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but it's NOT free.
it's unbelieveably expensive.
--- amernick <amernick@xxxxxxxxx> wrote:
> Richard,
> Thank you for posting your Advanced trailing stop plugin.
> The Metastock community really appreciates it!
>
> --- In equismetastock@xxxxxxxxxxxxxxx, "Richard Dale" <richard@xxxx>
> wrote:
> > 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 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:
> >
> > a.. Initial Stop, expressed in terms to the entry day (eg.
> Closing
> price less 2 ATRs)
> > b.. 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:
> >
> > a.. 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.
> > b.. 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:
> > 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.
> >
> > Cheers,
> > Richard.
> > Norgate Investor Services
> > - Premium Quality Stock and Futures Data for
> > Australian, Asian, European & US Markets -
> > www.premiumdata.net
>
>
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