TradingView Indicator for Prop Firm Challenges

A challenge is the test a prop firm sets before it gives you a funded account. Most challenges come down to the same few rules:

• A profit target you have to reach to complete the phase.
• A daily drawdown: the most the account may lose in a single day.
• A max drawdown: the most the account may lose overall (at some firms it trails behind your highest balance).
• Often rules on when you trade, such as sessions, news times or being flat before the weekend.

The profit target is rarely what makes a challenge fail. The drawdown is. So what you need from an indicator is simple: a clear entry, the exit known before you get in, a trade size that fits your limit, and a signal you do not miss. (New to the term? See drawdown in the trading glossary.)

OptiTrade's TP-SL Strategy draws the whole trade the moment it gives a Buy or Sell signal:

1. The entry signal appears on your chart.
2. A Stop Loss box marks the loss side of the trade, and up to four Take Profit lines mark the targets.
3. As price reaches each Take Profit, part of the trade closes.
4. If price reaches the Stop Loss first, the trade closes at that level.

The Stop Loss distance is measured in ATR, the average size of the last 14 candles, so it adapts to the market you are on. The Risk-Reward ratio places the targets from that distance. With a Stop Loss of 2 ATR and a Risk-Reward of 3, the Take Profit is 6 ATR away.

For a challenge this matters more than the entry itself: you know the loss side of every trade before you take it. More on the levels: stop-loss and take-profit indicator.

The Risk Management section tells OptiTrade how big each trade should be. You enter an Account Balance (for a challenge, type in your challenge account size) and choose a Mode: Fixed Drawdown (the default), Fixed Percent of the balance, or a Fixed Size in units. With Show Trade Sizes on, the exact trade size is printed on the entry label.

That gives you a quick check before every trade. Say your challenge allows a daily drawdown of 5% on a $100,000 account, which is $5,000 for the day. If you decide that no single trade may cost more than $500, you have room for ten losing trades before the daily limit, and the size on the entry label together with the Stop Loss box shows what the next trade can cost.

Trading only inside your session

Turn on the Trading Time Filter to allow trades only during the hours and days you choose: a Trading Session in 24-hour format (for example 0930-1600) and a toggle for each weekday. Close Trades at Session End closes any open trade when the session ends, and Highlight Non-Trading Times shades the chart whenever trading is off. If your firm wants you flat at a set time or before the weekend, this is the setting to use.

Fewer, cleaner trades

Overtrading is a classic way to fail a challenge. Minimum Candles between Signals makes OptiTrade wait a set number of candles before it opens a new trade, and Max Trade Duration closes a trade that stays open too long. If you only want to trade one direction, Trading Preference restricts OptiTrade to long trades or short trades.

A missed exit can cost more than a missed entry. TradingView alerts on the OptiTrade strategy notify you when an order fills: the entry, each Take Profit and the Stop Loss. Set Alert Message for to Manual Trading and the message contains the signal, the ticker and the exact trade size, so you can place the trade on your firm's platform straight from the alert. Step by step: Signal Alerts guide.

Alerts can also be sent through a webhook to a connector that places the orders with a broker (see the Automatic Trading guide).

1. Add the TP-SL Strategy to the chart of the market you trade in the challenge (setup: adding the indicators).
2. In Risk Management, set the Account Balance to your challenge account size, choose your risk Mode and turn on Show Trade Sizes.
3. Choose 1 to 4 Take Profits.
4. Turn on the Trading Time Filter for your session and weekdays, and Close Trades at Session End if your firm wants you flat when the session ends.
5. Look at the dashboard on a few symbols and timeframes and pick the combination you want to trade during your challenge.
6. Create your alerts for entries, Take Profits and the Stop Loss.
7. Before each trade, check the size on the entry label and the Stop Loss distance against the drawdown you have left for the day.

OptiTrade includes four core strategies. TP-SL, and V1.0 in its Multi-TP mode, draw fixed exit levels on every trade; High Win Rate and Buy-Sell exit on the next opposite signal.

If your priority is a defined loss side on every trade, start with TP-SL. For a wider look at signal tools, see the best TradingView buy/sell indicators.

OptiTrade is delivered as a personal access code. After you subscribe, open your OptiTrade access page, click Copy Code, and paste it into the Pine Editor in your own TradingView account. No invite or TradingView username is needed. The step-by-step setup guide walks through it.

• Runs on TradingView's free plan.
• Your purchase includes 4 core indicators, plus 4 bonus indicators on your access page.
• Doesn't repaint (non-repainting indicators explained).

You get access for just $14, or choose lifetime access (see pricing). Every payment is covered by our Lifelong Refund Policy, and you can cancel anytime with one click.

About OptiTrade

OptiTrade is technical-analysis software for TradingView: indicators and strategies that draw buy and sell labels, trend lines and exit levels on your own chart, delivered as Pine Script code you copy from your personal access page at optitrade.shop into TradingView.

OptiTrade (optitrade.shop) is TradingView indicator software. It is not a broker, does not hold or manage your money and does not give investment advice. It is a different business from other companies with similar names. OptiTrade is not a prop firm and is not affiliated with any prop firm. It is an independent product and is not made or endorsed by TradingView.