Elder Safe Zone stop
Elder Safe Zone stop in Amibroker might refer to a stop-loss mechanism integrated into the Elder Safe Zone strategy. Leveraging the Amibroker data feeder, this feature helps traders manage risk by setting predefined exit points based on the Safe Zone method.
/_SECTION_BEGIN("Elder's SafeZone Stop");
//
// This indicator sets a Stop beneath the range of expected downside
// fluctuations during an uptrend.
//
//------------------------------------------------------------------------------
/* Elder's SafeZone, from "Trading Room."
This stop method takes into account the "noise" in an uptrend, the lower lows, and sets a safe stop below the normal price fluctuation. This is done by calculating the difference between a lower Low and the Low preceding it, the "Downside Penetration," DP. The "Average Downside Penetration," ADP, is then calculated and a multiple of that is plotted beneath the Lows to indicate a SafeZone, which future Lows should not exceed. Elder suggests using multiples of the average downside penetration to set the stop, and that is included. The default choice, however, is to use the average plus variable standard deviations of downside penetrations. You can obviously get the same numbers either way, but using StdDevs is less arbitrary. Based on your Buy point, a level should be determined from which the Stop will not decline. That is handled here with the adjustable StpLvl. */
GraphXSpace=6;
Plot(C,"",16,64);
Pd= Param("Period",9,2,50,1); /*Lookback for DPs. Elder: Do not go back past "the last important turning point."*/
DP= IIf(L