Trailing Stop Formula

• 06/15/2017 at 7:48 AM #38315
  prcolf

  I’m trying to write a trailing stop formula. I have managed to make it plot on the chart but I have a few questions.

  1. In PRT if I want to edit custom parameters like for instance the date or the ATR multiplier am I able to display that in the Price Settings screen alongside the width and style or do I have to got to Price Settings-Indicator -Modify Indicator to do that?
  2. How can I edit the formula so that if price closes below the trailing stop then the trailing stop will just stay at that current level and will not rise even if price keeps rising. (Its stops trailing and just goes horizontal at its current level)
  3. Is there a way to alter the date format so that it is DDMMYYYY

  Thanks

  Once trailingstop=undefined StartDate = 20120713 //YYYYMMDD EntryPrice = 22.64 InitialATR = AverageTrueRange[10](close) * 2 TrailATR = AverageTrueRange[10](close) * 3 IF date = StartDate THEN TrailingStop = EntryPrice - InitialATR ENDIF IF close > TrailingStop THEN NewTStop = close - TrailATR IF NewTStop > TrailingStop THEN TrailingStop = NewTStop ENDIF ENDIF return TrailingStop COLOURED(255,0,0)as "ATR Trailing Stop"

  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

  Once trailingstop=undefined   StartDate = 20120713  //YYYYMMDD EntryPrice = 22.64 InitialATR = AverageTrueRange[10](close) * 2 TrailATR = AverageTrueRange[10](close) * 3     IF date = StartDate THEN   TrailingStop = EntryPrice - InitialATR   ENDIF   IF close > TrailingStop THEN NewTStop = close - TrailATR IF NewTStop > TrailingStop THEN TrailingStop = NewTStop   ENDIF ENDIF return TrailingStop  COLOURED(255,0,0)as "ATR Trailing Stop"

   

  

  prcolf

  Participant

  Topics: 4

  Replies: 13

  Been thanked: 0 times
  06/15/2017 at 8:43 AM #38316
  Nicolas

  1. You’ll always need to go into the indicator settings in order to change any parameter of a custom indicator
  2. Not sure to understand but you could “flag” a variable if the price crosses under the TrailingStop level and test if this flag is not true in your conditional statement to move your TS (lines 15 to 22)
  3. Not possible, the default date format is YYYYMMDD

  1 user thanked author for this post.

  prcolf

  

  Nicolas

  Keymaster

  Topics: 81

  Replies: 20828

  Been thanked: 4742 times
  06/15/2017 at 9:45 AM #38319
  prcolf

  I’ve tried a few things but I’m not great at loops

  If Close<TrailingStop THEN TrailingStop = TrailingStop[1] ENDIF

  1 2 3

  If Close<TrailingStop THEN TrailingStop = TrailingStop[1] ENDIF

  That probably doesn’t work because it would only work until price closed back above the trailing stop.

  I’m trying to make the stop stay horizontal like the green line that I have drawn on this chart.

   

   

  

  prcolf

  Participant

  Topics: 4

  Replies: 13

  Been thanked: 0 times
  06/15/2017 at 10:18 AM #38325
  Nicolas

  Not tested, but this code should work as intended:

  Once trailingstop=undefined StartDate = 20120713 //YYYYMMDD EntryPrice = 22.64 InitialATR = AverageTrueRange[10](close) * 2 TrailATR = AverageTrueRange[10](close) * 3 IF date = StartDate THEN TrailingStop = EntryPrice - InitialATR ENDIF //test if close has touch the trailing stop line if low crosses under trailingstop then flag=1 endif IF close > TrailingStop THEN NewTStop = close - TrailATR IF NewTStop > TrailingStop and flag<>1 THEN TrailingStop = NewTStop ENDIF ENDIF return TrailingStop COLOURED(255,0,0)as "ATR Trailing Stop"

  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

  Once trailingstop=undefined   StartDate = 20120713  //YYYYMMDD EntryPrice = 22.64 InitialATR = AverageTrueRange[10](close) * 2 TrailATR = AverageTrueRange[10](close) * 3   IF date = StartDate THEN TrailingStop = EntryPrice - InitialATR ENDIF   //test if close has touch the trailing stop line if low crosses under trailingstop then flag=1 endif   IF close > TrailingStop THEN NewTStop = close - TrailATR IF NewTStop > TrailingStop and flag<>1 THEN   TrailingStop = NewTStop ENDIF ENDIF return TrailingStop  COLOURED(255,0,0)as "ATR Trailing Stop"

   

  1 user thanked author for this post.

  prcolf

  

  Nicolas

  Keymaster

  Topics: 81

  Replies: 20828

  Been thanked: 4742 times
  06/15/2017 at 11:32 AM #38337
  prcolf

  Thanks for that. I would never have got that !!

  I’ve added a default “entryprice” so that if entryprice is left as zero then it will use the current bars close.

  I’ve noticed that PRT doesn’t show the correct closing date for each weekly bar. The last 3 dates displayed are 5 June, 29 May and 22 May. If I set the trail startdate to those dates it wont plot. Why are the dates wrong? I have to go to a calendar to get the correct date for last Friday.

   

  Once TrailingStop=undefined StartDate = 20170519 //YYYYMMDD Enter Start Date EntryPrice = 0// Enter Entry Price - Leave as Zero to use close if EntryPrice = 0 THEN Entry = Close //Select your default entry price Else Entry = EntryPrice ENDIF InitialATR = AverageTrueRange[10](close) * 2 TrailATR = AverageTrueRange[10](close) * 3 IF date = StartDate THEN TrailingStop = Entry - InitialATR ENDIF //test if close has touch the trailing stop line if close crosses under trailingstop then flag=1 endif IF close > TrailingStop THEN NewTStop = close - TrailATR IF NewTStop > TrailingStop and flag<>1 THEN TrailingStop = NewTStop ENDIF ENDIF return TrailingStop COLOURED(255,0,0)as "ATR Trailing Stop"

  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

  Once TrailingStop=undefined StartDate = 20170519  //YYYYMMDD  Enter Start Date EntryPrice = 0// Enter Entry Price - Leave as Zero to use close   if EntryPrice = 0 THEN Entry = Close //Select your default entry price Else Entry = EntryPrice ENDIF   InitialATR = AverageTrueRange[10](close) * 2 TrailATR = AverageTrueRange[10](close) * 3 IF date = StartDate THEN TrailingStop = Entry - InitialATR ENDIF //test if close has touch the trailing stop line if close crosses under trailingstop then flag=1 endif IF close > TrailingStop THEN NewTStop = close - TrailATR IF NewTStop > TrailingStop and flag<>1 THEN TrailingStop = NewTStop ENDIF ENDIF return TrailingStop  COLOURED(255,0,0)as "ATR Trailing Stop"

   

  

  prcolf

  Participant

  Topics: 4

  Replies: 13

  Been thanked: 0 times
  06/15/2017 at 12:22 PM #38340
  Nicolas

  You can use OpenDate too.

  1 user thanked author for this post.

  prcolf

  

  Nicolas

  Keymaster

  Topics: 81

  Replies: 20828

  Been thanked: 4742 times
• Author
  Posts