I came across this code by Jose Silve on a forum. Any idea on what's the best way to use this indicator?
Thanks. ----- Dr Alexander Elder's SafeZone trailing stop v2 }{ Triggers: Long (+1) &
Short (-1) signals at crossover of user-defined trailing stops }{ ©Copyright
2003 Jose Silva }{ josesilva22@xxxxxxxxx }
coefficient:=Input("SafeZone coefficient",
0,10,2.5);
bkpds:=Input("Lookback periods",1,252,10);
pds:=Input("Trend EMA periods",2,252,21);
adv:=Input("plot: today's SafeZone=0, tomorrow's stop=1",0,1,0);
plot:=Input("plot: trailing stop=1, Long+Short=2,
signals=3",1,3,1);
delay:=Input("Entry and Exit signal delay",
0,5,0);
DwSidePen:=Mov(C,pds,E)>Ref(Mov(C,pds,E),-1)
AND L<Ref(L,-1);
DwSideDiff:=If(DwSidePen,Ref(L,-1)-L,0);
DwPenAvg:=Sum(DwSideDiff,bkpds)
/(Sum(DwSidePen,bkpds)+.000001);
StLong:=Ref(L-DwPenAvg*coefficient,-1);
StopLong:=If(C<PREV,StLong,Max(StLong,PREV));
UpSidePen:=Mov(C,pds,E)<Ref(Mov(C,pds,E),-1)
AND H>Ref(H,-1);
UpSideDiff:=If(UpSidePen,H-Ref(H,-1),0);
UpPenAvg:=Sum(UpSideDiff,bkpds)
/(Sum(UpSidePen,bkpds)+.000001);
StShort:=Ref(H+UpPenAvg*coefficient,-1);
StopShort:=If(C>PREV,StShort,Min(StShort,PREV));
In:=Cross(C,Ref(StopShort,-1));
Out:=Cross(Ref(StopLong,-1),C);
flag:=BarsSince(Cum(In+Out>-1)=1 OR In)
< BarsSince(Cum(In+Out>-1)=1 OR Out)
+(Cum(In)=1);
signals:=Ref((Cum(In)=1
AND Alert((Cum(In)=1)=0,2)
OR flag AND Alert(flag=0,2))
-(flag=0 AND Alert(flag,2)),-delay);
If(plot=1,Ref(If(flag=1,stopLong,stopShort),
-1+adv),If(plot=2,Ref(stopLong,-1+adv),0));
If(plot=1,Ref(If(flag=1,stopLong,stopShort),
-1+adv),If(plot=2,Ref(stopShort,-1+adv),
signals)) |