Entry Day Retracement

(Use the natural trading day as the standard, not the bar)



The Entry Day Retracement percent is multiplied by the distance from the high to the low of the day. 


This amount is then added/subtracted from the order fill price. This is the Trigger Price and if this number is beyond the stop price, then the entry is stopped out same day.



For long entries the Trigger Price is the Fill Price - ( High - Low ) * Retracement % 
For short entries the Trigger Price is the Fill Price + ( High - Low ) * Retracement %



The Trigger Price is never more than the High, or less than the Low. 
The Trigger Price is never more than the close for long entries, or less than the close for short entries.



In this way, a Retracement % of zero will use the default behavior outlined below (aggressive approach). 
A Retracement % of 100 will use the extreme of the day (conservative approach).



In addition to the above rules, as a default: 
1.If the position was filled during the day (stop/limit orders), and the close is less than the stop for long entries or more than the stop for short entries, then the position is stopped out 
2.If the position was filled on the open of the day, and the low is less than the stop for long entries or the high is more than the stop for short entries, then the position is stopped out 


Special Important Terms: An Entry Day Retracement of less than 0, such as -1, will disable the entry day stop. This can be useful if you want to use stops for risk measurement purposes, but not actually place those stops into the market on the entry day.