Tipu Stops assistant script for setting Stop Loss
The greatest number of questions for traders always arises when placing a Stop Loss order, which helps limit losses.
Previously, we have already published several scripts and Forex indicators that help determine where a given stop order will be placed.
Today you will also get acquainted with a similar script, the main advantage of which is the ease of working with it.
Tipu Stops can be called an advanced script; it does not just randomly determine the stop loss setting points, but acts on the basis of classic technical analysis indicators.
This approach allows you to draw setup channels for buy or sell trades, depending on the direction in which you decide to open an order.
• ATR by PRICE_CLOSE.
• Hala Moving Average (HMA) True Range Bands.
• Donchian channel
• Parabolic SAR
• High/Low of the last jump
After you download the file at the end of the article and place it on the chart of the selected currency pair, you will see the following picture:
The upper red line SL serves as a guideline for setting Stop Loss for sell transactions, the green SL, respectively, for purchase transactions.
In addition, the script draws a channel in the form of dotted lines on the chart. The script works fine with standard settings, but for those who like to do everything themselves, there are a lot of parameters that can be changed immediately before installation on the chart:
Here is a breakdown of the main settings:
Show Labels - display information about the number of pips on the chart, true/false
ATR Settings - ATR period, ATR multiplier
Hull Moving Average Settings - Hull Moving Average settings: period, price used, MA period, MA method and price used MA
Donchian Channel Settings - period for constructing the channel of the Parabolic SAR indicator
Last Swing High/Low
script In general, a rather interesting tool that helps a beginner install Stop Loss, and most importantly, it works on the latest versions of the MetaTrader 4 trading platform.
Download the Tipu Stops script
You can also download:
Automatic installation script for Stop Loss and Take Profit - http://time-forex.com/skripty/automatic-stop
Script for moving stop loss - http://time-forex.com/skripty/stop-loss-move