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Universal Trailing Stop - 1 Symbol
Version 3
The Universal Trailing Stop or UTS strategy, exits either Long or Short positions when the trailing stop is touched or penetrated. The UTS strategy can be used in back-testing, strategy optimization, and live-trading. The UTS strategy does not make entries - it only exits positions. So if it is inserted by itself on a chart you will see no Trades or positions entered. It works alongside entry/exit strategies inserted on the same chart: Built-in, custom, or even "Black Box" strategies, such as TradingApp Store strategies you subscribe to, where you cannot see the source code. The purpose of a Trailing Stop is to attempt to capture as much profit as possible as the price moves in a profitable direction away from the entry price. The Trailing Stop Amount sets the tolerance for how much the price can reverse from a profitable move before the Trailing Stop is hit and the position exited. As the Trailing Stop Amount is increased, the average profitable trade may increase, but likewi...
The Universal Trailing Stop or UTS strategy, exits either Long or Short positions when the trailing stop is touched or penetrated. The UTS strategy can be used in back-testing, strategy optimization, and live-trading.

The UTS strategy does not make entries - it only exits positions. So if it is inserted by itself on a chart you will see no Trades or positions entered. It works alongside entry/exit strategies inserted on the same chart: Built-in, custom, or even "Black Box" strategies, such as TradingApp Store strategies you subscribe to, where you cannot see the source code.

The purpose of a Trailing Stop is to attempt to capture as much profit as possible as the price moves in a profitable direction away from the entry price. The Trailing Stop Amount sets the tolerance for how much the price can reverse from a profitable move before the Trailing Stop is hit and the position exited. As the Trailing Stop Amount is increased, the average profitable trade may increase, but likewise the average losing trade may also increase. Trailing Stops for long positions always ratchet up or increase in price – meaning the Trailing Stop price never decreases, it only increases over time. Likewise, Trailing Stops for short positions always ratchet down or decrease in price – meaning the Trailing Stop price never increases, it only decreases over time.

Unlike the built-in TradeStation Trailing Stop strategies and EasyLanguage functions, the UTS strategy only updates the trailing stop at bar Closes, not on each price tick within the bar. This allows the UTS strategy to offer key capabilities not found in the built-in TradeStation Trailing Stop strategies:

1) It does NOT require Look-Inside-Bar Back Testing or LIBB set to 1-tick to accurately back-test.

2) Rapid back-testing and strategy optimization going back as far as historical minute bar data is available, often 10+ years. Built-in TradeStation Trailing Stop strategies are limited to roughly 6-months of accurate back-testing, and back-test and optimize very slowly.

3) Can optionally issue market exit orders in place of Stop Market orders to avoid issues with lost Stop orders in live trading.

4) Can issue synthesized Stop-Limit orders

5) Accurately back-tests on the following Price-based bars: Range, Momentum, Kase, Renko, and Line Break

6) Supports automated trading with all Price-based bars: Range, Momentum, Kase, Renko, Line Break, Kagi and Point & Figure

7) Allows 4 different type trailing stops: Ticks, Dollars, Percent and Custom Formula

8) Allows 4 different type “Floor” price trigger levels to turn on trailing stops: Ticks, Dollars, Percent and Custom Formula

9) Allows a Custom Formula ( separate Long and Short formula ) to define the bar price for updating the trailing stop at bar Closes.

For any of the UTS products, including the UTS 1 Symbol product, you can insert the UTS on an unlimited number of charts for back-testing or SIMULATED live trading. However, the number of Symbols limits the number of AUTOMATED Actual live trading charts UTS can be used on. So the UTS 1 Symbol product only allows you to use it on a single AUTOMATED trading chart. Likewise, the UTF 5 Symbols product allows you to use it on 5 AUTOMATED trading charts ( each chart with a different symbol ). If you have subscribed to the UTS Unlimited Symbols product, the UTS strategy can be used on an unlimited number of AUTOMATED trading charts at the same time. As the number of symbols increases from 1 to Unlimited, a volume discount reduces the cost per symbol.

The User Manual is built into the product, and can be displayed by setting the DisplayUserManual Input to TRUE.

Requirements: TradeStation V9.1 Update 24 or later
What's New
Version 3
Enhance display of trailing stop

Version 2
Added display of Trailing Stop

Version 1
Version 3
Enhance display of trailing stop

Version 2
Added display of Trailing Stop

Version 1
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Developer
Requirements
Tradestation 9.1 (Update 24)
Asset Type
Stock, Future, Forex, Option
Style
Intraday
Methodology
Other
Analysis Techniques
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