Average True Range to create Stops

danmsea · Wed, 04 Jan 2023 21:50:10 +0000

Hello, I’m new to this. The strategy I want to backtest through automatic trading is fairly simple. I want to know how to set up a stop loss which is 2x the average true range reading of the entry candle. For example, when the 10 EMA crosses over the 150EMA, and at the candle close, the ATR reading is 8. I would like a stop loss of 16 points under the entry. I’m not sure if this is simple or not but if someone could help me that would be great. Thanks Dan

This topic has 2 replies, 2 voices, and was last updated 2 years ago by danmsea.

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01/04/2023 at 10:50 PM #206805

danmsea

Hello,

I’m new to this. The strategy I want to backtest through automatic trading is fairly simple. I want to know how to set up a stop loss which is 2x the average true range reading of the entry candle.

For example, when the 10 EMA crosses over the 150EMA, and at the candle close, the ATR reading is 8. I would like a stop loss of 16 points under the entry.

I’m not sure if this is simple or not but if someone could help me that would be great.

Thanks

Dan

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01/05/2023 at 10:36 AM #206813

robertogozzi

There you go:

IF MyLongConditions THEN MyATR = AverageTrueRange[14](close) BUY AT MARKET SET STOP LOSS MyATR * 2 ENDIF

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IF MyLongConditions THEN
   MyATR = AverageTrueRange[14](close)
   BUY AT MARKET
   SET STOP LOSS MyATR * 2
ENDIF

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danmsea

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01/05/2023 at 3:35 PM #206835

danmsea

Legend thanks!

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Average True Range to create Stops

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