Stop Loss 조정

마지막 업데이트: 2022년 5월 12일 | 0개 댓글
  • 네이버 블로그 공유하기
  • 네이버 밴드에 공유하기
  • 페이스북 공유하기
  • 트위터 공유하기
  • 카카오스토리 공유하기
The Count Back Line (CBL) is a volatility based charting tool developed by Daryl Guppy. It can be used on end-of-day data when trading both long and short, and can be used to assist with each of: setting a Stop Loss 조정 stop loss, trade entry and trade exit. The CBL should not be used in isolation; but with another tool for confirmation (eg. simple trend line, or an MMA like the GMMA).

Lexique Boursier

Le stop loss (ou stop de protection) est le niveau de prix auquel l'investisseur préférera solder sa position, en cas de perte. Il désigne également les ordres (de vente dans le cas d'un achat) à seuil de déclenchelent sur ces niveaux de stop.

Il définit la perte maximale acceptable par l'investisseur, et peut être choisi en fonction de critères graphiques (support, résistance, moyenne mobile, etc. ).

C'est un élément essentiel du money management.

TESTEZ NOS OUTILS GRATUITS

Newsletter bfm bourse

Les données collectées sont indispensables à ces traitements et sont destinées aux services concernés de BFM Bourse et, le cas échéant, de ses prestataires. Elles sont conservées pendant la durée du traitement et/ou pour la durée des traitements spécifiques auxquels vous aurez consenti et/ou pour les durées légales de conservation.
Les DCP pourront être traitées par le personnel habilité de BFM Bourse, de ses sous-traitants, partenaires ou prestataires. Si les données collectées font l'objet d'un transfert hors UE et que des traitements y sont effectués, ceux-ci se feront alors, conformément à la Réglementation, sur la base d’une décision d’adéquation de la Commission européenne ou de « clauses contractuelles types ».

BFM Bourse responsable du traitement, met en œuvre des traitements de données à caractère personnel pour la gestion Stop Loss 조정 de ses relations avec ses clients et prospects.

En application de la règlementation relative à la protection des données personnelles, vous disposez d’un droit d’accès, de rectification, de suppression, de limitation et de portabilité qui s’exerce : ici
Consultez notre politique de confidentialité des données : ici

Stop-Loss: Wann ist eine Stop-Loss-Order sinnvoll?

Eine Stop-Loss-Order, also ein Verlust-Stopp-Auftrag, wird im Bereich des Wertpapierhandels eingesetzt, um Verluste zu verhindern, insbesondere im Handel mit Aktien. Manche sehen Stop-Loss-Orders als Allheilmittel für diesen Zweck. Da Stop-Loss-Orders aber auch Nachteile mit sich bringen, erklären wir in diesem Ratgeber alles ums Thema von Verlustbegrenzungs-Aufträgen.

  • Stop-Loss-Orders werden im Wertpapierhandel dazu eingesetzt, Verluste zu vermeiden. Dazu wird ein Wert festgelegt, bei dessen Erreichen das Wertpapier verkauft werden soll.
  • Stop Loss 조정
  • Eine Stop-Loss-Order kann allerdings nie garantieren, dass zu diesem Kurs auch wirklich verkauft wird, da bei rapiden Kursverlusten die Verkaufsaufträge oftmals mit Verzögerung ausgeführt werden.
  • Trailing Stop-Loss-Orders und Stop-Limit-Orders runden das Angebot der Verlustvermeidungs-Instrumente ab.
  • Insgesamt sind Stop-Loss-Orders ein Instrument des aktiven Investierens nach Market-Timing-Prinzipien und für einen passiven Buy-and-Hold-Ansatz wenig geeignet. Dieser zielt darauf ab, Kursrutsche und Krisen auszusitzen und auf lange Sicht eine stabile Rendite zu erreichen.
  • Bei den meisten Brokern ist es sehr einfach, eine Stop-Loss-Order in Auftrag zu geben.
  • Diese wird durch den Verkaufsbereich eines Wertpapiers abgesetzt, da es sich eben um eine Verkaufsorder zu einem bestimmten Preis handelt.
  • Außerdem kann noch festgelegt werden, wie lange dieser Auftrag gelten soll und wie viele Positionen des Wertpapiers er betrifft.

Was bedeutet Stop-Loss?

Stop-Loss-Orders werden im Wertpapierhandel eingesetzt, um Verluste zu vermeiden. Besonders beliebt sind sie im Bereich des Aktienhandels und werden von gängigen Online-Brokern als Funktion angeboten.

