This code snippet demonstrates how to implement a dynamic trailing stop strategy for both long and short positions using the Average True Range (ATR) in ProBuilder. The trailing stop adjusts based on the ATR, which measures market volatility.

// trailing stop atr [adjusted reset] 
once enablets=1 
once displayts=1 
if enablets then 
    // once steps=0.05 
    once minatrdist=3 
    once atrtrailingperiod = 14 // atr parameter value 
    once minstop = 10 // minimum trailing stop distance 
    if barindex=tradeindex then 
        trailingstoplong = 5 // trailing stop atr relative distance 
        trailingstopshort = 5 // trailing stop atr relative distance 
    elsif prezzouscita>0 then 
        if longonmarket then 
            if trailingstoplong>minatrdist then 
                if prezzouscita>prezzouscita[1] then 
                    trailingstoplong=trailingstoplong 
                else 
                    trailingstoplong=trailingstoplong-steps 
                endif 
            else 
                trailingstoplong=minatrdist 
            endif 
        endif 
        if shortonmarket then 
            if trailingstopshort>minatrdist then 
                if prezzouscita=tgl*pointsize then 
        if maxprice-tradeprice(1)>=minstop then 
            prezzouscita=maxprice-tgl*pointsize 
        else 
            prezzouscita=maxprice-minstop*pointsize 
        endif 
    endif 
    // if shortonmarket then
    minprice=min(minprice,close) 
    if tradeprice(1)-minprice>=tgs*pointsize then 
        if tradeprice(1)-minprice>=minstop then 
            prezzouscita=minprice+tgs*pointsize 
        else 
            prezzouscita=minprice+minstop*pointsize 
        endif 
    endif 
    // if onmarket and prezzouscita>0 then 
    exitshort at prezzouscita stop 
    sell at prezzouscita stop 
    endif 
    if displayts then 
        graphonprice prezzouscita coloured(0,0,255,255) as "trailingstop atr" 
    endif 
endif

Explanation of the Code:

• The code starts by setting initial conditions such as enabling the trailing stop and display settings.
• It defines parameters like the minimum ATR distance, ATR period, and minimum stop distance.
• For both long and short market positions, it adjusts the trailing stop based on the previous exit price and the current market conditions.
• The ATR is used to calculate the trailing stop distance dynamically, which helps in adjusting the stop loss according to market volatility.
• Conditions to exit the market are set based on the calculated trailing stop values.
• If enabled, the trailing stop value is displayed on the price graph.

This implementation helps in managing risk by dynamically adjusting the stop loss levels based on market conditions, providing a more flexible and potentially more effective risk management tool.