Indicator for Stop Loss levels calculation using Bill Williams technique – indicator MetaTrader 4
by
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_Π’Π΅ΠΊ_BAR = Gray; // colour of the current bar
color color_SL = Gray; // colour of the marks
