Trail Stop

[wepneb]

I am reaching out to the experienced posters here for a solution to a frustrating issue.

I trade a portion of my IRA off a 30-minute chart during regular market hours. I have found that a trailing stop of about $.05 to $.15 under the lowest low of the past two 30-minute candles is what has worked best for entry strategy.

I have fooled around with the built in ATR Trailing Stop, but it isn't the same thing. I really hope there is a way to have Think Script update this Trail Stop so I don't have to visit the screen every 30-minutes. As it is now I need to revisit the chart every 30 minutes and then move the TS upwards if the lowest low has 'reset' higher.

At the very least it'd be sweet if the chart could show that trail stop as a line, perhaps?? Maybe with an alert....

Thank you in advance,

Tom

 

[halcyonguy]

I am reaching out to the experienced posters here for a solution to a frustrating issue.

I trade a portion of my IRA off a 30-minute chart during regular market hours. I have found that a trailing stop of about $.05 to $.15 under the lowest low of the past two 30-minute candles is what has worked best for entry strategy.

I have fooled around with the built in ATR Trailing Stop, but it isn't the same thing. I really hope there is a way to have Think Script update this Trail Stop so I don't have to visit the screen every 30-minutes. As it is now I need to revisit the chart every 30 minutes and then move the TS upwards if the lowest low has 'reset' higher.

At the very least it'd be sweet if the chart could show that trail stop as a line, perhaps?? Maybe with an alert....

Thank you in advance,

Tom

i made this from scratch to experiment with
you didn't list a buy condition so i made one up

#trail_line_xbars_dollars

#https://usethinkscript.com/threads/trail-stop.17925/
#Trail Stop
# trailing stop of about $.05 to $.15 under the lowest low of the past two 30-minute candles is what has worked best for entry strategy.

def na = double.nan;
def bn = barnumber();

def up = close > open;
def dwn = close < open;

input trail_bars = 2;
input trail_offset_dollars = 0.1;

def trail_line = lowest(low[1], trail_bars) - trail_offset_dollars;

# solid line
#plot z1 = trail_line;

def trail2 = if low[1] < trail_line[1] then 0
 else if (up and close > trail_line) then trail_line
 else trail2[1];

# line , just increasing parts
plot z2 = if trail2 == 0 then na else trail2;
#