How to add a horizontal line at stop price?

[masonbarnard]

Hello,
I trade a strategy that involves shorting the Open, Covering at the previous day close with a stop loss that is 1/3rd the price target above open... I currently have a horizonal line for previous day close and current days open, but can't figure out how to add a line for the stop, which is a pretty simple formula based on those two lines...

stopline = Open price + (open-previousdayclose / 3)
- say a stock gaps up from $3(previous day close) to $6(open), the stop loss would be at $7.... 6+(6-3/31)

---- This is what i have for previous day close and open price, but dont know how to add the formula
input time = 930;
input price = open;

rec time_value = If(SecondsTillTime(time) == 0, price, time_value[1]);

plot open = If(time_value == 0, Double.NaN, time_value);


input aggregationPeriod = AggregationPeriod.DAY;
input length = 1;
input displace = -1;
input showOnlyLastPeriod = no;
plot PrevDayClose;
if showOnlyLastPeriod and !IsNaN(close(period = aggregationPeriod)[-1]) {
PrevDayClose = Double.NaN;
} else {
PrevDayClose = Highest(close(period = aggregationPeriod)[-displace], length);
}
PrevDayClose.SetDefaultColor(GetColor(9));
PrevDayClose.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

 

[Svanoy]

Maybe this?
Had to clean it up a bit.
I think it is doing what you want.

input sPeriod = {default DAY};
input time = 0930;

def PreviousDayOpen = open(period = sPeriod)[1];
def PreviousDayClose = close(period = sPeriod)[1];
def time_value = If SecondsTillTime(time) == 0 then open else time_value[1];

plot TimeValuePlot = Time_Value;
TimeValuePlot.SetDefaultColor(GetColor(4));
TimeValuePlot.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

plot PrevDayClose = PreviousDayClose;
PrevDayClose.SetDefaultColor(GetColor(1));
PrevDayClose.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

plot stopline = Time_Value + ((Time_Value-PreviousDayClose) / 3);
stopline.SetDefaultColor(GetColor(2));
stopline.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

 

[masonbarnard]

Maybe this?
Had to clean it up a bit.
I think it is doing what you want.

input sPeriod = {default DAY};
input time = 0930;

def PreviousDayOpen = open(period = sPeriod)[1];
def PreviousDayClose = close(period = sPeriod)[1];
def time_value = If SecondsTillTime(time) == 0 then open else time_value[1];

plot TimeValuePlot = Time_Value;
TimeValuePlot.SetDefaultColor(GetColor(4));
TimeValuePlot.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

plot PrevDayClose = PreviousDayClose;
PrevDayClose.SetDefaultColor(GetColor(1));
PrevDayClose.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

plot stopline = Time_Value + ((Time_Value-PreviousDayClose) / 3);
stopline.SetDefaultColor(GetColor(2));
stopline.SetPaintingStrategy(PaintingStrategy.HORIZONTAL);

Wow, you are an angel.
Thank you