I'm looking for an indicator which plots stop loss X amount of ticks above or below previous Y amount of candles?
For example, I'm looking to sell on a very small time frame chart where candles are forming quickly
Let's say I want to place X ticks(usually 1-2 ticks) above the high of the last Y candles.(usually 3-5 candles)
I tried to use a ATM strategy but since the size of stop varies depending on where the last entry candle closes far from the high of the last Y bars.
If I set it small, it hits my stop and moves in my favor. If I set it bigger, I take more loss than I'm supposed to...
I'm wondering if there is any indicators that could automatically plots my stop loss depending on my X and Y setting.
I would appreciate any input.
Thanks
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