A Trailing Stop indicator that uses a multiple of ATR below a SMA/EMA line. Support long positions only.
Configurables: 1. Use SMA or EMA 2. MA Period 3. ATR multiplier 4. ATR look back period
The bottom of the red area indicates the stop line. The top of the red area indicates the reference MA line. Ideal use case is you find your a red area that covers most local lows.
The stop line moves up with MA, but does not move down if MA moves down. If moves down (re-calculates itself) only when a low penetrates the stop line.
There are some typos in the description, since I cannot edit it anymore I will post the correct version here:
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The bottom of the red area indicates the stop line. The top of the red area indicates the reference MA line.
Ideal use case is you find a red area that covers most local lows.
The stop line moves up with MA, but does not move down if MA moves down.
It moves down (re-calculates itself) only when a low penetrates the stop line.
...
The bottom of the red area indicates the stop line. The top of the red area indicates the reference MA line.
Ideal use case is you find a red area that covers most local lows.
The stop line moves up with MA, but does not move down if MA moves down.
It moves down (re-calculates itself) only when a low penetrates the stop line.