X Bar Trailing Stop

Author: Optuma Team Last updated: Jul 23, 2020 04:35
Included in Add On

Overview

The X Bar Trailing Stop is a proprietary tool, based on the work of Ross Beck, FCSI from Geometric Trading.

MASGTS Large
To add the tool to your chart, select the tool from the Beck tool group, and left-click on the bar on the chart you wish to calculate the tool from. Optuma will then draw the tool using the default settings.

Scripting Function: XBARSTOP()

Actions & Properties

Actions

Actions
Add Technical Alert: When selected, a Technical Alert will be created for the selected security.

Add to Toolbar: Adds the selected tool to your custom toolbar.

Apply Settings to All: When multiple X Bar Trailing Stop tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other X Bar Trailing Stop tools in the chart, page or entire workbook to be updated instantly.

Copy Data to Clipboard: Will copy the tool’s values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.

Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.

Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.

Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.

Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.

Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new X Bar Trailing Stop to a chart, the tool will display using the new settings.

Delete: Deletes the tool from the chart.

Properties

Properties
Period: Sets the number of bars that are to be used in the trailing stop calculation.

Stop Offset: Sets the Stop Offset value for the calculation of the X Bar Trailing Stop.

Enter Date: Sets the start date for the tool’s calculation.

Font Size: Allows you to adjust the size of the value displayed for the trailing stop. Moving the slider bar to the right increases the font size.

Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structure Panel.

Line Style: The Line Style property allows you to adjust the type of line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, Stippled.
Line Width: Allows you to adjust the width of the trailing stop line. Moving the slider bar to the right increases the thickness of the line.

Line Colour: Allows you to select the colour of the trailing stop line. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.

Offset: Moves the X Bar Trailing Stop forward or backwards in time. The offset is measured in bars so a value of 2 will push the X Bar Trailing Stop forward 2 bars and -2 will move the X Bar Trailing Stop back 2 bars.

Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.

Visible: Un-tick this checkbox to hide the tool from the chart.

Show In Price Scale: When selected, the current X Bar Trailing Stop value will be displayed in the Price Scale.

More Information

For more information about the X Bar Trailing Stop tool and Ross Beck, FCSI, click here.

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