Topic: Dynamic Stop Loss
A Stop Loss that is fixed wouldn't work in a market that is constantly changing.We might be setting us up for more risk than is needed.
Please can someone create an dynamic stop loss which would take the highest high/lowest low of the last X bars and place it +Y/-Y pips above this level. Default is 0.
e.g. Dynamic stop loss. x=5 y=20.
It will look at the last 5 bars, determine the what the low of the lowest bar is, then minus another 20 pips and place the stop loss here.
It will look at the last 5 bars, determine the what the high of the highest bar is, then add another 20 pips and place the stop loss here.