Support Board
Date/Time: Fri, 27 Dec 2024 03:43:44 +0000
Post From: Help with creating "Stop Graph" in custom study
| [2015-12-11 06:01:29] |
| cazeek - Posts: 33 |
|
Hello, I apologize in advance that this may be a bit complicated. I am just starting figuring out how to code a study. I need two lines in my chart to indicate where my stops are. The rule is: Once BUY is entered, I will need two lines representing the stop levels: LINE 1: Stop1 (trailing, recalculated daily): Maximum(ClosePrices(tradedate -> today)) - 4 x Average True Range Stop2 (fixed): Open Price - 3 x Average True Range I want first line graphed to show whichever is greater, Stop1 or Stop2. This line will be a stop that is 3 ATRs below the open price of the BUY date. Once the close price - 4 ATRs is greater, the stop will move up with the value of that. One other condition is I don't ever want the Stop price to move down. So if ATR spikes and causes close price - 4 ATRs to be lower than the day before, I want to use the prior highest stop. Essentially, I just want a fixed stop that eventually turns into a trailing stop. The second line will be a little different, but if you can help me with this one, I will be able to figure it out. Thanks so much |