Here we go again.... with another strategy snippet. Reminder: it's an alternative of this Trailing Stop strategy script
Entry logic
The entry is based on a Simple Moving Averages (SMA) cross. This part doesn't matter here - as I wanted to focus on the ATR multiple stop loss component.
ATR STOP
This strategy snippet uses an entry stop loss defined based on a multiple of the average true range value. The soure code detects ATR value at entry price, applies the multiplier and will set a static (= non trailing) stop-loss to each position A pinescript v4 label will appear for each new signal displaying the ATR*multiplier value at signal time
@YTNS477, Much appreciated donation
Thanks so much
CUBYC
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Very nice mate, was looking for this for a long time. One question: what is the purpose of line 42?
CUBYC
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@CUBYC, And line 69 ---stop_price = 0.0, stop_price := nz(stop_price[1])---
I do not see any use of line 42 and 69, is your code incomplete or incorrect as stop_price sounds important?
CUBYC
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@CUBYC, Lines 11 and 116 again no use...this seems incomplete mate , just want to attention you to improve this as is very useful
Daveatt
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@CUBYC, correct if it's not used below, it's a mistake
NareshBiyani
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GREAT WORK . STAY BLESSED
Daveatt
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@nkbnkbnkb, thank you
DoubleDeez
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Wow great job on this script! I traded long on BYND with this today and a gain of 2R . $550 =). BYND. One question. What does pyramiding mean? Thank you much for this !!!!!
Daveatt
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@DoubleDeez, pyramiding refers to re-entries on a trend
Example: you go long, then add other longs within a BULLISH trend