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--- In equismetastock@xxxxxxxxxxxxxxx, "chorlton_c_hardy"
<micro_dot_uk@xxx> wrote:
>
> Hello All,
>
> I want to code a specific indicator but not sure how to even begin
> coding it :-(
>
> Basically, I want to add a moving line to my price chart which will
> act as a stop loss.
>
> This new line (called "Stop Line") should be 2 x the Average True
> Range (ATR) below price (close). As price moves upwards, this new
> line should be recalculated using the next days price (close) and
its
> ATR.
>
> However, if the price declines, the "Stop Line" should remain at
the
> previous level and NOT be recalculated. In other words, the "Stop
> Line" should only move upwards or horizontal but never downwards.
>
> Once price crosses back below the "Stop Line", the line should
then
> be "reset" and return to 2 x ATR below current price (close).
>
> In summary:
>
> 1. "Stop Line" is calculated as: Current close - 2x Average True
> Range (ATR)
> 2. On the next day: If close is higher than previous day, then
> repeat step 1, else keep current value ie. "Stop Line" moves
> horizontal at same value from previous day
> 3. Repeat step 2, until close < "Stop Line"
> 4. Once close < "Stop Line", return to step 1
>
> Any help much appreciated,
>
> Many Thanks....
>
> CCH
>
I forgot to add that the lookback period for the ATR should be 10....
Thanks once again......
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