ATR Trailing Stop

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I've never used an ATR trailing stop before and am looking for one to familiarize myself with. Would this be the link to its location NRTR_ATR_STOP.mq4 or is there some standard version that's available?

 

That's an indicator Buy: buffer[i] - Low[i] - 2 *ATR(20, i)

if you're coding an EA you don't need the indicator just do the calculation. Indicator is useful for manual trading only. And there are scripts to automate manual trading.

common variations are SL = Low[0] - 2 * ATR(20), Close[1]-2*ATR(20), and High[0] - 3*ATR(20)

 
WHRoeder:

That's an indicator Buy: buffer[i] - Low[i] - 2 *ATR(20, i)

if you're coding an EA you don't need the indicator just do the calculation. Indicator is useful for manual trading only. And there are scripts to automate manual trading.

common variations are SL = Low[0] - 2 * ATR(20), Close[1]-2*ATR(20), and High[0] - 3*ATR(20)


Thank you for your reply. What I had envisioned doing was being able to have a visual representation of the ATR trailing stop on a chart so I'd be able to observe the results of different settings.
 
ASAR:
What I had envisioned doing was being able to have a visual representation of the ATR trailing stop on a chart so I'd be able to observe the results of different settings.
options -> charts -> Show Trade Levels = checked
 
WHRoeder:
options -> charts -> Show Trade Levels = checked

Okay, I already had Show Trade Levels checked so I'm lost as to what you're telling me.
 
I've never used a trailing stop . . . don't you implement it by using OrderModify and changing the stop ? if you did that would show on your chart as a re-positioned red dashed SL line . . . no ?
 
RaptorUK:
I've never used a trailing stop . . . don't you implement it by using OrderModify and changing the stop ? if you did that would show on your chart as a re-positioned red dashed SL line . . . no ?

Thanks for your suggestion. However, what I've been looking for is an overlay like PSAR that can be adjusted to show the trailing stop's position to price.
 
ASAR:

Thanks for your suggestion. However, what I've been looking for is an overlay like PSAR that can be adjusted to show the trailing stop's position to price.
What good is a trailing SL if it's not actually set using OrderModify ? how does a line on the chart help you ? and if it is set using OrderModify then the line on the chart showing the position of your SL will also change . . .
 
RaptorUK:
What good is a trailing SL if it's not actually set using OrderModify ? how does a line on the chart help you ? and if it is set using OrderModify then the line on the chart showing the position of your SL will also change . . .

A line on a chart helps me to see where the trailing stop will be so I can determine if it's too tight or too large.
 
ASAR:

A line on a chart helps me to see where the trailing stop will be so I can determine if it's too tight or too large.
OK, I see . . what will you do then if you decide if its just right, not too large and not too tight ? and wouldn't you have to be there at the time ? doesn't that negate some of the usefulness of a trailing stop in that it is automatic ?
 
RaptorUK:
OK, I see . . what will you do then if you decide if its just right, not too large and not too tight ? and wouldn't you have to be there at the time ? doesn't that negate some of the usefulness of a trailing stop in that it is automatic ?

My use would be a combination of visual observation with the overlay followed by the backtesting of different settings in an EA to determine an optimal setting. Strictly speaking, the overlay observation isn't necessary but such a visual aid helps me to better comprehend what's going on.
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