Elder Safe Zone Stop Short
Elder Safe Zone Stop Short in Amibroker establishes stop-loss levels for short positions using the Elder Safe Zone strategy. Utilizing the Amibroker data feeder, this tool aids traders in safeguarding short positions by setting appropriate exit points as per the Safe Zone approach.
/_SECTION_BEGIN("ElderSafeZoneStopShort");
//
// Provides results identical to the Excel spreadsheet discussed in the
// Trading Room book, except that it gives tomorrow's recommended stop from
// today's end-of-day data instead of today's stop from yesterday's data. To
// get today's stop, click on yesterday's date in the chart. For short
// positions only. Also see the companion indicator ElderSafeZoneStopLong.
//
//------------------------------------------------------------------------------
H1=Ref(H,-1);
Pd=Param("Period",10,1,50,1);
UpPen=IIf(H>H1,H-H1,0);
UpPenSum=Sum(UpPen,Pd);
UpPenCount=Sum(H>H1,Pd);
AvgUpPen=UpPenSum/UpPenCount;
AvgUpPenMult=Param("Multiplier",2,1,4,0.1);
DaysInTrade=Param("Days in trade",1,1,50,1);
StopShort=H+(AvgUpPen*AvgUpPenMult);
SafeZoneStopShort=LLV(StopShort,DaysInTrade);
Graph0=Close; Graph0Style=styleBar|styleThick; Graph0Color=colorWhite;
Graph1=SafeZoneStopShort; Graph1Style=styleDots|styleNoLine; Graph1Color=colorLightOrange;
Title="\\c55"
+Name()
+"\\c42 Elder SafeZone \\c40SHORT"
+"\\c42 SafeZoneStop for next trading day after \\c55"
+Date()
+": \\c33"
+WriteVal(SafeZoneStopShort,1.2)
+"\n\\c42 Period: \\c55"
+WriteVal(Pd,1.0)
+"\\c42 AvgUpPen: \\c55"
+WriteVal(AvgUpPen,1.2)
+"\\c42 Multiplier: \\c55"
+WriteVal(AvgUpPenMult,1.1)
+"\\c42 Days in trade (inclusive): \\c55"
+WriteVal(DaysInTrade,1.0);
_SECTION_END();