The Safe Zone is a trailing stop indicator that ratchets the stops and helps you to manage your position.
The SafeZone Stop is one of the studies that comes with the
Example of the SafeZone Stop using a 5 minute e-mini S&P future chart with a timeframe restricted RTH (Regular Trading Hours).
In this particular chart the SafeZone Stop is using a lookback period of 18 and a coefficient of 5.
- You can load the SafeZone Stop as many times as you want.
- The name of the indicator will change in the study list as well as the cursor window depending on if you have it set to Long/Short Stop (parameter 5).
- It is useful to load several SafeZone Stop studies and experiment with the settings in order to determine which setting works best with the instrument that you're trading.
To configure the study please right click on an advanced chart that has the study loaded and from the menu select Edit Studies... and in the subsequent dialog box select the appropriate study from the drop down list in the top left hand corner next to the label Study:
There are 5 parameters to the SafeZone Stop
|Lookback period||Number of bars to use when calculating the up/down penetration. Default is 13.|
|Coefficient/multiplication factor||To use on average up/down penetration. Default is 2.|
|Line Thickness||The lower the number the thinner the line you see - this is visual only and does not affect the stop value. Default is 1.|
|Line Color||Color of the line - visual only. Default is blue.|
|Long Stop||If set to true (default) then the position for a stop on a long position will be calculated. If set to false the the position for a stop on a short position will be calculated. Default is true.|
Support is always available for the indicators. We suggest that you post your support question in the MyPivots Support Forum for quickest response.
Other indicators in this Pack/Series: