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Chorlton,
Something like this?
stop := Mov(C,10,E)-2*(ATR(10));
If(stop > Ref(stop,-1),stop,prev);
Preston
--- In equismetastock@xxxxxxxxxxxxxxx, "chorlton_c_hardy"
<micro_dot_uk@xxx> wrote:
>
> --- In equismetastock@xxxxxxxxxxxxxxx, "chorlton_c_hardy"
> <micro_dot_uk@> 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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