Tipu Stops assistant script for setting Stop Loss
Traders always have the most questions about placing a Stop Loss order to limit losses.
We've previously published several Forex scripts and indicators that help determine where to place a stop order.
Today, you'll learn about a similar script, the main advantage of which is its ease of use.
Tipu Stops is an advanced script; it doesn't simply randomly determine stop loss points, but rather uses classic technical analysis indicators.
This approach allows you to draw channels for buy or sell trades, depending on the direction in which you choose to open the order.
• ATR by PRICE_CLOSE.
• Average True Range Bands on the Hull Moving Average (HMA).
• 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 image:
The upper red SL line serves as a guide for setting a Stop Loss for sell trades, while the green SL is used for buy trades. The script also draws a channel on the chart using dotted lines.
The script works fine with the default settings, but for those who prefer to do everything themselves, there are a number of parameters that can be adjusted immediately before placing it on the chart:
Here's 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, used price, MA period, MA method, and used MA price
Donchian Channel Settings - period for plotting the indicator channel
Parabolic SAR - use this indicator in the script
Last Swing High/Low - settings when choosing to use the ZigZag indicator.
Overall, this is a rather interesting tool that helps beginners set 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 Stop Loss and Take Profit script - http://time-forex.com/skripty/automatic-stop
Stop-loss moving script - http://time-forex.com/skripty/stop-loss-move
