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I have tested a number of additional filters to reduce the initial stop.
The result in short:
The overall performance of the indicator was not improved. With narrow stops the performance was even considerably worse. With wide stops the performance was not affected. The additional stop would reduce a few losses, but then occasionally produce two whipsaw trades. In the end there was no significant improvement.
Therefore I have left the indicator without an additional filter for the initial stop.
The way to improve the indicator now is to add different options for moving averages.
Sorry, nearly forgot to complete the indicator. It has become another type of trailing stop, quite promising though.
Here are the changes that I made
-> separate periods can be selected for the moving average and the standard deviation
-> added an option to select from median and 28 different moving averages
-> calculation of moving average is done for the prior bar, same applies to volatility
-> paint bars and sound alerts added
The indicator is ready for testing. Please let me know, if you wish to test it, and I will send it via private message.
I will publish the indicator in the download section, after the tests.
