Stop loss indicator.

Setting the value of a stop loss order has always been the main task when opening a new transaction, but calculating its size is not always within the capabilities of a novice trader.

This tool was developed precisely for this category of players. There is absolutely no need to prove the need to set this order for every transaction, as this is the basic basis of any Forex strategy .

The stop loss indicator allows you to automatically determine the price levels where it would be most rational to install it.

  To get started, just enter a few simple settings and you have a ready-made guideline that you can use when opening new orders. Download stop loss indicator .

The work of the indicator is based on an analysis of the history of price movement, which is why one of the important parameters is the number of bars involved in the calculations. It is advisable to set this value lower than the distance to the nearest trend reversal.

Configure important settings.

First of all, I would like to note that after downloading this tool should be installed in the indicators folder, otherwise the stop loss indicator will not work.

After installation, launch the trader’s trading terminal and go directly to the settings themselves.

To do this, click in the “Custom Indicators” folder on SL_BW. BAR – as noted earlier, this is the main parameter of this indicator; the higher its indicator, the wider the history on the basis of which the stop loss will be placed.

minSL – setting the minimum value of a stop order, usually depends on the restrictions set by your broker and fluctuates around 10-15 points.

show_bar – show bars, true – enable.

show_info – show additional information.

Next are the color settings that mark the bars; they can be left unchanged.

Then go to the “Colors” tab, here you need to change the thickness of the lines.

The blue line is responsible for setting stop loss when opening buy orders, the red line when opening sell orders. It is recommended to set the width to the third position, this will improve the visual perception of the picture. After entering all the settings, simply click OK and our stop loss appears on the chart, it changes dynamically and is immediately installed on all timeframes; if you wish, you can change the last value on the “Display” tab.