ZeroSanity

Elder SafeZone Stops

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Searched the public library and didn't find an existing indicator so I'm publishing my version.
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// Elder SafeZone Stops
// Converted from http://chartingwithchris.blogspot.com/2008/10/elder-safezone-stop-system-thinkorswim.html
//@version=2
study("Elder SafeZone", overlay=true)

coeff = input(2.5, "CoEff", type=float)
lookbackLength = input(15, "LookBackLength", type=integer)

countShort = high > high[1] ? 1 : 0
diffShort = high > high[1] ? high - high[1] : 0
totalCountShort = sum(countShort, lookbackLength)
totalSumShort = sum(diffShort, lookbackLength)
penAvgShort = (totalSumShort / totalCountShort)
safetyShort = high[1] + (penAvgShort[1] * coeff)
finalSafetyShort = min(min(safetyShort, safetyShort[1]), safetyShort[2])

count = low < low[1] ? 1 : 0
diff = low < low[1] ? low[1] - low : 0
totalCount = sum(count, lookbackLength)
totalSum = sum(diff, lookbackLength)
penAvg = (totalSum / totalCount)
safety = low[1] - (penAvg[1] * coeff)
finalSafetyLong = max(max(safety, safety[1]), safety[2])

p1 = plot(finalSafetyShort, "Short Stop", color=#ff00ff)
p2 = plot(finalSafetyLong, "Long Stop", color=#ff00ff)
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