I am looking for some guidance on the best way for setting up volatility-based stops in Trend Harmony.  In particular something along the lines of

ProtStopLong  = EPrice - (3*ATR)

ProtStopShort = EPrice + (3*ATR)

I have successfully done it in Super Turtle using the Bias Method provided but I'm wondering if there is a cleaner way in Trend Harmony before I start into major code modifications.

Thanks in advance,

 

Tom Gawlik

Here is a function I wrote to take care of this and set up for percent risk money management.

 

Sub ATRStopAndRisk(AtrMult)
Dim ATROnEntry As BarArray
settraderisk(Average(TrueRange,3,0)*AtrMult)
If MarketPosition<>MarketPosition[1] Then
ATROnEntry=AtrMult*Average(TrueRange,3,1)
End If
ExitLong("ATRStopLX","",GetCurrentSize(""),EntryPrice-ATROnEntry,Stop,Day)
ExitShort("ATRStopSX","",GetCurrentSize(""),EntryPrice+ATROnEntry,Stop,Day)
End Sub

 

Make it a system function. Comment out the dollar stop and add this function.

I'm having difficulty with this code snippet, cant find any reference to MarketPosition in the TSHelp file nor LangRef. Maybe it's just a matter of getting the help file indexed properly, however...What are the two characters at the end of the IF test:

MarketPosition <> MarketPosition ?? <==

And how do I find a definition for MarketPosition?

 

Thanks,

Tracy

Tracy:

I'm sure Murray will clarify if I get something wrong but here is my understanding:

I believe MarketPosition can take one of three values, -1 = short position in the market, 0 = no position in the market, 1 = long position in the market

For MarketPosition<>MarketPosition[1] it is simply saying that our market position has change since yesterday

MarketPosition[??] is the offset in days (any positive integer) so MarketPosition[1] is our market position yesterday.

 

Hope that helps

 

Tom Gawlik

Correct Marketposition is current bar. It the same as Marketposition[0]. MarketPosition[1] is one bar ago.