Konkret ist eine Stop-Loss-Order eine Verkaufsorder zu einem bestimmten Preis. Sobald der Kurs des betreffenden Wertpapiers diesen Wert erreicht oder darunterfällt, wird ein Auftrag (“Order”) abgesetzt, der das Wertpapier verkauft. Damit sollen größere Verluste (“Losses”) vermieden werden, die durch das weitere Absinken des Kurses entstehen können.

Ein Beispiel: Steht der aktuelle Kurs meines Wertpapiers auf 50€ und ich will bei einem rapiden Kursrückgang starke Verluste vermeiden, setze ich eine Stop-Loss-Order auf 40€.

Im Video haben wir das Thema noch einmal ausführlich erklärt:

Insgesamt handelt es sich also bei der Stop-Loss-Order um ein mögliches Absicherungsinstrument wie ein Auffangnetz eines Zirkusartisten. Manche Anleger benutzen Stop-Loss-Orders auch, um bereits erzielte Rendite abzusichern. Was es noch für besondere Stop-Loss-Order-Arten gibt und welche Risiken und Nachteile bestehen, erklären wir im Folgenden.

Was Stop Loss 조정 ist eine Trailing Stop-Loss Order?

Bei einer “Trailing” (also wortwörtlich “hinter sich herschleifende”) Stop-Loss-Order wird die Höhe des Verkaufsauftrages mitgezogen, steigt also mit dem Kurs. Man kann hier einen bestimmten Abstand zum gegenwärtigen Kurs angeben (entweder in einer absoluten Summe oder prozentual). Fällt der Kurs dann, wird nach Erreichen des Limits die Verkaufsorder abgesetzt.

Wer also bei einem gegenwärtigen Kurswert von 50€ einsteigt und eine Trailing Stop-Loss-Order absetzt, die bei einem Kursverlust von 10% greifen soll, würde am Ausgangswert ausgerichtet bei 45€ die Trailing Stop-Loss-Order auslösen. Hätte sich der Kurs dann aber auf 100€ erhöht, würde sie bei einem Wert von 90€ greifen.

Die Idee von Trailing Stop-Loss-Orders ist demnach vor allem darauf ausgerichtet, bereits erzielte Gewinne zu “sperren”, bzw. zu Stop Loss 조정 schützen. Wer sich für eine solche Trailing Stop-Loss-Order entscheidet, muss sich vor allem darüber Gedanken machen, wie groß der Abstand zwischen erzieltem Kursgewinn und dem Limit sein soll.

Was ist eine Stop-Limit Order?

Eine Stop-Limit-Order ist eine Kombination aus einer klassischen Stop-Loss-Order und einer Limit-Order. Hierbei wird neben der Stop-Loss-Schwelle noch eine Limit-Schwelle eingesetzt, die verhindern soll, dass zu einem niedrigeren Preis als diesem verkauft wird. Allerdings gibt es auch hier keine Garantie dafür, dass bei einem rapiden Kursverfall dieses Limit wirklich eingehalten wird. Generell wird diese Modifikation der Stop-Loss-Order vor allem im Tradingbereich eingesetzt und soll da zur Absicherung erreichter Gewinne dienen.

Was ist eine One-Cancels-the-Other Order?

Auch die One-Cancels-the-Other-Order (OCO-Order) ist eine Abwandlung der klassischen Stop-Loss-Order. Die Crux liegt hier darin, dass eine Stop- und eine Limit-Order festgelegt werden: Die letztere liegt über dem aktuellen Kurs und die erstere unter ihm. Wenn eine der beiden Ordermarken erreicht wird, wird die andere Order automatisch gestoppt bzw. gecancelt. Es geht hier darum, berechenbar in einem gewissen Rahmen entweder einen Gewinn zu erzielen oder einen nicht zu hohen Verlust einzufahren.

Nehmen wir als Beispiel an: Dein Wertpapier steht bei 80€. Du setzt eine One-Cancels-the-Other-Order auf, deren unteres Limit bei 70€ liegt, das obere jedoch bei 100€. Der Kurs deines Wertpapiers steigt auf 105€: Bei 100€ wird ein Verkaufsauftrag abgesetzt und die niedrigere Order gelöscht.

Stop Loss

Okay, you have some money invested in shares, or a managed fund, or
some other financial instrument (eg. bonds, currencies, commodities), and the value of your investment is falling.

What if the value of your investment falls by 50% or more? or 90%? Should you consider selling it?

Stop Loss - what is it?

A Stop Loss is a price level at which you would consider selling your investment. It's purpose is to protect your investment capital by protecting profits, and limiting losses.

But, how useful is it?

