Channel Trailing LX

Definition

Channel Trailing LX is a trailing stop that places a stop order at the next bar at the lowest price of the last Length number of bars. It will remain active until the position is closed.

Usage

Long exit based on a trailing price value.

Default Inputs

Length - number of bars used for the lowest price calculation.
FloorAmt - the amount of profit that should be exceeded before the order is placed.
PositionBasis - true/false trigger that allows calculating profit either per position or per share. Insert True to calculate profit per position.

Note: Use Channel Trailing SX for exiting a short position.