Re: Trailing Stop Indicator needed

[Alex Matulich <alex@xxxxxxxxxxxxxx>]

Randy,

>Anyone have a Trailing stop indicator they would care to share or
>know where to find a good one.(Besides Parabolic SAR).

Some people swear by chandelier exits.  That is, pick a stop interval
and hang it down from the tops of every bar, for a sell stop.  The
interval doesn't have to be fixed either, but could be some multiple of
average true range.

Chandelier sell stop indicator (from the top of my head, untested)

================================================================
Inputs:
   atrlength(15),  {length of average true range}
   atrsize(3);     {number of ATRs to use as the stop interval}

Vars: atrs(0), maxvalue(0);

atrs = atrsize * xaverage(TrueRange, atrlength);

if high-atrs > maxvalue then maxvalue = high-atrs; {raise stop if needed}
if maxvalue >= low then plot1(maxvalue, "sell")    {plot dot if stop hit}
else plot2(maxvalue, "sellstop");                  {draw stop level line}

{plot1 should be formatted as a large dot with no line, and plot1
should be formatted as a line plot.}
================================================================

-- 
  ,|___    Alex Matulich -- alex@xxxxxxxxxxxxxx
 // +__>   Director of Research and Development
 //  \ 
 // __)    Unicorn Research Corporation -- http://unicorn.us.com