X Bar Trailing Stop
The X Bar Trailing Stop is a proprietary tool, based on the work of Ross Beck, FCSI from Geometric Trading.
To add the tool to your chart, select the tool from the Beck tool group, and left-click on the bar on the chart you wish to calculate the tool from. Optuma will then draw the tool using the default settings.
Scripting Function: XBARSTOP()
Actions & Properties
Add Technical Alert: When selected, a Technical Alert will be created for the selected security.
Add to Toolbar: Adds the selected tool to your custom toolbar.
Apply Settings to All: When multiple X Bar Trailing Stop tools have been applied to a chart, page or workbook, this action can be used to apply the settings of the one selected to other instances of the tool. This is a great time saver if an adjustment is made to the tool - such as line colour - as this allows all the other X Bar Trailing Stop tools in the chart, page or entire workbook to be updated instantly.
Copy Data to Clipboard: Will copy the tool’s values to the clipboard which can then be inserted into a spreadsheet, for example, allowing for further analysis.
Copy Tool: Allows you to copy the selected tool, which can then be pasted onto a different chart window.
Move to Back: If the tool is displaying in front of other tools or indicators clicking this action will move the tool view to the background.
Move to Front: If the tool is displaying behind other tools or indicators on the chart, clicking this action will bring the tool to the forefront.
Restore Default Settings: Click this action if you have adjusted the default settings of the tool, and wish to return to the standard properties originally installed with Optuma.
Save Settings as Default: If you have adjusted any of the tool’s properties (colour, for example) you can save the adjustments as your new default setting. Each time you apply a new X Bar Trailing Stop to a chart, the tool will display using the new settings.
Delete: Deletes the tool from the chart.
Period: Sets the number of bars that are to be used in the trailing stop calculation.
Stop Offset: Sets the Stop Offset value for the calculation of the X Bar Trailing Stop.
Enter Date: Sets the start date for the tool’s calculation.
Font Size: Allows you to adjust the size of the value displayed for the trailing stop. Moving the slider bar to the right increases the font size.
Tool Name: Allows you to adjust the name of the tool, as it’s displayed in the Structure Panel.
Line Style: The Line Style property allows you to adjust the type of line displayed. There are 8 options available: Solid, Dots, Dash, Dash Dots, Long Dash, Long Dash Dot, Long Dash Dot Dot, Stippled.
Line Width: Allows you to adjust the width of the trailing stop line. Moving the slider bar to the right increases the thickness of the line.
Line Colour: Allows you to select the colour of the trailing stop line. Clicking on the drop down arrow will display a colour swatch. Locate the desired colour and left-click it once to select it.
Offset: Moves the X Bar Trailing Stop forward or backwards in time. The offset is measured in bars so a value of 2 will push the X Bar Trailing Stop forward 2 bars and -2 will move the X Bar Trailing Stop back 2 bars.
Tool Transparency: Use this slider bar to adjust the transparency of the tool. Moving the slider to the left will increase the transparency of the tool.
Visible: Un-tick this checkbox to hide the tool from the chart.
Show In Price Scale: When selected, the current X Bar Trailing Stop value will be displayed in the Price Scale.
For more information about the X Bar Trailing Stop tool and Ross Beck, FCSI, click here.