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Hi there, can someone please help me write a formula for a trailing stop loss. Basically i want a trailing stop loss that trails my share price by 2xATR whilst the share price is going up and goes flat when the share price falls. I then want it to trail the share price again (2xATR) once the share price goes back up to the where it originally fell from. Is this possible. Hope someone can help. Thanks in advance.
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Rank: Advanced Member
Groups: Registered, Registered Users, Subscribers, Unverified Users
Joined: 10/28/2004(UTC)
Posts: 3,111
Location: Perth, Western Australia
Was thanked: 16 time(s) in 16 post(s)
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I second Wabbit's recommendation for Richard Dale's Chandelier Advanced Trailing Stop; should do what you want and there are variations included. Plugs right into MetaStock. Here's a direct link to Dale's site where you can find his ATS and date plugins: http://www.tradernexus.com/
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Rank: Member
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Thanks, but this is more about me learning to write my own formula as i am new to metastock. Any chance of still helping me out. Thanks
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Rank: Advanced Member
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If you want to learn how to code formulas, that's fine, but did you go to Dale's site and read this about the reason he created the DLL?
"Using the Metastock Developer's
Kit, I developed a I developed a Metastock
DLL because
the Metastock
Formula Language lacked a simple way of referencing prices
from the entry day of the trade."
So you may not be able to code a fast, efficient equivalent to Dale's function using the MS formula language alone. But have a go and let us know how you're progressing.
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Rank: Member
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Thanks guys, and yes i have gone to dales site and it is something i will use. But first i still want to learn how to do my original request myself. I have only just started learning Metastock, formulas etc and i have only very basic experience on computers etc. So i just want someone to walk me through writing this formula for my Trailing stop. This will also give me experience. Any help appreciated.
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