Example#1 - BNB (Babcock n Brown)

Take a look at the price chart of Babcock and Brown (code:BNB) at right - click on the image for a larger version that is easier to see.

BNB fell some 84% over about a year in late 2007 and early 2008. All the way down, investors in this stock had an opportunity to exit the stock before it delisted in June 2009 - gone! By January 2008 when the BNB share price showed a "Lower Low" on the price chart, a down trend was confirmed.

Anyone with a Stop Loss level set at maybe $25 or $20, could have triggered a sale and held onto a lot of their capital by minimising losses.

Telstra (TLS)Example#2 - TLS (Telstra)

Take a look at the price chart of Telstra (code:TLS) at right - click on the image for a larger version that is easier to see.

TLS has had three tranches of public float since 1999 when the share price touched $9 - the floats referred to as T1, T2 and T3. By 2010 the share price had fallen below $3!

Even though brokers and analysts were recommending that the public take up each float option and purchase the stock, the share price has continued a down trend over at least a 10 year period. Whilst any stock is down-trending, many traders would not buy it. Anyone who did hold TLS could have set a Stop Loss at a number of price points on the way down in order to liquidate before further price falls. The price chart shown here shows TLS in a down trend - in which most traders would not invest (except for very short term gains on the short upswings).

How to calculate a Stop Loss level?

  1. A specific percentage fall in price - eg. 10%.
    This arbitrary method is very fallible because a stock might find technical support lower than 10% below current price, and then rally upwards to new highs.
  2. Chart pattern - at a recent Support level.
    This is a clever approach, and utilises the technical analysis notion of price Support levels (see more details about Support and Resistance). It is also believed that support can occur at the base of a tall white candle (ie. a Big White). For more information about the related topic of chart patterns, see relevant eBook Articles on Technical Analysis, or the "Blue Chip Price Chart Secrets" handbook (at right).
  3. Count Back Line (CBL)
    This tool was made popular by Daryl Guppy. See details below.
  4. Technical chart indicators - eg. Parabolic SAR, and Wilson ATR Trailing Stop. Along with chart patterns, this is one of the more clever approaches because the distance of the Stop Loss level away from the price can be automatically calculated by the indicator, and is based on recent price activity.

ATR chart indicators to determine a Stop Loss

Some people believe that an automatic approach to calculating the Stop Loss position, is simple, and as good as any. By using a technical chart indicator, your price chart can be automatically updated each day you look at it, and the value to use for Stop Loss 조정 the Stop Loss is shown on the chart without having to think about it. It is clear-cut, and there is no subjectivity.

Consider this. In normal healthy trading a stock will whip saw up and down by a certain amount. And over time, we can measure the amount of price variation up and down over several trading days or weeks - we call it Average True Range (ATR). Now if the stock falls by more than about 2 or 3 Stop Loss 조정 times the ATR, then it is outside it's normal behaviour, and it might be weakening and starting a down trend. So if we can flag this increase in volatility (ie. the increase in the range of the price), then we can identify possible weakness before it takes hold.

More Information

    - a basic and simple introduction to the topic, presented to a User Group in 2007 (includes Speaker Notes for Premium Toolbox Members).
  • Seven ways to determine a Stop Loss - a simple presentation that lists and displays several ways to determine a Stop Loss.
    , , , ,
  • TA-6250, "Daryl Guppy - Count Back Line (CBL)"

Robert writes information from time to time about the market and investing. If you are not a Toolbox Member, you can register to receive useful free information as it is published.
Click here to register interest

There are a number of terms that are used in the text at left, including: Stop Loss, Support, Parabolic-SAR.

There is information on these in Brainy's eBook Articles. See the Master Index list for details.

Or, search the eBook Articles.
The Stop Loss 조정 Share Market - more information about the market and investing and trading.


The toolbox is an arsenal of weapons to help you tackle the share market.

See a list of contents on
the Toolbox Gateway page.
Robert Brain provides various support to both new and experienced traders and investors.
Who is Robert Brain?

Some samples - Average True Range (ATR)

Sample ATR

Many of the available chart indicators for stops are based on Average True Range (ATR). The ATR is a dollar value which describes how far up and down the share price has fluctuated in recent trading sessions. A common default value is to calculate the ATR over a 14-day period on a daily chart (or over 14 weeks on a weekly chart).

For example, let's look at a weekly chart of BHP as in the sample price chart at right with the share price shown as candlesticks in the lower half and the ATR indicator in the upper half (click on the chart for a larger image).

