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-   -   Indicator for Stop Loss levels calculation using Bill Williams technique – indicator (https://www.forexlasers.com/forums/fx-indicators-download-database/5287-indicator-stop-loss-levels-calculation-using-bill-williams-technique-%96-indicator.html)

Metatrader Indicators 20-03-2018 21:36

Indicator for Stop Loss levels calculation using Bill Williams technique – indicator
 
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Attachment 3416
<p>An indicator for Stop Loss levels calculation using Bill Willams technique</p><p>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:</p><p>"…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).</p><p>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…"</p><p>The indicator calculates and shows Stop Loss levels (for Buy and Sell positions without installed SL) using this method.</p><p>Indicator variables:</p>


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