How To Write Your Own Simple Metastock Stop Loss Formula
What’s a trailing stop loss?
A stop-loss order set at a proportion or outlined degree under the market worth – for an extended place and a stop-loss order set at a share or outlined degree above the market value – for a brief place. The trailing stop value is adjusted as the price fluctuates. The trailing stop order can also be positioned as a trailing stop restrict order, or a trailing stop market order. That is any such useful gizmo, but many fail to make use of it. The usage of a trailing stop means that you can let earnings run whereas slicing losses on the comparable time.
On this article we will be able to attempt to write our personal Metastock stop loss system, an broadly used charting platform. First allow us to take a look on how the indicator could seem like and the way we are able to use it. We all know one image price a thousand phrases, so please appear the beneath picture in moderation to have in mind the utilization of the Easy Path stop Loss Indicator.
Now run your Metastock. Then Tools –> Indicator Builder (or Ctrl+B). Select New. This will open up the Indicator Editor window in front of you. In the name put Simple Trail Stop Loss and in the formula put the following code:
Stop1:=If( PREV = PREV,
( H – 4.5*ATR(14) ),
( H – 4.5*ATR(14) ));
Stop2:=If( PREV = PREV,
( C – 3.5*ATR(14) ),
( C – 3.5*ATR(14) ));
Stop1:=If( PREV > H,
If(( L + 4*ATR(14) ) H,
If(( C + 3.5*ATR(14) ) <= PREV,
( C + 3.5*ATR(14) ),
( C + 3.5*ATR(14) ));
If( ((Year()<=2012) OR (Year()=2050 AND Month()<=6 AND DayOfMonth()<=31)),
Now click on Apply and Ok and voila you are having this nice Metastock stop loss formula ready in your indicators list. Now load this Metastock stop loss formula indicator from Insert –> Indicators (or Ctrl+I), select the Simple Trail Stop Loss indicator and apply it to Inner Window #1, ie. where your price chart is there.
One important thing to note, what is the use of this line (Year()<=2012) OR (Year()=2050 AND Month()<=6 AND DayOfMonth()<=31). Actually I have tried to limit the usage of this indicator upto 31st December 2050. You can similarly limit usage of any indicator till a specific time limit while sharing with your friends or colleagues.