CodeForTraders

...writing great code so you don't have to

Multi-Level Trailing Stops

Package: Multi-Level Trailing Stops

Use of a trailing stop is a common way to protect a profit while still giving an evolving trade a chance to catch a big move.

But, is a single trailing stop flexible enough to manage an evolving trade over its lifetime?

Perhaps it would be advantageous to tighten the trailing stop as your trade reaches a series of goals.  Or, perhaps you would like to loosen the trailing stop as less of your starting capital and more of the "market's money" is at risk..

Have you tested your favorite trading guru's recommendation for how to manage trailing stops over the life of a trade?   If not, perhaps it is time you did ...

What It Is

This package offers 6 strategies (3 standard, and 3 IOG) whose purpose is to allow you to define different trailing stop starting levels, stop amounts, and ratchet amounts to become active over the life of your trade.

Standard MLTS:   by Ticks,  by Chart Points,  by Percentage (of trade EntryPrice)

IOG MLTS:          by Ticks,  by Chart Points,  by Percentage (of trade EntryPrice)

Each of the six strategies offers the choice of operation via it's indicated price-action oriented algorithm, or via a  time-in-trade oriented barcount algorithm.  Unless you are an advanced programmer who has written it yourself, you've never backtested with or seen this sort of dynamic MLTS capability in action!

The 3 standard strategies evaluate your trade at the end of each bar, adjusting the stop trail amount and ratchet amount according to the price or time levels that you have set.

The 3 IOG (Intrabar Order Generation) strategies can actually reset your stop trail and ratchet amounts during a still unfinished bar.

When varying your stops according to price, each new trailing stop definition is brought into play when the market trades at or beyond one of your defined price levels.

When varying your stops according to time, each new trailing stop definition is brought into play when the bars since entry of your trade passes one of your defined bar-count levels.

The several forms of price action definition, along with the choice of end-of-bar or IOG execution allow for completely convenient setup for any timeframe of trading - short, medium, or long.

Special Features

These strategies are not only a great trailing stop laboratory "right out of the box", but because the level processing logic is written in a generic way, and because two different scenarios are embedded in each strategy (price levels, and time levels), you will be able to see by examining the code how you could make your trailing stop behavior change based on nearly any set of conditions that you might imagine.

Also, these strategies are designed for "smart optimization".  Each level is specified as an increment beyond the previous level, so you can optimize across as many levels as you are interested in without worrying about creating redundant or non-sensical output.

What It Looks Like

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Observe the yellow 1's and 2's - these indicate your active trailing stop definition level activations.  (You may show or suppress the numbers on the chart.)  The strategies are delivered with 3 levels ready to go, with "plumbing" in place for six levels.  With minor changes to the code, any number of levels can be accommodated.

Additional features include

  • optional comprehensive log output so you can examine exactly how your active trailing stops are calculated and set on a bar-by-bar basis
  • built-in profit target and stop loss that allow you to use these strategies in a self-contained manner
  • cooperating indicators (supplied) allow visualization of strategy action

The end-of-bar strategies work with stocks, futures, and FX, on both daily and intraday charts, with TradeStation┬« 8.0 (and later).  The IOG strategies requires TradeStation┬« 8.1 (or later). 

What You Get

Full Source Code  to the all the strategies and indicators, delivered as a single .ELD file.  Just import it and it is ready for use. 

6 demo workspaces containing charts with the strategies already applied, to get you up-and-running quickly.

Customer Support to help answer any questions you have about installation or usage.

What It Costs

Many days of work have gone into the creation of this comprehensive package,  and it can be yours for just the cost of two hours of custom programming time: $250.

Get your Trailing Stops out of the freezer and onto the playing field!

Multi-Level Trailing Stops-   $250  

How You Get It

This package will be emailed to you after your PayPal payment is processed. Please be aware of the caveats before you order.