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Bear Range Trailing Stop by Leon Wilson for Metastock
Rating:
0 / 5 (Votes 0)
Tags:
metastock, stop loss
The following formula is based on “Profit Locking And The Relative Price channel”, an article by Leon Wilson in the January 2008 issue of Stocks and Commodities magazine.
Indicator / Formula
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Dy:=Input("Day of Trend",1,31,19);
Mn:=Input("Month of Trend",1,12,12);
Yr:=Input("Year of Trend",2000,2500,2003);
Value1:=Input("Bearish Periods",3,55,21);
Value2:=Input("Multiplication Factor",1,10,3.2);
Value3:=Input("Initial Stop",0,100000,10);
Value4:= 34;{Channel Periods}
Value5:= 75;{OverBought Region}
HoldingDays:= BarsSince(Dy=DayOfMonth()
AND Mn=Month() AND Yr=Year());
Index:=RSI(CLOSE,Value4);
OB:=Index -Value5;
Bullish:= CLOSE-(CLOSE*(OB/100));
Bearish:=(Sum(Abs(LOW-Ref(LOW,-1)),Value1))/Value1;
RangeA:=(Sum(CLOSE-LOW,Value1))/Value1;
Stop:=CLOSE-((Bearish+RangeA)*Value2);
If(Stop>PREV AND Stop>Value3,Stop,If(Stop>PREV
AND Stop < Value3,Value3,If(Stop<=PREV,PREV,Stop
*Holdingdays)));
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