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#1 Selling Amibroker Plugin featuring:
ATR Trailing Stop Loss I for Metastock
Average True Range (ATR) is usually used to set trailing stops to close positions based on average true range. Not commonly used to open positions.
The following indicator plots the ATR stop loss as two bands using a 5 day ATR with a multiplication factor of 2.5. The lower band is used a stop loss for long positions while the top band can be used as a stop loss for short positions.
Indicator / Formula
HHV(H - 2.5*ATR(5),10); LLV(L + 2.5*ATR(5),10);
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