An indicator for Stop Loss levels calculation using Bill Willams technique
Bill Williams in his book "Trading Chaos: Applying Expert Techniques to Maximize Your Profits" (Chapter 7, Level One: Novice Trader, p.95) has described SL as follows:
"...We place the air bag one tick above/below the high/low of the second bar back on one significantly higher time frame (or the next bar further back that has both a higher high and a higher low or a lower high and lower low).
This is our air bag protection. Its purpose is to protect us against a drunken market that is moving against us. Remember, it is not necessiarly an entry signal; it is protection against major losses..."
The indicator calculates and shows Stop Loss levels (for Buy and Sell positions without installed SL) using this method.
int minSL = 25; // it is exposed when 2 bars are not found
bool show_bar = true; // show bars on which search for SL
show_info = true; // show active orders without SL
color color_BAR = DarkSlateGray; // colour bar on which search for SL
color color_Тек_BAR = Gray; // colour of the current bar
color color_SL = Gray; // colour of the marks
Fig 1. Bar was found
Fig 2. The upper bar was not found (SL for Sell position has determined using the greater timeframe):
A new feature has added:
It is possible to show Stop Loss Levels in the history (SL_BW.mq4):
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/9310
It shows a trend table for a several timeframes in the bottom left corner of the chart.AIS5 Trade Machine
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