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Pegasus has a very good code for trailing stops. Go here:
http://users.bigpond.com/prominex/MetaStock/TrailStop.txt
--- In Metastockusers@xxxxxxxxxxxxxxx, "metarockx" <k_rock@xxxx>
wrote:
> hi everybody
>
> I have designed a close trailing stop for short term systems.
> The logic is to start with an ATR multiple subtracted from the low
> on the first day of the trade and on the following days to rise
the
> stop by the difference of the respective lows, yet in such a way
> that the stop for the long position can never be lower than the
> previous stop value.
>
> (entry is only a simple example)
>
> atrs := 4;
> atrmult:= 0.25;
>
> longentry:= Cross(C,MOV(C,30,S));
>
> stopl:=If(BarsSince(longentry)=0,L-ATR(atrs)*atrmult,If(L>Ref(L,-
> 1),PREV+(L-Ref(L,-1)),PREV));
>
> stopl;
>
> I'd like to plot this as an indicator in the chart window. My
> problem is that during the "flat" periods the stop grows higher
and
> higher and so it distorts the chart view.
>
> Anybody got an idea how to avoid that?
>
> Thanks so much
>
> metarockx
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