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- 2018.02.21 15:13
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One of the usual "games" every trader is doing in the trading time is finding out a best stop loss value for the order currently active.
There are some good ways for dynamically doing that but the majority has one issue: they tend to try to guess the stop loss value to close to the current price value and frequently that causes (as it turns out afterwards) and exit too soon. This is an attempt to a slightly different approach.
Instead of being in a hurry to follow the price with the stop loss, this indicator is adjusting a proposed stop loss only when it notices a trend change in the opposite direction. That way, it keeps the level intact while trending, and adjusts it when it "sees" that there is a possible trend change) and gives bigger "room" for an order to survive possible whipsaws in trends. Also, since it is estimating a trend, this indicator displays the periods when there is a trend in different color(s) in order to make it easier to decided what to do.
As usual: some experimenting is advised before using it in real trading (as any indicator, there are no universal settings for all instruments, hence a simple visual inspection might help in avoiding some of the issues on some of the traded symbols).
![DSL - extended stochastic](https://c.mql5.com/i/code/indicator.png)
The usual average that is used for stochastic calculation is simple Moving Average (SMA). This (extended) version allows you to use any of the 4 basic types of averages (default is SMA, but you can use EMA, SMMA or LWMA too) - some are "faster" then the default version (like EMA and LWMA versions) and SMMA is a bit "slower", but this way you can fine tune the "speed" to signals ratio.
![DSL - stochastic](https://c.mql5.com/i/code/indicator.png)
The DSL (Discontinued Signal Line) version of Stochastic does not use a moving average in a classical way for signals, but is instead calculating the signal lines depending on the value(s) of the stochastic. Thus, we are having two things : a signal line and a sort of levels that can be used for overbought and oversold estimation.
![Chaos zone](https://c.mql5.com/i/code/indicator.png)
Chaos zone indicator that is a combination of two Bill Williams' indicators: Accelerator Oscillator and Awesome Oscillator.
![Dsl - Balance of Market Power](https://c.mql5.com/i/code/indicator.png)
Balance of Market Power combined with DSL (Discontinued Signal Line) it can be used both for trending and scalping mode.