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Hi,
I'm wondering if someone could give me some suggestions here. I'm
trying to work out how to program a particular type of trailing stop.
Typically many use the Donchian X day trailing stop. I am trying a
variation. I have attached a graph showing what I am trying to achieve.
Basically I want to find the current price extreme, say a high, then
trail a stop below that high X bars back from the low of the high bar,
calculated via the low I.e. I move back from the low of the high bar
until I hit X new price lows and that becomes the stop point. This may
involve going back many bars before being able to find those X news
lows, or highs in the case of a low pivot. The example shown works on
X=2. What this will means is that when a small choppy consolidation
forms it wont necessarily stop you out as would a Donchian stop.
I know I probably need to use the SwingHigh/Swinglow functions, but
because of the complexity of not knowing how many bars may be involved
it gets complicated. I was hoping someone here could provide some
suggestions on how to tackle this. It would much appreciated.
Thanks,
Adrian Pitt
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