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OmniTrader 2016 Forums
OmniTrader 2017 General Discussion
Trailing Stop Help Please
Last Activity 5/11/2018 3:43 PM
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Stumpy

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Subject : Trailing Stop Help Please
Posted : 11/15/2017 12:55 AM
Post #42629

Hi Gurus,
When I get a long entry I can put a long ATR trailing stop on. Same with a short entry I can put a short ATR trailing stop on.
What I am trying to do is get one trailing stop which follows the price action trailing the price by the designated ATR value but once it is breached it changes from a long to a short trailing stop automatically I think it is called a chandelier stop or something similar.
I am using omnitrader EOD stocks 2017
Any ideas would be gratefully received and faithfully applied
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Mel

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Subject : RE: Trailing Stop Help Please
Posted : 11/15/2017 8:15 AM
Post #42630 - In reply to #42629

Parabolic SAR?

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Mel

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Subject : RE: Trailing Stop Help Please
Posted : 11/15/2017 8:22 AM
Post #42631 - In reply to #42630

Here is the Chuck LeBeau Chandelier stop, but I don't think it does what you want. Check it out.
Attached file : LeBeauTrioStop.txt (12KB - 30 downloads)

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Stumpy

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Subject : RE: Trailing Stop Help Please
Posted : 11/15/2017 7:13 PM
Post #42636 - In reply to #42629

Hi Thanks seems its the right stop but it does not seem to want to work.
The stop comes up as an option but I don't have any parameter settings
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Stumpy

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Subject : RE: Trailing Stop Help Please
Posted : 11/15/2017 7:22 PM
Post #42637 - In reply to #42629

This what I get on opening
Attached file : error.docx (84KB - 38 downloads)

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Mel

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Subject : RE: Trailing Stop Help Please
Posted : 11/16/2017 7:44 AM
Post #42638 - In reply to #42637

Compiles and works fine for me. Open Omnilanguage, compile everything, and see what errors you get.

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John J

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Subject : RE: Trailing Stop Help Please
Posted : 11/16/2017 10:15 AM
Post #42639 - In reply to #42629

The error is caused by "empty" characters at the end of the text file. Happens every time I copy a file from the forum.

[Edited by John J on 11/16/2017 10:36 AM]

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Stumpy

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Subject : RE: Trailing Stop Help Please
Posted : 11/16/2017 6:11 PM
Post #42644 - In reply to #42629

Thanks John how do I fix it ????????????????
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John J

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Subject : RE: Trailing Stop Help Please
Posted : 11/16/2017 11:44 PM
Post #42645 - In reply to #42629

See attached. With the cursor positioned after the last 'End If' statement, hit Delete until any excessive lines lines below disappears...then hit save and compile...



[Edited by John J on 11/16/2017 11:47 PM]

Attached file : Capture.JPG (20KB - 162 downloads)

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Stumpy

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Subject : RE: Trailing Stop Help Please
Posted : 11/17/2017 1:21 AM
Post #42646 - In reply to #42629

Thanks whilst it fixed the error message the stop does not appear to do what I was after in that it does not flip from long to short.
I really appreciate the time you spent trying to help
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Mel

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Subject : RE: Trailing Stop Help Please
Posted : 11/17/2017 7:46 AM
Post #42647 - In reply to #42646

All stops do is end a Trade. If you want another trade in the opposite direction, you need a system that does that. Parabolic SAR sort of does that, take a look at it.
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Stumpy

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Subject : RE: Trailing Stop Help Please
Posted : 11/17/2017 5:52 PM
Post #42650 - In reply to #42629

https://www.youtube.com/watch?v=euCdqvY9vrA&t=99s

the above is what I am trying to achieve any thoughts would be apreciated
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jawjahtek

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Subject : RE: Trailing Stop Help Please
Posted : 11/18/2017 7:57 AM
Post #42651 - In reply to #42650

It looks like you want the Chandelier stop as an indicator. Attached is some indicator code that I created in 2014. It does the Chandelier stop(s) as an indicator. I did not write logic to automatically flip between the long and short stop, it is a user option to plot long, both, or short. It may be a good starting point for what you want to do. I do not use it because I do not use trailing stops. Playing with this indicator was one of the things that convinced me that there are better alternatives to trailing stops.
Attached file : Chanedlier Exit as an Indicator.rtf (39KB - 23 downloads)

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Stumpy

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Subject : RE: Trailing Stop Help Please
Posted : 11/18/2017 4:38 PM
Post #42654 - In reply to #42629

Thanks I will play with it
interesting that you say you have stopped using stops as they are what I am struggling with at the moment would you care to share some of your findings please ?
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jawjahtek

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Subject : RE: Trailing Stop Help Please
Posted : 11/18/2017 9:31 PM
Post #42655 - In reply to #42654

What works for me may not apply to anyone else. OT has many strategies using trailing stops. Chuck LeBeau prefers Chandelier stops and YoYo stops for some of his trading. Who am I to say what is right or wrong for anyone other than myself. Each trader must travel his own path to a trading strategy that fits his personality.
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Stumpy

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Subject : RE: Trailing Stop Help Please
Posted : 11/18/2017 9:38 PM
Post #42656 - In reply to #42629

Thanks
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DesertDude

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Subject : RE: Trailing Stop Help Please
Posted : 11/25/2017 3:11 PM
Post #42681 - In reply to #42629

After reading this I'm stumped. Stumpy said he was using OT EOD 2017 and was using the referred to use the Omnilanguage option from the Edit pulldown. But my OT EOD 2016 has that option greyed out. If I had 2017 EOD could I be writing/editing Omnilanguage "stuff" since it seems to be enabled in 2017?
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