Trailing Stops Loss
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Simple indicator to track trailing stops for long positions in intraday trading.
When applied initially shows trailing stop based on previous day close.
When going long go to "Format" and enter
- Buy Price (default - current bar close)
- Stop Range (default - $0.2)
- Time of trade.
Graph will change to reflect stop loss by Stop Range below Buy Price.
Going forward Stop Loss line will rise with price going up or stay at highest achieved level when price goes down.
Sell when price is close to current level of Stop Loss.
In chart above trade was made at 11:05 AM at $43.70
Initial Stop Loss set 43.70 - 0.2 = 43.50
Since bar close was 43.75 stop loss moved to 43.75
Works on different intraday intervals.
Does not work on first bar of the day
Starts on second bar of the day.
Previous days lines should be ignored.
When applied initially shows trailing stop based on previous day close.
When going long go to "Format" and enter
- Buy Price (default - current bar close)
- Stop Range (default - $0.2)
- Time of trade.
Graph will change to reflect stop loss by Stop Range below Buy Price.
Going forward Stop Loss line will rise with price going up or stay at highest achieved level when price goes down.
Sell when price is close to current level of Stop Loss.
In chart above trade was made at 11:05 AM at $43.70
Initial Stop Loss set 43.70 - 0.2 = 43.50
Since bar close was 43.75 stop loss moved to 43.75
Works on different intraday intervals.
Does not work on first bar of the day
Starts on second bar of the day.
Previous days lines should be ignored.
////////////////////////////////////////////////////////////
// Intraday Trailing Stop Loss
//@version=2
////////////////////////////////////////////////////////////
study(title="Trailing Stops Loss", overlay = true)
StopLossRange = input(0.2)
highTimeFrame = "1"
sessSpec = input("0931-1600", type=session)
BuyPrice = input (close, type = float)
is_newbar(res, sess) =>
t = time(res, sess)
change(t) > 0 ? 1 : 0
TrailingStop = (BuyPrice >= close)? BuyPrice - StopLossRange : close >= open[1]? close - StopLossRange: TrailingStop[1]
new_TrailingStop = if is_newbar(highTimeFrame, sessSpec)
if TrailingStop < new_TrailingStop[1]
new_TrailingStop[1]
else
TrailingStop
else
TrailingStop
plot_color = is_newbar(highTimeFrame, sessSpec)? color(red, 0): color(blue, 100)
plot(new_TrailingStop, linewidth=2, color = plot_color )
//plot(TrailingStop, color=blue)
yuriyes
not working on my charts :((
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Captbob123
Can this be changed for a short. Tks
+2
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OzzieTrader
Just what I need. How can I convert it to work on a weekly chart?
+7
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ceromus
Nice! can you make it worth with percentages?
+7
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