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I calculate the ATR over 10 periods which gives me a number. I then multiply that by 3 and my stop gets racheted as price moves. Stop can get closer to price but never moves further away. I don't have an indicator I can share as its part of a set of indicators written professionally for a group of us, but it shouldn't be too hard to code. You made need the Tradestation function ATRcalc |
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Bare with me if you will - I put a 10 ATR on my ES chart now. The value is 1.625. That x3 = 4.875.
Now, what does that specific number tell me?
Again, sorry for the simple question but I've never gotten into ATR and would like to see how it operates as a trailing stop function.