Set most recent fractal low or swing low as stop loss?

• 01/24/2019 at 12:50 PM #89565
  SakisTrader

  Hi all,

  Anyone know how to call out the low of a candle which formed at the most recent fractal low so I can use it in a system to place a stop loss at that level once my buy conditions have been met?

  Many thanks in advance for any input.

   

   

  

  SakisTrader

  Participant

  Topics: 2

  Replies: 0

  Been thanked: 0 times
  01/25/2019 at 11:03 AM #89626
  Vonasi

  The code found in this indicator might help you:

  https://www.prorealcode.com/prorealtime-indicators/pivot-support-resistance-zones/

  Adapted like this it should return value SupportPrice that can be used as your SL level:

  PivotBAR = 2 //2 bars AFTER pivot LookBack = 2 //2 bars BEFORE pivot BarLookBack = PivotBAR + 1 IF low[PivotBAR] < lowest[LookBack](low)[BarLookBack] THEN IF low[PivotBAR] = lowest[BarLookBack](low) THEN SupportPrice = low[PivotBAR] ENDIF ENDIF

  1 2 3 4 5 6 7 8 9

  PivotBAR     = 2                      //2  bars AFTER  pivot LookBack     = 2                      //2  bars BEFORE pivot BarLookBack  = PivotBAR + 1 IF low[PivotBAR] < lowest[LookBack](low)[BarLookBack] THEN IF low[PivotBAR] = lowest[BarLookBack](low) THEN    SupportPrice  = low[PivotBAR] ENDIF ENDIF

   

  Change the PivotBar and LookBack setting depending on how you exactly define a new fractal.

  Not tested.

  

  Vonasi

  Moderator

  Topics: 192

  Replies: 5088

  Been thanked: 1811 times
• Author
  Posts