This code snippet demonstrates how to implement ATR (Average True Range) based trailing and breakeven stop mechanisms in trading strategies using the ProBuilder language. These stops are crucial for managing risk and protecting profits in trading systems.

atr trailing stop & atr breakeven stop. Both can be used.
// breakeven stop atr once breakevenstoptype = 1
// breakeven stop - 0 off, 1 on
once breakevenstoplong = 1
// breakeven stop atr relative distance
once breakevenstopshort = 1
// breakeven stop atr relative distance
once pointstokeep = 5
// positive or negative
once atrperiodbreakeven = 14
// atr parameter value
once minstopbreakeven = 10
// minimum breakeven stop distance
//----------------------------------------------
atrbreakeven = averagetruerange[atrperiodbreakeven]((close/10)*pipsize)/1000
//atrbreakeven=averagetruerange[atrperiodbreakeven]((close/1)*pipsize) // (forex)
bestopl = round(atrbreakeven*breakevenstoplong)
bestops = round(atrbreakeven*breakevenstopshort)
if breakevenstoptype = 1 then
    // if not onmarket or ((longonmarket and shortonmarket[1]) or (longonmarket[1] and shortonmarket)) then
    maxpricebe = 0
    minpricebe = close
    newslbe = 0
    endif
    // if longonmarket then
    maxpricebe = max(maxpricebe,close)
    if maxpricebe-tradeprice(1)>=bestopl*pointsize then
        if maxpricebe-tradeprice(1)>=minstopbreakeven then
            newslbe=tradeprice(1)+pointstokeep*pipsize
        else
            newslbe=tradeprice(1)- minstopbreakeven*pointsize
        endif
    endif
    endif
    // if shortonmarket then
    minpricebe = min(minpricebe,close)
    if tradeprice(1)-minpricebe>=bestops*pointsize then
        if tradeprice(1)-minpricebe>=minstopbreakeven then
            newslbe = tradeprice(1)-pointstokeep*pipsize
        else
            newslbe = tradeprice(1) + minstopbreakeven*pointsize
        endif
    endif
    endif
    // if longonmarket then
    if newslbe>0 then
        sell at newslbe stop
    endif
    if newslbe>0 then
        if low < newslbe then
            sell at market
        endif
    endif
    endif
    // if shortonmarket then
    if newslbe>0 then
        exitshort at newslbe stop
    endif
    if newslbe>0 then
        if high > newslbe then
            exitshort at market
        endif
    endif
    endif
    //graphonprice newslbe coloured(255,165,0) as "breakevenstop atr"
    endif
    // trailing stop atr
    once trailingstoptype = 1
    // trailing stop - 0 off, 1 on
    once trailingstoplong = 3
    // trailing stop atr relative distance
    once trailingstopshort = 3
    // trailing stop atr relative distance
    once atrtrailingperiod = 14
    // atr parameter value
    once minstop = 10
    // minimum trailing stop distance
    //----------------------------------------------
    atrtrail = averagetruerange[atrtrailingperiod]((close/10)*pipsize)/1000
    //atrtrail=averagetruerange[atrtrailingperiod]((close/1)*pipsize) (forex)
    tgl = round(atrtrail*trailingstoplong)
    tgs = round(atrtrail*trailingstopshort)
    if trailingstoptype = 1 then
        // if not onmarket or ((longonmarket and shortonmarket[1]) or (longonmarket[1] and shortonmarket)) then
        maxprice = 0
        minprice = close
        newsl = 0
        endif
        // if longonmarket then
        maxprice = max(maxprice,close)
        if maxprice-tradeprice(1)>=tgl*pointsize then
            if maxprice-tradeprice(1)>=minstop then
                newsl = maxprice-tgl*pointsize
            else
                newsl = maxprice - minstop*pointsize
            endif
        endif
        endif
        // if shortonmarket then
        minprice = min(minprice,close)
        if tradeprice(1)-minprice>=tgs*pointsize then
            if tradeprice(1)-minprice>=minstop then
                newsl = minprice+tgs*pointsize
            else
                newsl = minprice + minstop*pointsize
            endif
        endif
        endif
        // if longonmarket then
        if newsl>0 then
            sell at newsl stop
        endif
        if newsl>0 then
            if low < newsl then
                sell at market
            endif
        endif
        endif
        // if shortonmarket then
        if newsl>0 then
            exitshort at newsl stop
        endif
        if newsl>0 then
            if high > newsl then
                exitshort at market
            endif
        endif
        endif
        //graphonprice newsl coloured(0,0,255,255) as "trailingstop atr"
        endif

Explanation of the Code:

• The code starts by setting up parameters for both breakeven and trailing stops, including the type of stop, ATR period, and minimum stop distances.
• It calculates the ATR values for both breakeven and trailing stops, adjusting for the market’s pip size.
• Conditional checks determine if the market conditions meet the criteria for setting or adjusting the stops based on the calculated ATR values.
• For long positions, the code checks if the current maximum price minus the trade price is greater than the calculated stop distance. If true, it adjusts the stop level accordingly.
• Similarly, for short positions, it adjusts the stop level based on the minimum price and the trade price.
• The code includes conditions to execute trades at the stop level or at the market price if the price crosses the stop level.
• Finally, graphical representations of the stop levels are plotted on the price chart for visual reference.