OPEN-SOURCE SCRIPT
MA Trailing Stop
Updated
A Trailing Stop indicator that uses a multiple of ATR below a SMA/EMA line. Support long positions only.
Configurables:
1. Use SMA or EMA
2. MA Period
3. ATR multiplier
4. ATR look back period
The bottom of the red area indicates the stop line. The top of the red area indicates the reference MA line.
Ideal use case is you find your a red area that covers most local lows.
The stop line moves up with MA, but does not move down if MA moves down.
If moves down (re-calculates itself) only when a low penetrates the stop line.
Configurables:
1. Use SMA or EMA
2. MA Period
3. ATR multiplier
4. ATR look back period
The bottom of the red area indicates the stop line. The top of the red area indicates the reference MA line.
Ideal use case is you find your a red area that covers most local lows.
The stop line moves up with MA, but does not move down if MA moves down.
If moves down (re-calculates itself) only when a low penetrates the stop line.
Release Notes
Added source as an input to choose from.Release Notes
Removed unnecessary indicatorsOpen-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
Disclaimer
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