Hi Bruce,

I want to use a simple Trailing Stop indicator on my stock chart. The Trailing Stop TS shall look like:

intial TS value

TS = MAX-1 Day

If C > H1 Then TS = L else TS

so the Trailing shall be self-updating following the trend (long in this case). 

Could you please help ?

thanks

There really isn't a way to set the initial MAX value, but you could try plotting the following Custom PCF Indicator set to the Dots Plot Style using the following Formula.

IIF(C > H1, L, IIF(C1 > H2, L1, IIF(C2 > H3, L2, IIF(C3 > H4, L3, IIF(C4 > H5, L4, IIF(C5 > H6, L5, IIF(C6 > H7, L6, IIF(C7 > H8, L7, IIF(C8 > H9, L8, IIF(C9 > H10, L9, IIF(C10 > H11, L10, IIF(C11 > H12, L11, IIF(C12 > H13, L12, IIF(C13 > H14, L13, IIF(C14 > H15, L14, IIF(C15 > H16, L15, IIF(C16 > H17, L16, IIF(C17 > H18, L17, IIF(C18 > H19, L18, IIF(C19 > H20, L19, IIF(C20 > H21, L20, IIF(C21 > H22, L21, IIF(C22 > H23, L22, IIF(C23 > H24, L23, IIF(C24 > H25, L24, IIF(C25 > H26, L25, IIF(C26 > H27, L26, IIF(C27 > H28, L27, IIF(C28 > H29, L28, IIF(C29 > H30, L29, IIF(C30 > H31, L30, IIF(C31 > H32, L31, IIF(C32 > H33, L32, IIF(C33 > H34, L33, IIF(C34 > H35, L34, IIF(C35 > H36, L35, IIF(C36 > H37, L36, IIF(C37 > H38, L37, IIF(C38 > H39, L38, IIF(C39 > H40, L39, IIF(C40 > H41, L40, IIF(C41 > H42, L41, IIF(C42 > H43, L42, IIF(C43 > H44, L43, IIF(C44 > H45, L44, IIF(C45 > H46, L45, IIF(C46 > H47, L46, IIF(C47 > H48, L47, IIF(C48 > H49, L48, 1/0)))))))))))))))))))))))))))))))))))))))))))))))))

The inverse of this for the short trend would be the following.

IIF(C < L1, H, IIF(C1 < L2, H1, IIF(C2 < L3, H2, IIF(C3 < L4, H3, IIF(C4 < L5, H4, IIF(C5 < L6, H5, IIF(C6 < L7, H6, IIF(C7 < L8, H7, IIF(C8 < L9, H8, IIF(C9 < L10, H9, IIF(C10 < L11, H10, IIF(C11 < L12, H11, IIF(C12 < L13, H12, IIF(C13 < L14, H13, IIF(C14 < L15, H14, IIF(C15 < L16, H15, IIF(C16 < L17, H16, IIF(C17 < L18, H17, IIF(C18 < L19, H18, IIF(C19 < L20, H19, IIF(C20 < L21, H20, IIF(C21 < L22, H21, IIF(C22 < L23, H22, IIF(C23 < L24, H23, IIF(C24 < L25, H24, IIF(C25 < L26, H25, IIF(C26 < L27, H26, IIF(C27 < L28, H27, IIF(C28 < L29, H28, IIF(C29 < L30, H29, IIF(C30 < L31, H30, IIF(C31 < L32, H31, IIF(C32 < L33, H32, IIF(C33 < L34, H33, IIF(C34 < L35, H34, IIF(C35 < L36, H35, IIF(C36 < L37, H36, IIF(C37 < L38, H37, IIF(C38 < L39, H38, IIF(C39 < L40, H39, IIF(C40 < L41, H40, IIF(C41 < L42, H41, IIF(C42 < L43, H42, IIF(C43 < L44, H43, IIF(C44 < L45, H44, IIF(C45 < L46, H45, IIF(C46 < L47, H46, IIF(C47 < L48, H47, IIF(C48 < L49, H48, 1/0)))))))))))))))))))))))))))))))))))))))))))))))))

The triggering event needs to have happened within the most recent 49 bars for the dots to plot in either formula.