Nice and useful stoploss indicator placement. Similar to a “supertrend” a bit, as the price goes above or below the recent high/low plus or minus a percent to change direction.
I changed a bit the drawing to add a second line to act as a band, more visual indeed.
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// TrailingStop% // JWK, 20091016 //p=1 perc = p // input Trailing Loss % - median term: 5 - 10 longloss = high*perc/100 shortloss = low*perc/100 If high < shorttrail[1] and direction[1] = -1 then // staying short shorttrail = Min(shorttrail[1],low + shortloss) longtrail = Min(longtrail[1],high - longloss) plot = shorttrail direction = -1 elsif high > shorttrail[1] and direction[1] = -1 then // short stopped out, going long shorttrail = Max(shorttrail[1], low + shortloss) longtrail = high - longloss plot = longtrail direction = 1 elsif low > longtrail[1] and direction[1] = 1 then // staying long longtrail = Max(longtrail[1],high - longloss) shorttrail = Max(shorttrail[1], low + shortloss) plot = longtrail direction = 1 elsif low < longtrail[1] and direction[1] = 1 then // long stopped out, going short longtrail = Min(longtrail[1],high - longloss) shorttrail = low + shortloss plot = shorttrail direction = -1 else shorttrail = low + shortloss longtrail = high - longloss plot = longtrail direction = 1 endif return plot AS "TrailStop%", plot+10*pipsize AS "TrailStop% band" |
//indicator from Kevin Britains archive.
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Hi
I tried to copy and paste the code, but recieve the message :
Syntax error:The following variable is undefined: p
Best regards
Hello, of course. You have 3 options : 1/ you download the file and import it into your platform and everything will be ok or 2/ add yourself the variable “p” into the indicator by manually adding it or 3/ uncomment the line p=1 by removing the “//”