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Indicator for Stop Loss levels calculation using Bill Williams technique – indicator

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Old 20-03-2018, 21:36
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Default Indicator for Stop Loss levels calculation using Bill Williams technique – indicator


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:

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