hTU Stop
The idea of this script is to identify candles that have made new highs and have closed above the selected moving average or have made new lows and have closed below the selected moving average. It's a stop method I've been using lately that works best on trending days and I find it helps to keep you from getting stopped out of consolidation periods.
What I do if long is trail my stop using the latest completed candle's 8sma plus a few cents cushion. I will keep moving my stop up for every new candle, but ONLY if that candle's high is higher than the candle I am currently using for a stop. With this script, the candles that have made a new high over a period of the last "x" (default is 4) candles will be labelled with an "L". The same is applied in the opposite direction for a short position. Those candles are marked with an "S".
What I do if long is trail my stop using the latest completed candle's 8sma plus a few cents cushion. I will keep moving my stop up for every new candle, but ONLY if that candle's high is higher than the candle I am currently using for a stop. With this script, the candles that have made a new high over a period of the last "x" (default is 4) candles will be labelled with an "L". The same is applied in the opposite direction for a short position. Those candles are marked with an "S".