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Hi Preston,
Wow.... is it that simple? I spent quite a long time trying to code
something :-/
I'll give it a go.... and Many Thanks......
Out of interest, looking at the code, unless the indicator rises it
will instead use the previous value and move sideways. This is
definately part of what I'm after. However, Is there any way to reset
it once the price drops below this indicator level?
In other words, once I get stopped out, i would like the line to
revert back to Mov(C,10,E)-2*(ATR(10)).
My reasoning for this is that once the price has dropped thru the
stop level and stabilised I would like to immediately re-enter the
trade and begin the process again,and obviously at this point the
price will be trading below what it was previously. Therefore I would
like the stop line to do the same.
Is this possible?
Chorlton
--- In equismetastock@xxxxxxxxxxxxxxx, pumrysh <no_reply@xxx> wrote:
>
> Chorlton,
>
> Something like this?
>
> stop := Mov(C,10,E)-2*(ATR(10));
> If(stop > Ref(stop,-1),stop,prev);
>
> Preston
>
>
>
> --- In equismetastock@xxxxxxxxxxxxxxx, "chorlton_c_hardy"
> <micro_dot_uk@> wrote:
> >
> > --- In equismetastock@xxxxxxxxxxxxxxx, "chorlton_c_hardy"
> > <micro_dot_uk@> wrote:
> > >
> > > Hello All,
> > >
> > > I want to code a specific indicator but not sure how to even
> begin
> > > coding it :-(
> > >
> > > Basically, I want to add a moving line to my price chart which
> will
> > > act as a stop loss.
> > >
> > > This new line (called "Stop Line") should be 2 x the Average
> True
> > > Range (ATR) below price (close). As price moves upwards, this
> new
> > > line should be recalculated using the next days price (close)
> and
> > its
> > > ATR.
> > >
> > > However, if the price declines, the "Stop Line" should remain
at
> > the
> > > previous level and NOT be recalculated. In other words,
> the "Stop
> > > Line" should only move upwards or horizontal but never
downwards.
> > >
> > > Once price crosses back below the "Stop Line", the line should
> > then
> > > be "reset" and return to 2 x ATR below current price (close).
> > >
> > > In summary:
> > >
> > > 1. "Stop Line" is calculated as: Current close - 2x Average
> True
> > > Range (ATR)
> > > 2. On the next day: If close is higher than previous day,
then
> > > repeat step 1, else keep current value ie. "Stop Line" moves
> > > horizontal at same value from previous day
> > > 3. Repeat step 2, until close < "Stop Line"
> > > 4. Once close < "Stop Line", return to step 1
> > >
> > > Any help much appreciated,
> > >
> > > Many Thanks....
> > >
> > > CCH
> > >
> >
> > I forgot to add that the lookback period for the ATR should be
> 10....
> >
> > Thanks once again......
> >
>
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