Hi FF,
I am looking for a stop script which works with the following behavior.
For the sake of linguistic clarity, all references will be to a losing long trade.
Most stops are closed at a specific price point. I prefer to employ price stops on a "closed bar basis."
The script activates based on a horizontal line placed on the screen and once price closes below it, the stop will activate.
There are 3 fuzzy conditions which might be somewhat challenging:
1) The violating bar must CLOSE below the stop level, not on the stop level.
2) If the bar OPENS below the stop level but closes above the stop level, it is not a take loss condition.
3) The bar should close in a bearish formation. If the bar opens below the stop but closes above it, this is not a take loss condition.
I have attached a few examples:
I am looking for a stop script which works with the following behavior.
For the sake of linguistic clarity, all references will be to a losing long trade.
Most stops are closed at a specific price point. I prefer to employ price stops on a "closed bar basis."
The script activates based on a horizontal line placed on the screen and once price closes below it, the stop will activate.
There are 3 fuzzy conditions which might be somewhat challenging:
1) The violating bar must CLOSE below the stop level, not on the stop level.
2) If the bar OPENS below the stop level but closes above the stop level, it is not a take loss condition.
3) The bar should close in a bearish formation. If the bar opens below the stop but closes above it, this is not a take loss condition.
I have attached a few examples:
Attached Image(s) (click to enlarge)
