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Indicators

Trailing_Stop_Level - indicator for MetaTrader 5

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Views:
373
Rating:
votes: 6
Published:
2018.06.06 14:02

The indicator displays possible StopLoss levels on the price chart. Levels are shown separately for Long and Short positions. The indicator is similar to Mod_ATR_Trailing_Stop, but has a different calculation basis - in percentage.

It has one input parameter:

  • Percent - the percentage value of the distance between the Stop line and the Close price.

Calculation:

  • If Close[i] > TSL[i-1] and Close[i-1] > TSL[i-1]

    TSL[i] = Max(TSL[i-1], Close[i]-loss)
  • If Close[i] < TSL[i-1] and Close[i-1] < TSL[i-1]

    TSL[i] = Min(TSL[i-1], Close[i]+loss)
  • If Close[i] > TSL[i-1]

    TSL[i] = Close[i] - loss
  • If Close[i] < TSL[i-1]

    TSL[i] = Close[i] + loss

where

loss = Close[i]*Percent/100.

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/20436

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