Hi.
I found this indicator in Metastock and MT3 formats and is very useful to set the stop point . If anybody know Mq4 programming change it into Mq4 I will be appreciated .The Metastock and MT3 codes and description are as below:
/*[[
Name := SafeZone Stop
Author := Copyright ?2004, MetaQuotes Software Corp.
Link :=
http://www.metaquotes.net/
Separate Window := No
First Color := Cyan
First Draw Type := Symbol
First Symbol := 159
Use Second Data := No
Second Color := Red
Second Draw Type := Line
Second Symbol := 218
]]*/
Inputs: LookBack(10), StopFactor(3), EMALength(13);
Variables: Pen(0), Counter(0), SafeStop(0), EMA0(0), EMA1(0), EMA2(0);
Variables: first(True), prevbars(0), loopbegin(0), shift(0), value1(0), PreSafeStop(0);
SetLoopCount(0);
// Initial checkings
If LookBack < 1 or EMALength < 1 Then Exit;
If Bars < prevbars Or Bars - prevbars > 1 Then first = True;
prevbars = Bars;
If first Then Begin
loopbegin = Bars - LookBack - 3;
If loopbegin < 0 Then Exit; // not enough bars
first = False;
End;
loopbegin = loopbegin + 1;
For shift = loopbegin DownTo 0 Begin
EMA0 = iMA(EMALength,MODE_EMA,shift);
EMA1 = iMA(EMALength,MODE_EMA,shift+1);
EMA2 = iMA(EMALength,MODE_EMA,shift+2);
PreSafeStop = GetIndexValue(shift+1);
Pen = 0;
Counter = 0;
If EMA0 > EMA1 Then Begin
For value1=0 to LookBack Begin
If Low[shift+value1] < Low[shift+value1+1] Then Begin
Pen = Low[shift+value1+1] - Low[shift+value1] + Pen;
Counter = Counter + 1;
End;
End;
If Counter <> 0 Then
SafeStop = Close[shift] - (StopFactor * (Pen/Counter))
Else
SafeStop = Close[shift] - (StopFactor * Pen);
If SafeStop < PreSafeStop and EMA1 > EMA2 Then SafeStop = PreSafeStop;
End;
If EMA0 < EMA1 Then Begin
For value1=0 to LookBack Begin
If High[shift+value1] > High[shift+value1+1] Then Begin
Pen = High[shift+value1] - High[shift+value1+1] + Pen;
Counter = Counter + 1;
End;
End;
If Counter <> 0 Then
SafeStop = Close[shift] + (StopFactor * (Pen/Counter))
Else
SafeStop = Close[shift] + (StopFactor * Pen);
If SafeStop > PreSafeStop and EMA1 < EMA2 Then SafeStop = PreSafeStop;
End;
PreSafeStop = SafeStop;
loopbegin = loopbegin - 1;
SetIndexValue(shift,SafeStop);
End;
I have it on Metastock as well, not sure if it'd be of any use :
Quote:
================================
Trailing Stop - Elder's SafeZone
================================
---8<---------------------------
{Dr Alexander Elder's SafeZone trailing stop v3}
{ SafeZone types:
[1] Uses upside/downside penetration days as
suggested by Dr Elder in his book;
[2] Uses up/down days (instead of
upside/downside penetration days)
to match book's companion spreadsheet.}
{ Triggers: Long (+1) & Short (-1) signals at
crossover of user-defined trailing stops.}
{ ©Copyright 2003-2005 Jose Silva }
{ For personal use only }
{
http://www.metastocktools.com }
{ User inputs }
coefficient:=Input("SafeZone coefficient",
0,10,2.5);
bkpds:=Input("Lookback periods",1,260,10);
pds:=Input("Trend EMA periods",2,260,21);
adv:=Input("plot: [1]Today's SafeZone, [2]Tomorrow's stop",1,2,1)-1;
type:=Input("SafeZone type: [1]Book, [2]Spreadsheet",1,2,1);
plot:=Input("SafeZone: [1]Stop, [2]Long+Short, [3]Signals",1,3,1);
{ Downside penetrations }
DwSidePen:=
If(type=1,Mov(C,pds,E)>Ref(Mov(C,pds,E),-1),1)
AND L<Ref(L,-1);
DwSideDiff:=If(DwSidePen,Ref(L,-1)-L,0);
DwPenAvg:=Sum(DwSideDiff,bkpds)
/Max(Sum(DwSidePen,bkpds),.000001);
StLong:=Ref(L-DwPenAvg*coefficient,-1);
StopLong:=If(C<PREV,StLong,Max(StLong,PREV));
{ Upside penetrations }
UpSidePen:=
If(type=1,Mov(C,pds,E)<Ref(Mov(C,pds,E),-1),1)
AND H>Ref(H,-1);
UpSideDiff:=If(UpSidePen,H-Ref(H,-1),0);
UpPenAvg:=Sum(UpSideDiff,bkpds)
/Max(Sum(UpSidePen,bkpds),.000001);
StShort:=Ref(H+UpPenAvg*coefficient,-1);
StopShort:=If(C>PREV,StShort,Min(StShort,PREV));
{ Stop signals }
entry:=Cross(C,Ref(StopShort,-1));
exit:=Cross(Ref(StopLong,-1),C);
{ Clean signals }
Init:=Cum(IsDefined(entry+exit))=1;
bin:=ValueWhen(1,entry-exit<>0 OR Init,
entry-exit);
entry:=bin=1 AND (Alert(bin<>1,2) OR Init);
exit:=bin=-1 AND (Alert(bin<>-1,2) OR Init);
{ Plot on price chart }
If(plot=1,Ref(If(bin=1,stopLong,stopShort),
-1+adv),If(plot=2,Ref(stopLong,-1+adv),0));
If(plot=1,Ref(If(bin=1,stopLong,stopShort),
-1+adv),If(plot=2,Ref(stopShort,-1+adv),
entry-exit))
---8<---------------------------
http://www.metastocktools.com
Description:
Quote:
'SafeZone measures market noise and places stops at a multiple of noise level away from the market.
We may use the slope of a 22-day EMA to define the trend. You need to choose the length of the lookback period for measuring noise level. It has to be long enough to track recent behaviour but short enough to be revelent for current trading. A period of 10 to 20 days works well, or we can make our lookback period 100 days or so if we want to average long-term market behaviour.
If the trend is up, mark all downside penetrations during the look-back period, add their depths, and divide the sum by the number of penetrations. This gives you the Average Downside Penetration for the selected lookback period. It reflects the average level of noise in the current uptrend. Placing your stop any close would be self-defeating. We want to place our stops farther away from the market than the average level of noise. Multiply the Average Downside Penetration by a coefficient, starting with two, but experiment with higher numbers. Subtract the result from yesterday's low, and place your stop there. If today's low is lower than yesterday's, do not move your stop lower since we are only allowed to raise stops on long positions, not lower them.
Reverse these rules in downtrends. When a 22-day EMA identifies a downtrend, count all the upside penetrations during the lookback period and find the Average Upside Penetration. Multiply it by a co-efficient, starting with two. When you go short, place a stop twice the Average Upside Penetration above the previous day's high. Lower your stop whenever the market makes a lower high, but never raise it.
I anticipate that SafeZone will be programmed into many software packages, allowing traders to control both the lookback period and the multiplication factor. Until then, you will have to do your own programming or else track SafeZone manually. Be sure to calculate it separately for uptrends and downtrends.
Also I have a version of this in Mq4 but it doesn’t work properly(the attached file).
Thank for your help in advance