ZigZag Based Automated Trailing Stop

Overview and Usage

Study uses a Zig Zag to trail a stop

Short demo

How does it work?

(The description below for a long position)

Study monitors the position on the chart.

While flat it does nothing.

Once it detects that a new position is on and a stop order is in place it will start to manage the stop moving the stop up as new ZZ pivots are made. In other words, after entry, when a new ZZ pivot low (LL or HL) is made, the stop will be moved up x ticks below the ZZ low.