OK – the beast is done. I’ve been working on this for weeks now and think it’s ready for public consumption.
There are two ways to use Multi-Stops. First, it gives you a great reference point for placing trailing stops so you don’t get pipped out of the bigger moves. Rather than guess, Multi-Stops will give you a scientific guess based on recent volatility and calculated in one of five different ways. Secondly, Multi-Stops can be used as a supplementary trend tool. Looser stops will capture longer trends and avoid whipsaws but have larger drawdowns. Tighter stops will get whipsawed more often but will limit losses when the trend goes against you.
Multi-Stops will plot five different types of volatility stops. The input parameters for the stops are a volatility coefficient which is a multiplier (larger=looser stop) and the look-back length which is the distance the stop is looking backwards to compute volatility and other factors. The various methods are: Average True Range Stops, Wilder Average Stops, Chandelier Stops, Elder Safe Zone Stops and Fibonacci Stops. There is an option to allow stop expansion that is disabled by default but will allow the stop to “breathe” if you so choose otherwise you will only see the stop move in the direction of the current trend.
ThinkScripter Multi-Stops
Wow, this looks intense.
I will check it out later tonight!! Thanks for all of your hard work.
DONATE PEOPLE.. I HAVE SPENT HUNDREDS MYSELF IN MY SHORT TRADING LIFE ON INDICATORS NOT HALF AS GOOD AS THESE..
IT IS A BLESSED THIRTEEN THOUSAND OUT OF THE HUNDREDS OF THOUSANDS OF TRADERS IN THE WORLD LUCKY ENOUGH TO HAVE FOUND THIS SITE!! SO SHOW IT A LITTLE!!
THANKS, ERIC/THINKSCRIPTER
traderwith/Basil
thanks for the rant. i thought i had donated, but had not. fixed that immediately!
peeps, check this out… you can either get thinkscripter’s “squeeze indicator” for TOS for a donation, or you can get it for other platforms on john carter’s website for five hundred dollars. http://www.tradethemarkets.com/products/item5.cfm
i am happy to support a great product that is helping me do what i love to do. keep up the great work!
This one alone is worth $50!!! I can see from the code that you spent a lot of time working on it. Thank you for what you do. Keep up the excellent work.
This is a really great study Eric and I fully agree with Brian above.
May I additionally ask please what is the cyan and dark red curved line with the green and magenta dots on it please? I presume it is a colored slope MA of some description but I am curious about the dots on it and it also seems particularly responsive to the Heikin-Ashi trend.
RobH
Thanks Rob. Check out my moving average script posted today (10 period Hull moving average). The dots merely appear as the slope of the line reverses direction. They are not part of the moving average script I posted today but you get the idea – just eye candy.
Thanks very much Eric. Yes I see that now. I thought it was possibly a Hull MA, but I did not go down as low as 10 periods when I originally tried it on TOS myself. But it does match now, thank you.
ThinkScripter – You’ve outdone yourself again. I’ve seen indicators like this one on other platforms sell for hundreds of dollars for EACH kind of stop. Here you have five different kinds in one! BRAVO!
Traders – I cannot recommend these studies highly enough. Eric has responded to all my questions and even done some custom tweaks for me. For the price of 3 ES ticks and a commission, it’s an ABSOLUTE STEAL.
[...] Multi-Stops study in the picture is configured with a Chandelier Stop with a 20 period look-back and a [...]
I really believe you have a winner in the TS-Multistop. I think it should be marketable and not something you just give away to the crowd. I don’t use it so much for entries, but have found it very profitable in keeping with runners. In the past, I have tightened my trailing stops to protect profits – got stopped out and then searched for another entry point to get back in the trend. Your indicator has helped me stay with the runner of a free trade balance and has increased my profitability, both in p/l and less trade costs.
I am going to continually donate as I use stuff. Using the multistops I made 3k already this week… so your time is greatly appreciated.
Hi, I am new to this site and I don’t see the codes here for this study. How/where do I get the codes.
Thank you.
KS,
This study, along with a few others, is reserved for the PRO Members.
Eric
Can this be used on a daily chart?
Thanks!
It will work on any timeframe chart.