This script represents a dynamic approach to managing trailing stop-loss orders in trading. It is a culmination of strategic methodologies originally inspired by “pshai’s” SuperTrend Stop-Loss strategy, with an integration of the “Trail Blaze” function from “Giankam”.
How It Works
Dynamic Trailing Stop-Loss Calculation: At its core, the script computes trailing stop-loss levels by amalgamating the Average True Range (ATR), Interquartile Range (IQR), and other market factors like NQK values. This blend of statistical measures offers a nuanced view of market volatility and price movement.
Real-Time Updates: The stop-loss levels are not static; they are recalibrated in real-time responding to the market’s fluctuating conditions. This dynamism aims to strike a balance between capitalizing on profitable trends and curtailing potential losses.
Trail Blaze Function: Borrowed from Giankam’s innovative approach, this function is pivotal to the script. It methodically assesses the market’s direction and momentum, adjusting the stop positions accordingly. This component is instrumental in enhancing the script’s responsiveness to market changes.
Parameter Management: The script ensures operational consistency and accuracy through intelligent management of parameters. It resets and saves key data points whenever there’s a change in the position, maintaining the integrity of its trading logic.