Add a trailing stop function based on peak or valley levels , plus or minus a value or value %. User should be able to set the parameters fo
Currently, we have trailing stops which track a % distance from the price. I would like to see an additional type of trailing stop which tracks a % distance from the most recent peak or valley price. This would enable the user to have stops which move up or down with the price (depending on long or short trade) but the levels are kept a required distance below the most recent valley price (long trade) or above most recent peak price (short trade). User should be able to determine 1. the % parameter above or below the peak or valley price 2. The settings for peak rule and settings for valley rule. These settings will include: a. Option to use price high, low or close as the price basis for the peak or valley price; b. the number of periods either side of the peak or valley to constitute a valid peak or valley; c. whether on not the price has to move above the previous peak price value, before the trailing valley stop is moved up below the most recent valley, from the previous valley level (for long trade) and whether or not the price has to have moved down below the previous valley price before the trailing peak stop is moved down above the most recent peak. In other words, in an uptrend the valley trailing stop will track up (at a level of the set % below the valley price) below a series of higher lows. When the uptrend turns into a potential downtrend, ie. the first lower low is triggerred and the price hits the % level set below this level, the stop value is hit. The same applies to trailing peak stops for short trades where the stop tracks down just above a series of ,lower highs until we get the first higher high and price movement above the set % distance.
I would also like to have this stop facility given the possibility of being used on it's own or in conjunction with a gain target. So for example, user could set: Long Trade: Gain 50%/ Trailing valley stop - 1%.
Finally, it would also be useful if somewhere, the user can set a default gain/loss /trailing combo for all stocks and other instruments at stock level. This is so that when backtesting or using portfolios, the user can set at overall portfolio level or check a box "use stock defaults". This way, the user can have multiple stocks in the same portfolio with different stop criteria at stock level within the portfolio. I think these improvements would further enhance an excellent system.