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Published:

2009.11.10 09:30

Updated:

2016.11.22 07:32

SL_BW.mq4 (10.78 KB) view

SL_to_Bar_ENG.mq4 (9.26 KB) view

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Author

Vladmir Hlystov

An indicator for Stop Loss levels calculation using Bill Willams technique

Bill Williams in his book "Trading Chaos: Applying Expert Techniques to Maximize Your Profits" (Chapter 7, Level One: Novice Trader, p.95) has described SL as follows:

"...We place the air bag one tick above/below the high/low of the second bar back on one significantly higher time frame (or the next bar further back that has both a higher high and a higher low or a lower high and lower low).

This is our air bag protection. Its purpose is to protect us against a drunken market that is moving against us. Remember, it is not necessiarly an entry signal; it is protection against major losses..."

The indicator calculates and shows Stop Loss levels (for Buy and Sell positions without installed SL) using this method.

Indicator variables:

int BAR = 200; // searching for in last BAR bar

int minSL = 25; // it is exposed when 2 bars are not found
bool show_bar = true; // show bars on which search for SL
show_info = true; // show active orders without SL
color color_BAR = DarkSlateGray; // colour bar on which search for SL
color color_Тек_BAR = Gray; // colour of the current bar
color color_SL = Gray; // colour of the marks

Fig 1. Bar was found

Fig 2. The upper bar was not found (SL for Sell position has determined using the greater timeframe):

Recommendations:

SL Level is drawing on the right side of the current bar, set chart shift on:

To make it clear, use show_bar=true

Good Luck!

17.10.2009:

A new feature has added:

It is possible to show Stop Loss Levels in the history (SL_BW.mq4):

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/9310

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