I'm looking at a concept developed by Chuck Lebeau. It's not the Chandelier stop or the ATR trailing stop that I'm looking for. I search for a stop that do not trail the current trend. The meaning of that stop is to be closer than the ATR trailing stop and exit in case of one bar high volatility. The stop reajust at each bar to be X ATR from the previous bar high or low.
It's like the ATR stop but it reajust up and down on each bar. For example, I'm long IWM. I set a ATR trailing stop 3 ATR from the highest high of the trend, but will keep also the Yo-Yo stop at 1,5 ATR from the previous bar high. In case of sudden price fail in one bar, the YoYo stop will protect me again sudden spike.
I will like to know if anyone as develop something ? I believe it's quite simple to develop it from ATR trailing stop by removing the trailing property and use previous bar high and low. But unfortunately, I'm not a programmer.
Thanks!
Dominic
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