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[EquisMetaStock Group] Metastock Advanced Trailing Stop plugin



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As promised a while back to several people, I've put 
together a advanced trailing stop system...
 

For those who don't know what a trailing stop 
looks like, here's a chart as an attachment.
 

Here's a cut-and-paste of my introduction to 
the Advanced Trailing Stop.
INTRODUCTION
The Advanced Trailing Stop, based on the <A 
href="">Chandelier 
Exit developed by Chuck Le Beau, is 
volatility-based. Using the Metastock Developer's Kit, I developed a I developed 
a Metastock DLL because the Metastock Formula Language lacked a simple way of 
referencing prices from the entry day of the trade. If you just want to download 
the DLL, scroll to the bottom of this page.
Many traders set stops according to a fixed % movement. However, 
the % method needs to be adjusted according to the volatility of the security 
being traded. Using a volatility based stop means that your stop automatically 
takes account of the security's volatility. 
For example, if the security has a high volatility, your stops 
will be a reasonable distance away from the price action (to give the security 
room to move in its normal intraday movements). If a security has a low 
volatility then the stop will be relatively closer to the price action. If the 
security's volatility changes whilst a trade is underway, the stops will adjust 
according to this volatility. The advantage to this type of stop is that it can 
be used in any market (blue chip stocks, speculative stocks, futures, index 
trading, mutual funds etc.) 
The Advanced Trailing Stop has the following components: 
  Initial Stop, expressed in terms to the entry day (eg. Closing price less 
  2 ATRs) 
  Trailing Profit stop, calculated on each bar of the day after entry (eg. 
  High less 3.5 ATRs) 
Optionally, you can also incorporate the following types of 
stops:
  Breakeven stop - this is calculated on the entry day and is implemented 
  when the stock passes a "transition point". (eg. Move my initial stop to a 
  breakeven stop when the price closes 2 ATRs above my entry price). I believe 
  this transition/breakeven stop was part of the original Turtles trading 
  technique. 
  Pyramid Points/Tightening Stops - the Trailing Profit Stop can be 
  recalculated when the stock passes further transition points. I have defined 
  two such points. (eg. When the stock moves more than 4 ATRs above my entry 
  price, change to a trailing profit stop that is the High less 3 ATRs. If it 
  reaches 6 ATRs above my entry price, change to a trailing profit stop that is 
  the high less 2.5 ATRs). Chuck Le Beau talks about this tightening of the 
  stops in his original newsletter. 
If any of your stops are hit, the Stop Loss line will 
continue to be drawn across the screen. This is good for your psychologically if 
you can't get out of a trade. It'll keep telling you to get out!  The line 
will not trail the price any further (it will be flat) just to re-emphasise that 
you should be out of the trade.
 
--------------------
 

More of details at:
<A 
href="">http://www.TraderNexus.com/
 

It's suitable for Metastock v7 and v8 and it's 
FREE!
 
I hope this plugin helps you in your 
trading.  Comments welcome and appreciated.
<FONT 
size=2> 
Cheers,Richard.Norgate Investor 
Services- Premium Quality Stock and Futures Data for  Australian, 
Asian, European & US Markets -<A 
href="">www.premiumdata.net
 






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