Trailing Stop

Bandit

Is there a way to set a trailing stop similar to Chandelier stop but with simple percentage rather than ATR? So instead of X ATRs from Y day high it would be X% from Y day high (or low).

markd

You could explore MA based channels - there are three - sma, ema and Keltner.

https://support.stockcharts.com/doku.php?id=sharpcharts:reference

lmkwin

Another option is to set up an Advanced Alert and/or a Scan (the scan and alert can have the identical coding) to make you aware of the situation.

As far as I can tell, the only indicator, that tracks the actual value of the high is the price channel

You can use that to identify an actual percent off that period high.

Price Channels only use High/Low data. It would be a nice option if they allowed one to use Close Data to establish the Price Channel, but they don't have that option currently. You can display a Close data Price Channel on a chart if you use a Close data type like Line or Histogram, or Area, but you can't use those values in a Price Channel Scan. You'd have to adapt a scan for that using the Max filter.

For the Price Channel, to get an Alert and/or Scan for a fixed percentage below the "high" of a period you would look at using the UPPER Price Channel.

Select if from the Technical Indicators dropdown. It defaults into the workbench like this:

and [Upper Price Chan(20) < close]

This is asking for the Close price to be less than the 20 period High price.

To find a security that has moved more than X% from the Y period you would modify it to your needs.

and [Upper Price Chan(Y) * 1 - X > your price selection (open/high/low/close)]
and [1 period ago Upper Price Chan(Y) * 1 - X < 1 period ago your price selection (open/high/low/close)]

1-X is a percent. So if you want 5% off, the multiplier would be 1-0.05 = 0.95

// The price is now below the percent off the high
and [Upper Price Chan(Y) * 0.95 > your price selection (open/high/low/close)]
//The price was not below the percent off the high 1 period ago
and [1 period ago Upper Price Chan(Y) * 0.95 < 1 period ago your price selection (open/high/low/close)]

If you were looking at % off the low you would use the Lower Price Chan and instead of 1-X it would be 1+X
So if you want 5% the multiplier would be 1+0.05 = 1.05

In the workbench, you'd set it up to look at your universe and then add the appropriate Price Channel lines to Alert you to something that had moved into your "stop" area.

Just a thought or idea for consideration.