Percent Drop from Highest High

Buy and hold investors may decide to use trailing stops to protect profits and capital from market crashes, especially during bull markets.

The purpose of this indicator is to hep investors to identify a location to place them. The indicator plots the highest high from 'x' bars ago. It then plots a trailing stop loss 'y' percent below that line.

The indicator enables its users to input different 'x' and 'y' values to observe what they think works best for them in different markets.

Users might choose to pair the indicator with trend confirming indicators, such as moving average cross overs, to determine that the market is trending and not ranging.

There is no magic in this indicator, only maths. Like every indicator, it has no ability to predict anything. Just because the market is doing one thing now, it might do something different later. The past does not equal the present nor the future. Make your own decisions and be responsible for them.

All the best to you and your family.

Nota Keluaran

Updated to version 5 of pine script and added in option to select source without having to change the code yourself ;) (Better later than never)

Nota Keluaran

In addition to the highest high 'x' bars ago (orange line), I've added a lower low 'x' bars ago (now yellow line). The blue line which was intended to be used as a trailing stop loss, remains the same.

The reason for the addition is to make the indicator also useful as a tool for breakout trading, both long and short. The concept is that if price closes above the prior highest high from 'x' bars ago then that is a bullish breakout and a long entry signal. So if the price pushes the orange line up, that is an entry long signal. Also if the price pushes the yellow line down, that is a bearish breakout and a short entry signal. You will need to test whether those signals make sense to you and the instrument you are trading before you use it. Anyway, enjoy and I wish you an amazing year of trading.

Nota Keluaran

Just updating a minor typo

Nota Keluaran

Fixing a default setting error. Source for the yellow line was set to use the same source as the orange line. Now resolved. Enjoy.

Skrip sumber terbuka

Dalam semangat sebenar TradingView, pencipta skrip ini telah menjadikannya sumber terbuka supaya pedagang dapat menilai dan mengesahkan kefungsiannya. Terima kasih kepada penulis! Walaupun anda boleh menggunakannya secara percuma, ingat bahawa menerbitkan semula kod ini adalah tertakluk kepada Peraturan Dalaman kami.

Untuk akses pantas pada carta, tambah skrip ini kepada kegemaran anda — ketahui lebih lanjut di sini.

BigJasTrades

Penafian

Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.

Skrip sumber terbuka

Untuk akses pantas pada carta, tambah skrip ini kepada kegemaran anda — ketahui lebih lanjut di sini.

BigJasTrades