From Alexander Elder.
Provides good stop placement by determining the average upside & downside penetration over a specific number of days (lookback period), multiplying this figure by a selected constant (Factor) then either minusing this from todays low (uptrend) or adding onto todays high (downtrend).
Parameters
Factor (f = 2)
Lookback (d = 10)
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REM Variable definition Factor = f Lookback = d dnPen = LOW - LOW[1] upPen = HIGH - HIGH[1] REM SPalte E und L IF dnPen > 0 THEN dnPenCount = 1 ELSE dnPen = 0 dnPenCount = 0 ENDIF IF upPen > 0 THEN upPenCount =1 ELSE upPen = 0 upPenCount = 0 ENDIF REM Spalte I und P dnAvg = Summation[Lookback](dnPen) / SUMMATION[Lookback](dnPenCount) upAvg = Summation[Lookback](upPen) / SUMMATION[Lookback](upPenCount) REM SPlate J und Q bullStop = LOW - (Factor * dnAvg) bearStop = HIGH + (Factor * upAvg) REM Spalte K und R bullzw = MAX(bullStop[1], bullStop[2]) bearzw = MIN(bearStop[1], bearStop[2]) protectedBull = MAX (bullStop, bullzw) protectedBear = MIN (bearStop, bearzw) RETURN bullStop AS"Bull STOP", bearStop AS"Bear STOP", protectedBull AS"protected Bull", protectedBear AS"Protected Bear" |
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