the lines the open (after a market opens) less the as yet undefined buy price?

Would it not be better the Close less a buy price as in the morning before a market opens all the indicator can identify is the close of the day before?

cmacdon

Hi I'm thinking- buy around end of day and to take some profit at around 5% which seems feasible in this choppy market.

So end of previous day plus 5% 

Jalna

Here is an indicator that should do the trick, it is more flexible than you requested.

You can enter any purchase price, and any nominated profit % for the the nominated starting date in the settings.  Once set and the indicator is showing on a chart, you can click on the indicator on the chart and, then, you can slide the indicator backwards or forwards to a different starting position - then, re-enter a new purchase price for the revised starting date in the settings.

The indicator uses a great new feature that is to be available in the next BC update as shown in the second top line.  What this code function does, is allow an indicator code, that does not depend on the last traded bar, to be extended into the future i.e the space to the right, in this example 20 bars beyond the last traded bar.  So you can monitor how a future trade is developing against any overlay whether is  a geometric structure or an predefined angle or a profit target as shown in this example.  The new feature was provided by Brendon and Day at BC - so thanks to them. 

As you probably do not have the new BC update yet, although it may be due for release soon.  You might have to delete from the second line below  the "extend_to_right=20" wording; - in which case the indicator should then work OK but only up to the last traded bar.

The code is below - I tested it on ANZ hence the nominated start date and starting price.  I will post an image for the indicator on ANZ separately.

[citation="% Profit target indicator"; Author =cmacdon]
[extend_to_right=20; Target=Price;]
TDate:=InputDate("Start Date", date(2016,9,20));
Hd:=BarsSince(OnOrSkipped(TDate));
pt:=input("% Profit target", 5, 1, 100);
Bought:=input("Input purchase price", 26.6, 0.01, 100);
pd:=input("Bars to be monitored", 10, 1, 1000);

[name=Buy Level; linestyle=Horzline; Width=1; color=Black;]
Buy:=if( HD<=pd+1,valuewhen(Hd=0,Bought),undefined);
Buy;

[name=Target; linestyle=Horzline; Width=2; color=Green;]
Target:=if(HD<=pd+1,valuewhen(Hd=0,Bought*(1+(pt/100))),undefined);
Target;

[name=Profit Target Fill; linestyle=Fill]
[color=Cyan] Buy;
[color= Cyan] Target;

[name=Buy Date->; linestyle=verticalmarker;Market=Long; Width=1; color=Black;]
If(HD=0,Bought*0.90,undefined);

[ Linestyle=Text; fontsize=6; textalign=Below,left ]
if(valuewhen(1,HD=0), Round(Buy,2)  + "       " ,undefined);Buy;
[textalign=Above,left;  ]
if(valuewhen(1,HD=0), Round(Target,2)  + "       " ,undefined);Target;