Alert when price is 6% or less above the ATR Trailning Stop

No need for code here. I can do this very simply using the Condition Wizard. (well the alert does require a bit of code writing) I can tell I need to do a video on the Condition Wizard. I get a ton of requests for stuff that folks can easily build on their own. If they only knew how to use it.

Screenshots below show the steps.

Step One

We begin with a new chart study (blank) and click the Add Condition button.

Step Two

From the left side select price–> close, in the middle select “is greater than” and from the right side select study–> ATRTralingStop.

Step Three

Same as Step Two accept for this one we select is less than for the middle section. (in order to get this to work we’ll have to add something to the very end of the code that is generated by the condition wizard.)

Step Four

The fourth screenshot shows the final result listing the two conditions we added in steps 2 and 3. From here we need to switch to the thinkScript editor. So just click on that tab and…. The fifth screenshot shows the tiny bit of text we need to add to the code. Which is nothing more than multiplying the ATRTrailingStop from the final condition by 1.06. Ok? That is 6% above the second ATRTralingStop.

Summary of Steps 1 Through 4

First condition checks that the current close is above the ATRTrailingStop. Second condition checks that the current close is below the ATRTrailingStop TIMES 6%. Got that? So when both conditions are true we have the close above the ATRTrailingStop but less than 6% above it.

Step Five

Style the plot. Screenshot 6 shows the plot settings. Here I am setting it to Boolean Down Arrows at the High. I also increased the line weight to make the arrows appear large.

Complete. The final screenshot shows the results.

The Alert

Now adding the alert is a bit more complicated. You have to know how to write and manipulate code in the thinkScript editor. First we take the existing code that was generated at step 4 and use that to define a plot (this will require you to update the study settings to plot this as a boolean down arrow at the high):

plot alertCondition = close is greater than ATRTrailingStop() and close is less than ATRTrailingStop() * 1.06;

All we need now is the alert statement:

Alert(alertCondition, "Close within ATR Range", Alert.BAR, Sound.Ring);

Just clear out any existing code from the previous steps and replace them with these last two lines.