Last High/Low StopLoss:
Everyone needs to know what stop loss to use. A common concept is to place it
above or below the most recent high or low rather than using a fixed stop loss.
The idea is that if price is trending up, the lows will be higher than previous lows.
This protects you more than a fixed stop loss unless price is changing trend direction.
This indicator puts a red and blue
line at the high and low of the last few bars. On screen text reads out the price and pips
to that stoploss line. The value is updated at each tick. You are able to set a minimum stoploss
and it will not go smaller than that value in pips.
This indicator is based on the ZigZag indicator set to a very short calculation distance. This finds all the ups and downs of price over the last few bars and it finds the most recent highs and lows as the perfect place for a stoploss.
The code works like this:
Find the minimum stoploss for both buy and sell positions based on user input
(MinimumStopLoss) and add the spread for the pair to the sell stoploss.
Then accept the last high or low price unless it is too close to market price.
If it is too close, place the stop loss at the calculated minimum stoploss away from market price.
The spread is added to the stoploss for a sell position. The spread is not added to the stoploss for a buy position.
Works on both 4 digit and 5 digit brokers.
Click the image for a larger image
Download this Stop Loss Indicator for free,
Download LastHighLowStopLoss.zip