Looking for an ATR Trailing Stop Indicator

[Fredd 10]

Hi all,

 

This afternoon I was browsing at eBay.com and found an add from T2W offering their ATR traling stop indicator for only USD 49,- I wonder if we have this indicator here on this site? Or something what come close to it? Thanks for your help.

[phn 10]

Hi Fredd,

 

Here's the original one coded by team aphid on meta trader 4.

I hope posting an external link isn't forbidden, if so please delete it or tell me, i'll remove it.

 

http://www.forexfactory.com/showpost.php?p=188757&postcount=35

[LS_Chad 10]

I assume this is calculating the ATR (of the periodicity the bars are set to), and there is probably an optional ATR multiplier involved (call it x). So when we're long (uptrend), you'd have:

 

ATR_Stop = max(ATR_Stop.1, HI - x * ATR);

 

once the low of a bar hits our ATR_Stop, we turn around and go short, and initialize ATR_Stop to:

 

ATR_Stop = LO + x * ATR;

 

and then maintain the ATR_Stop with:

 

ATR_Stop = min(ATR_Stop.1, LO + x * ATR);

 

on the way down until the high hits our ATR_Stop...and continue.

 

This is very similar to the Parabolic SAR indicator you'll find in a number of products.

 

http://www.linnsoft.com/tour/techind/sar.htm

 

I could probably add this easily enough as a built-in indicator to Investor/RT, giving the user the ability to specify the ATR period and multiplier.

Edited March 1, 2009 by LS_Chad

[edakad 10]

google "chandlier exit" to lern more about such SL strategies.