TrailBlazeArm_StopLoss

TrailBlazeArm Stop-Loss (TBASL)
Overview
The TrailBlazeArm Stop-Loss (TBASL) is an advanced trading script designed to help traders protect their positions by dynamically adjusting stop-loss levels based on market conditions. This script, originally authored by Giankam and modified by @Criptics, combines several market indicators to calculate and adjust trailing stop-loss levels for open positions, ensuring traders can minimize losses and lock in profits as the market moves.

Features
Dynamic Stop-Loss Adjustment: Automatically adjusts stop-loss levels based on the market’s volatility and price action.
Customizable Parameters: Offers a range of input parameters for traders to customize the script according to their trading strategy and risk tolerance.
Support for Multiple Market Conditions: Utilizes indicators like ATR (Average True Range) and IQR (Interquartile Range) to adapt to changing market conditions.
Input Parameters
arm: Activation distance in percentage, determining when the trailing stop-loss is activated. Default is 1.5%.
atrLength: Length of the ATR indicator, defaulting to 8 bars.
atrMult: ATR Multiplier to adjust the sensitivity of the ATR indicator. Default is 1.
tslPercent: Percentage for trailing stop-loss. Default is 0 (not used).
triggerLength: Length for the trailing logic calculations. Default is 2.
centreLength: Length for midpoint adjustments. Default is 8.
iqrLength: Length for volatility adjustments using the IQR method. Default is 12.
iqrMult: Multiplier for the IQR value. Default is 0.
loMult: Multiplier for calculating the lower boundary. Default is 0.
hiMult: Multiplier for calculating the upper boundary. Default is 0.
filterSum: Boolean to determine the use of a summation filter on stop-level calculations. Default is false.
positionId: Optional parameter to specify a position ID.
direction: Optional parameter to specify the direction of the position (Long or Short).
Process Flow
Parameter Initialization: The script begins by initializing parameters based on user inputs or defaults.
Indicator Calculations:
Calculates various market indicators (ATR, IQR) based on the input parameters.
Uses these indicators to adjust the trailing stop-loss levels dynamically.
Trail Blaze Logic: Implements a sophisticated logic to determine the stop-loss levels based on the current trend, volatility, and user-defined parameters.
Position Management:
Monitors open positions and adjusts their stop-loss levels based on the calculated trailing stop values.
Supports dynamic adjustment for both long and short positions.
Plotting
The script plots the adjusted stop-loss levels on the chart, providing visual cues for traders. It uses different colors to indicate the direction of the adjustment (e.g., Aqua for upward adjustments, Purple for downward adjustments).

Output
The script outputs a boolean value indicating whether the adjusted stop-loss level has been successfully set for the current position.

Usage
This script is designed for traders looking for an advanced and dynamic way to manage stop-loss levels. It’s particularly useful in volatile markets where static stop-loss levels might result in premature exits or unnecessary losses. By adjusting stop-loss levels dynamically, traders can better protect their capital while still capitalizing on profitable market movements.