Need help with an ATR trailing stop

[Jeddy197]

I've tried countless codes and read many forum posts, but still can't seem to get this relatively simple concept down. Any help is appreciated.

In essence, I'm trying to be able to place a trailing stop, which would have a tick value of 3 times the ATR. Referencing the EUR/USD, if the current ATR(10) is 0.0008, then at the point of entering my position, I would have a trailing stop of 24 ticks. (0.0008 * 3 = 0.0024 or 24 ticks).

Again, I've tried many things, including resetting a regular stop loss each time, etc... I just seem to be missing something.

[NinjaTrader_Bertrand]

Hi Jeddy197, please take for example a look at the attached script. To check into would suggesting running on EURUSD 5 min. It will enter off yesterday's 1.3265 early morning upswing and take the current ATR value multiplied by 3 as a tick factor for a trail stop (comes out to a trail of 18 ticks for this move when rounded to integer). Hopefully this can provide a base for your further custom modifications.

[Harry]

I've tried countless codes and read many forum posts, but still can't seem to get this relatively simple concept down. Any help is appreciated.

In essence, I'm trying to be able to place a trailing stop, which would have a tick value of 3 times the ATR. Referencing the EUR/USD, if the current ATR(10) is 0.0008, then at the point of entering my position, I would have a trailing stop of 24 ticks. (0.0008 * 3 = 0.0024 or 24 ticks).

Again, I've tried many things, including resetting a regular stop loss each time, etc... I just seem to be missing something.

What you look for is called the chandelier stop or chandelier exit and was already described by Charles LeBeau. Also see article by Sharon Yamanaka: Good Stop, Bad Stop: Chandelier Exits, Technical Analysis of Stocks and Commodities, V. 24:11 (November 2006)

The indicator is available for NinjaTrader here:

https://www.bigmiketrading.com/download/ninjatrader-7/indicators/1411-download.html?view

Options:

(1) Average true range can be subtracted from highest high or highest close for long trades and added to lowest low or lowest close for short trades

(2) Trend reversal is possible intra-bar or after a bar close

(3) Trend can be displayed via paint bars or arrows.

(4) The indicator has integrated sound alerts that alert you to a trend reversal.


Similar indicators:

Your wish would be to deduct 3 times the ATR(10) from the high point. You can also deduct 2.5 times the ATR(10) from the midpoint (Median in NinjaSpeak) and obtain a near-identical indicator. A generalization of that second indicator is obtained when replacing the midpoint with a moving average or a moving median. This will lead you to the SuperTrend U11 and SuperTrend M11, which are available here:

https://www.bigmiketrading.com/download/ninjatrader-7/indicators/1207-download.html?view

https://www.bigmiketrading.com/download/ninjatrader-7/indicators/841-download.html?view

The chart attached shows the Chandelier Stop with an ATR(10) and a multiplier of 3 (blue/red) and the SuperTrend with a SMA(1), ATR(10) and a multiplier of 2 (green/orange). Nota: ATR(10) = EMA(TR,19).