BullScript: stop loss tightening when index filter turns down

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stop loss tightening when index filter turns down

Printed From: BullCharts Forum
Category: BullCharts
Forum Name: BullScript
Forum Discription: Technical discussion related specifically to the BullScript programming language.
URL: http://www.bullcharts.com.au/forum/forum_posts.asp?TID=982
Printed Date: 23 Apr 2025 at 5:06pm
Software Version: Web Wiz Forums 9.69 - http://www.webwizforums.com

Topic: stop loss tightening when index filter turns down

Posted By: meldeans
Subject: stop loss tightening when index filter turns down
Date Posted: 12 Feb 2015 at 9:34am

Hi,

I was wondering if someone could help with a stop loss that tightens up when the market index filter turns against you.

I use the Simple Weekly Stop Loss set from high at say 30% when I buy a stock. I only buy if the XAO is trading above its say 20 week EMA. If the XAO falls below XAO 20 week EMA then I want the stop loss to move to say 10% from most recent high for any positions currently in the market. I want the stop loss to stay at 10% until the XAO > 20 week EMA again AND the stop loss is to stay at 10% until the 30% stop loss catches up when the XAO > 20 week EMA.

Hope this makes sense.

I currently have two stop losses on my chart - one 30% from high and another 10% if XAO < 20 wk EMA. I find this quite confusing but don't know how to link the XAO to a stop loss.

Really appreciate anyones help.