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Average True Range Trailing Stops Colored

Average True Range Trailing Stops Strategy, by Sylvain Vervoort
The related article is copyrighted material from Stocks & Commodities Jun 2009
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////////////////////////////////////////////////////////////
//  Copyright by HPotter v2.0 13/10/2014
// Average True Range Trailing Stops Strategy, by Sylvain Vervoort 
// The related article is copyrighted material from Stocks & Commodities Jun 2009 
////////////////////////////////////////////////////////////
study(title="Average True Range Trailing Stops Strategy, by Sylvain Vervoort", overlay = true)
nATRPeriod = input(5)
nATRMultip = input(3.5)
xATR = atr(nATRPeriod)
nLoss = nATRMultip * xATR
xATRTrailingStop = iff(close > nz(xATRTrailingStop[1], 0) and close[1] > nz(xATRTrailingStop[1], 0), max(nz(xATRTrailingStop[1]), close - nLoss),
                    iff(close < nz(xATRTrailingStop[1], 0) and close[1] < nz(xATRTrailingStop[1], 0), min(nz(xATRTrailingStop[1]), close + nLoss), 
                        iff(close > nz(xATRTrailingStop[1], 0), close - nLoss, close + nLoss)))
pos =	iff(close[1] < nz(xATRTrailingStop[1], 0) and close > nz(xATRTrailingStop[1], 0), 1,
	    iff(close[1] > nz(xATRTrailingStop[1], 0) and close < nz(xATRTrailingStop[1], 0), -1, nz(pos[1], 0))) 
color = pos == -1 ? red: pos == 1 ? green : blue 
plot(xATRTrailingStop, color=color, title="ATR Trailing Stop")

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Komentarze

Hi, Thank you for posting this. I am very new to this concept and wish to ask what may be a stupid question. Here goes anyway:

Example: I have a max risk goal of not to lose more than 2% on any given trade.

1.) How would I set the inputs for this?

I have read some stuff on what is called an Average True Range Dynamic Stop.

2.) Is your script an ATR Dynamic Stop or something else?

Thanks

+4 Odpowiedź
HPotter Codetrader
Hi, codetrader
1) I can`t recomendet to you anything. I don`t use this script, I just coding it from magazine Stocks & Commodities Jun 2009. Sorry.

2) This script recalculated on the realtime and make changes in the stoploss level dynamically.
+1 Odpowiedź
Okay, thanks you
Odpowiedź
Hey! Thanks for the script!
Question: Is it repainting?
+3 Odpowiedź
HPotter TraderPavlos
@TraderPavlos, You are welcome. Should be.
Odpowiedź
good job harry keep going
+1 Odpowiedź
HPotter coinalert
@coinalert, You are welcome.
+1 Odpowiedź
Hi thanks for the script, it's very useful!

Is it possible to use it with "//@version=2" parameter?

best regards, Luca
Odpowiedź
LucaManghi LucaManghi
Never mind, I have adapted my script, now it works without the "//@version=2".

Thanks again for sharing the script, Luca
Odpowiedź
HPotter LucaManghi
You are welcome.
Odpowiedź
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