Are there any indicators on either NinjaTrader or MT4 which can run a volatility stop based on a recent swing high or low? There are countless volatility stops based on a moving average or some other linear function, but I am looking for a volatility stop script or indicator which allows you to determine the swing high or low based on the close of a bar.
I normally do this manually on my Mt4 platform but thought it should be automated to avoid sticky fingers.
I consider this as a very good way to avoid false breaks and get stopped out prematurely. Basically paying a little more for a loss to be absolutely sure your trade is wrong. It seems to work best on non time based bars such as constant range bars and tick bars.
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I would say internet speed here is a huge liability. It's one of the main reasons I *try* not to trade smaller timeframes. Getting things automated so I can park it on a VPS and just monitor it remotely (co-location as they say) is the best way forward as far as I can see.
Forex and futures are illegal in Vietnam (shh, don't tell anyone). Everything has to be done overseas.
Donchian is the kind of volatility stop I am referring to which does not satisfy the flexibility required in my screenshot. I want to start the script based on my swing entry, not on some recalculating indicator which moves with the market.