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ATR Based Stops by Rajat K. Bose for Metastock
If any of you could find time, could you just test the efficacy of this Upper and Lower Band based on ATR. The MetaStock formulas are given at the end.
Using the default values used in the formulas, I have found that they provide effective risk control while trading. the upper band can be used as the extreme point to get rid of shorts and vice versa.
In fact, prices tend to remain above both the bands while the market is in a strong uptrend, and prices remain below the bands in a downtrend. During short-term range-bound markets, they tend move between the bands.
I have found this idea in Tushar Chande’s “New Technical Trader”. It would be be very nice if any of you could comment on them.
Thanks in advance.
Rajat K Bose
Source: RealTraders Discussion Group
Indicator / Formula
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