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Details:
Formula name:
Stop-loss Indicator bands
Author/Uploader:
Prakash Shenoi - (email hidden)
Date/Time added:
2008-06-22 11:01:53
Origin:
Based on ATR stops.
Keywords:
Indicator
Level:
basic
Flags:
indicator
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for 3rd party formulas. Description:
Simple stop-loss bands calculated by ATR periods (Variable) with highest high and lowest Low value over (variable) the preceding periods. Stop loss level for short positions deduced from highest high value periods and Stop Loss for longs fm Lowest low value periods.
Formula:
/* Stop Loss indicator */
/* AFL code by Prakash Shenoi */
/* Simple stop-loss bands calculated by ATR periods (Variable) with highest
high and lowest Low value
over (variable) the preceding periods. Stop loss level for short positions
deduced from
highest high value periods and Stop Loss for longs fm Lowest low value periods.
*/
pdsshort=Param("pds short",1,10,55);
pdslong=Param("pds long",1,10,55);
Ststop=HHV(H,pdsshort)-ATR(pdsshort);
Lgstop=LLV(L,pdslong)+ ATR(pdslong);
Plot (Close,"Close",colorBlack,styleCandle);
Plot (Ststop," SL for shorts ",colorGreen,styleDots|styleNoLine);
Plot (Lgstop," SL for longs ",colorRed,styleDots|styleNoLine);
