Hello and good day. I've been having a lot of trouble with the date and trailing the price by the same % change. If it matters, I'll be using this on daily or higher time frames.
*The StopLoss isn't on the chart until a position is opened.
*The StopLoss will remain on the chart until removed by user.
*User inputs: number of StDev above/below entry price, date to begin plot. *Maybe a way to toggle Long or Short position.
*After opening a position, the StopLoss will perform as below.
1) Long Position= User inputs for entry price & date. The Stop will begin to plot
at a user defined number of StDev below entry price. From there it will move
up the same % that the price increases. When the price decreases, the StopLoss
will maintain it's previous value and move horizontally. The Stop will resume
its' upward move when the price does. If the price continues to decline,
closing through the horizontally moving StopLoss, then the position would be closed.
The Stop can ONLY move Up or Horizontally.
2) Short Position= User inputs for entry price & date. The Stop will begin to plot
at a user defined number of StDev above entry price. From there it will move
down the same % that the price decreases. When the price increases, the StopLoss
will maintain it's previous value and move horizontally. The Stop will resume
its' downward move when the price does. If the price continues to increase,
closing through the horizontally moving StopLoss, then the position would be closed.
The Stop can ONLY move Down or Horizontally.
I'd expect this to resemble supertrend or parabolic sar on the chart but it is calculated quite differently. Neither of those two provided what I'm looking for.
I've really made no progress on this and frustration has forced my hand. I thank any and all in advance.