Customizable trailing Stop For Manual Entries

Here's how to create a trailing stop with a manual buy order, on an exchange that does not support native trailing stops. Code can easily be copy+pasted into your normal algos.

To set the entry price for your manual trade, specify the bar time when the trade was made. Note that the time you specify needs to correspond to an opening time on your chart--if it's a 3 hour chart, 6 pm or 9 pm will work, but 8 PM will not. It's not as bad as it sounds though, read on :)

Per usual I keep multiple options open.

Special features in this script:

• Change time frame for trailing
  
• Specify trailing parameter (high, close, hlc3, etc.)
  
• Change time frame for stop loss trigger (use a shorter time frame for earlier exits!)
  
• Specify trigger parameter (close, low, hlc3, etc.)
  

Remember that annoying issue where you might not be able to precisely specify entry price, because you want to use 3 hour closing prices for your trailing stop but you bought in at 7:41 pm? Add this indicator to a 1 minute chart and set your start time to 19:41, then set the trailing time frame to 3 hours!

Next stop is v2, where we take profits along the way before stop loss gets triggered.

Notas de prensa:

Disabled plotting of variables outside of the trading period, so the script does not mess up chart scaling.

Attempted to add trailing stop capability for short trades, but for some reason it's not working. Anybody have a clue?

Notas de prensa:

Trailing stop now works for shorts :)