Average True Range to create Stops

• 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

  

  danmsea

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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

  

  robertogozzi

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

  Legend thanks!

  

  danmsea

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