Set most recent fractal low or swing low as stop loss?

SakisTrader · 2019-01-24T11:50:09+00:00

Hi all, Anyone know how to call out the low of a candle which formed at the most recent fractal low so I can use it in a system to place a stop loss at that level once my buy conditions have been met? Many thanks in advance for any input.

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01/24/2019 at 12:50 PM #89565 quote

SakisTrader
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Hi all,

Anyone know how to call out the low of a candle which formed at the most recent fractal low so I can use it in a system to place a stop loss at that level once my buy conditions have been met?

Many thanks in advance for any input.

01/25/2019 at 11:03 AM #89626 quote
Vonasi
Moderator

Master
The code found in this indicator might help you:

Pivot Support/Resistance Zones

Adapted like this it should return value SupportPrice that can be used as your SL level:
```
PivotBAR     = 2                      //2  bars AFTER  pivot
LookBack     = 2                      //2  bars BEFORE pivot
 
BarLookBack  = PivotBAR + 1
IF low[PivotBAR] < lowest[LookBack](low)[BarLookBack] THEN
 IF low[PivotBAR] = lowest[BarLookBack](low) THEN
   SupportPrice  = low[PivotBAR]
 ENDIF
ENDIF
```
Change the PivotBar and LookBack setting depending on how you exactly define a new fractal.

Not tested.
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Set most recent fractal low or swing low as stop loss?

ProBuilder: Indicators & Custom Tools

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This topic contains 1 reply,
has 2 voices, and was last updated by Vonasi
7 years, 8 months ago.

Topic Details

Forum:	ProBuilder: Indicators & Custom Tools
Language:	English
Started:	01/24/2019
Status:	Active
Attachments:	No files