Trailing stop order set to ATR?

[betaclone 0]

Does anyone know if it's possible to set up a hotkey that sets a trailing stop sized to ATR?

[johno53 2]

I'd also be interested in an initial stop (not necessarily trailing) that sets automatically just above (if short) or below (if taking long position) the price I'm getting the stock at to avoid getting stopped out during expected fluctuations in price at the beginning of a trade.....

[betaclone 0]

18 minutes ago, johno53 said:

I'd also be interested in an initial stop (not necessarily trailing) that sets automatically just above (if short) or below (if taking long position) the price I'm getting the stock at to avoid getting stopped out during expected fluctuations in price at the beginning of a trade.....

I'm pretty new to DAS but have worked with Kyle on some hotkeys for my order entry that set an automatic stop order when the order is placed. For my purposes I set the stop limit by double clicking the chart and then my order command includes the following:

;TriggerOrder=RT:STOP STOPTYPE:MARKET PX:StopPrice-0.3 ACT:SELL STOPPRICE:StopPrice QTY:Pos TIF:DAY+;

In my case I've set my stop level on the chart and then my order hotkey calculates the position size based on a preset dollar amount I want to risk. It executes at the current price level and then this script sets the stop order simultaneously.

[johno53 2]

Thank you, betaclone. This looks like a step in the right direction. I wish they had some sort of manual about the syntax for the hotkey coding. I'd code my own if I understood the details. It looks as thought the stop price is the price you paid - 30 cents, which might cover many stocks' ATR but probably not the ATR of, say, MicroSoft or Tesla....

The system should be able to 'extract' the ATR and store it in some variable to use in one's calculations but I guess that requires a real programming language.

John.

[betaclone 0]

1 minute ago, johno53 said:

Thank you, betaclone. This looks like a step in the right direction. I wish they had some sort of manual about the syntax for the hotkey coding. I'd code my own if I understood the details. It looks as thought the stop price is the price you paid - 30 cents, which might cover many stocks' ATR but probably not the ATR of, say, MicroSoft or Tesla....

The system should be able to 'extract' the ATR and store it in some variable to use in one's calculations but I guess that requires a real programming language.

John.

Correct this is based on a hand picked price level and then adjusted, in this case, by .30 to account for slippage. I'm hoping the same thing: that ATR can be worked into a script so that I can set a trailing stop at some function of ATR to essentially free roll a winning trade with a hotkey. As it stands now I usually just eyeball the 5 minute chart for the last few hours and set my trailing price based on the largest bear candles. It's not that hard but it would be nice to just have a hotkey to stick the trade into a favorable trailing stop based on the ATR.

[Justin 264]

One could probably make a hotkey where you manually save the ATR in the StopPrice for the stock you are looking at.

You would have to know the ATR of the stock (easy), then on the chart double click that ATR amount below the current ask. Your hotkey would be StopPrice=Ask-Price

[johno53 2]

Thank you, Justin. That's very helpful.

John.