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Below is the code for an ATR based stop...kindly supplied by Steve
Rowe (thanks once again Steve) ....how could this be change to act
as a stop for short positions?...ie a ATR stop above price action?
// ATR stop based on close
// Steve Rowe 2004
// When the stop is breached it immediately "resets"
// use c<ref(stop,-1) to detect breach of stop line
multiplier = Param("ATR multiplier",3,1,3,0.25);
myATR =multiplier*ATR(21);
initial=C-myATR;
stop[ 0 ] = Close[ 0 ];
for( i = 1 ; i < BarCount; i++)
{
if( Close[ i ] > stop[ i - 1])
{
temp = Close[ i ] - myATR[ i ];
if( temp > stop[ i - 1 ] ) stop[ i ] = temp;
else stop[ i ] = stop[ i - 1 ];
}
else
stop[ i ] = initial[ i ];
}
Plot(C,"",1,styleBar);
Plot(stop,"ATR Stop",colorRed,1);
// steve
Thanks Bruiser
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