Trailing Stop Based On Highs or Lows For ThinkOrSwim

[tradecombine]

This Indicator was born from the discussion here:
https://usethinkscript.com/threads/highest-indicator-value-coding-help.10707/

Here's the complete code:

# Trailing Stop based on highs or lows
# @tradecombine 4/17/22
# requested by @lishuimu88888888
# Reference: https://usethinkscript.com/threads/highest-indicator-value-coding-help.10707/
input length = 3;
input price = close;

def maHigh = highest(high, length);
def maLow = lowest(low, length);
def bp = if maHigh < maHigh[1] then maHigh else bp[1];
def sp = if maLow > maLow[1] then maLow else sp[1];

def state = {default init, short, long};
if (price > bp) {
state = state.long;
} else if (price < sp) {
state = state.short;
} else {
state = state.init;
}

plot BuyStop = if state == state.short && maHigh <= maHigh[1] then maHigh else Double.NaN;
plot SellStop = if state == state.long && maLow >= maLow[1] then maLow else Double.NaN;
BuyStop.SetDefaultColor(GetColor(0));
SellStop.SetDefaultColor(GetColor(1));

 

[TTrader]

Hello @tradecombine. Thanks for the entire code all put together and all your work here! Assumed the above code is for a ToS strategy. Is there a way to use it in an order? For instance, using a sell "Market Order" with the code that triggering to sell when the price hits the low price (for long and high for short) value in the code? Did I state that well enough to understand? If not, let me know and I can re-word. I have tried placing it in an order (similar to firing code based on an indicator or strategy) but I appear to be missing something. Any suggestions?

 

[MerryDay]

Hello @tradecombine. Thanks for the entire code all put together and all your work here! Assumed the above code is for a ToS strategy. Is there a way to use it in an order? For instance, using a sell "Market Order" with the code that triggering to sell when the price hits the low price (for long and high for short) value in the code? Did I state that well enough to understand? If not, let me know and I can re-word. I have tried placing it in an order (similar to firing code based on an indicator or strategy) but I appear to be missing something. Any suggestions?

The issue with attempting to design your signals is that we need to test if a line develops. A line is defined as having two points, which means we have to wait at least two bars for a line to be established. So it isn't possible to design any signals accurately that didn't include significant lag.