OmniTrader Professional Forum
OmniTrader Pro General Discussion
Unique trailing stop
5 replies, 2374 viewings
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OmniTrader Professional Forum
OmniTrader Pro General Discussion
Unique trailing stop
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Last Activity 6/18/2025 7:38 AM 5 replies, 2374 viewings |
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John Crowley Member Posts: 8 Joined: 6/17/2016  User Profile |
It’s a trailing stop but requires certain reference points The first reference point is the last pivot low Using WaveTrader which has its own stop level that gives me the last pivot low value WT_LL (0.7,14,0), this is the dotted red line in the chart as an example The other reference point is the value of the SMA(30) at the point of the last pivot low, as defined by the WT_LL What I want from the stop is to initially set a stop loss at the last pivot low as a starting point, if the last pivot low is below the sma 30 If the SMA 30 is below the last pivot low, the initial stop loss should be 1% below the 30sma The stop I want to trail, based on the next pivot low So the next pivot low should raise the stop according to the above. Ie the lower of the pivot low or 1% below the SMA(30) if the SMA is lower than the pivot It shouldn’t trail the SMA. It should only trail when the pivot low changes hopefully the attached explains what I'm trying to do Can anybody could help with this? [Edited by John Crowley on 6/18/2016 2:04 AM]  Attached file : trailing pivot stop.JPG (153KB - 441 downloads) | ||
| John Crowley Member Posts: 8 Joined: 6/17/2016 User Profile |
here is the code: #Stop Dim myvalue as single Dim mystop as single If WT_LL(0.7, 14, 0) < sma(30) Then MyValue = WT_LL(0.70, 14, 0) Else If MyValue = sma(30) end if MyStop = MyValue If Signal = Longsignal And L End if plotprice("Stop",MyStop,green) the plot is displayed in green on the second chart. however my problem is this: the code of the stop is WT_ZZ(0.7,14,0) which as you can see in the attachment is the same as the indicator setting however the movement of the stop is not using the same settings, its clearly taking differennt parameters is this a bug? could somebody please verify [Edited by John Crowley on 6/18/2016 2:01 AM] Attached file : WT settings.JPG (83KB - 423 downloads) | ||
| Jim Dean Sage     Posts: 3433 Joined: 3/13/2006 Location: L'ville, GA User Profile |
plot the zigzag indicator on the chart with the same params to see when it actually "recognizes" a pivot. | ||
| John Crowley Member Posts: 8 Joined: 6/17/2016 User Profile |
I've attached the WT_ZZ indicator on the chart, same settings as the WT_LL the two are identical, the ZZ giving the signals as per the indicator, so you can see where the change in pivot is occuring. the stop, using the same parameters, does not behave as per the indicator settings I've attached the indicator, and a vertical line where the change is being recognised, but the stop doesn't move with the same precision. Attached file : WT_ZZ.JPG (79KB - 433 downloads) | ||
| Jim Dean Sage Posts: 3433 Joined: 3/13/2006 Location: L'ville, GA User Profile |
I really busy tomorrow so I don't know when I can get back to you. | ||
| John Crowley Member Posts: 8 Joined: 6/17/2016 User Profile |
I appreciate any time you have Jim, and appreciate just the reply itself! In the mean time I will work on the buffer I wanted originally Attached file : code.JPG (23KB - 456 downloads) |
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