Note that BHP was trading between about $35 and $50 until it crashed to $25. The ATR indicator in the upper portion of the diagram shows that the BHP share price was moving from week to week within a range of about $3 to $3.30, and then the ATR value increased to over $4 with the volatile share price move downwards in September-October.

The Wilson ATR Trailing Stop

The calculation for ATR is not a simple and straightforward calculation; but the chart indicators do all the calculating for us. The second diagram at right is a weekly line chart of the Macquarie Group share price in 2009 as it raced upwards from below $20 Stop Loss 조정 to above $55 (click on the chart image for a larger version).

The row of dots that rises across the chart is the Wilson ATR Trailing Stop chart indicator, based on a multiple of the ATR value of Macquarie Group. The idea is that near the right-end of the chart in early October 2009 when the share price was in the $50 range, the row of dots is positioned at $49.13, and basically says "if the share price falls to this value tomorrow, then the Stop Loss value is triggered and we should sell". This indicator can be easily adjusted to cope with more volatile, or less volatile, stocks.

The Count Back Line (CBL)

The Count Back Line - a simple example.

The Count Back Line (CBL) is a volatility based charting tool developed by Daryl Guppy. It can be used on end-of-day data when trading both long and short, and can be used to assist with each of: setting a stop loss, trade entry and trade exit. The CBL should not be used in isolation; but with another tool for confirmation (eg. simple trend line, or an MMA like the GMMA).

Simple CBL - The first price chart sample at right shows a daily price chart of Stop Loss 조정 Commonwealth Bank (CBA) in March 2009. Our strategy said to buy this stock next day (12 March), so when studying this chart on 11 March we identified the most recent highest high and placed the CBL tool (in BullCharts software) on this candle - indicated with the asterisk above the candle. Then the CBL tool basically goes back to the on a candle (10th March in this example), then goes back one more last lower lowlower low (on 9th March). The value of the CBL Stop for a long position (the "Long CBL Stop") is then the low of this candle - which is indicated as $26.43. However, this simple determination is not so simple when the previous candles are not consecutively lower as in this example.

View the next sample price chart below right.

  1. Identify the most recent highest high (2 April).
  2. Spot the very bottom of that candle, then run your eye horizontally back to the most recent candle with a lower low (1st April), and run your eye to the very bottom of that candle (this is the first recent lowest low).
  3. Now look back in time for the next candle that has a lower low - on 25 March. The low of this candle is the Long CBL Stop level .

See more information about the Count Back Line in Brainy's eBook (PDF)
Article TA-6250, "Daryl Guppy - Count Back Line (CBL)" (Toolbox Member password required, otherwise non-members can see Page 1 here).

Chart indicators for stops

  • Elder's Chandelier Exit
  • Elder's SafeZone
  • JB Trailing Stop
  • Parabolic SAR (Stop and Reverse)
  • Wilson ATR Trailing Stop
  • JB Volatility Profit Taker
  • NW Short Trailing Stop (ADX)
  • Chande Volatility Trailing Stop.

Initial Stop

This is the first Stop Loss level that is calculated at purchase time. It's purpose is to identify the point at which you would exit the stock if the purchase decision turns out to be a bad one. Traders tend to purchase a stock in the anticipation of a rise in price. But if the price falls, and the purchase decision is proven wrong, then it might be prudent to exit the position promptly.

Trailing Stop

After a stock purchase, and after the share price rises far enough, it is time to take the Initial Stop position and raise it to protect some of the earned profits. It then becomes a Trailing Stop, and it should be reviewed and raised every few days (or every week or two) to continue to protect more and more profit.

Implementing your Stop Loss

  1. Mechanical Sell - Place a conditional sell order into the market so that if the stock actually trades down to your Stop level, then a Sell order is triggered, and (hopefully) the stock is sold asap. Note: A conditional sell order is not guaranteed unless explicitly arranged with the broker.
  2. Discretionary Sell- Monitor your stocks periodically (according to your written Trading Strategy), and if the stock closes below the Stop Loss level, then consider selling in the next trading session.

More information?

For more details about Stop Loss, see the Share Market Toolbox links at the top of the column at right.

This is one of the many tools in Brainy's Share Market Toolbox.

The information presented herein represents the opinions of the web page content owner, and
are not recommendations or endorsements of any product, method, strategy, etc.
For financial advice, a professional and licensed financial advisor should be engaged.

Stop-Loss Order

A stop-loss order (also called a stop order or stop market order ) is an order whereby the investor instructs the broker to automatically sell the stock if it drops to a certain price.

How Does a Stop-Loss Order Work?

For example, let's assume that you own 100 shares of Company XYZ stock , for which you have paid $10 per share. You are expecting the stock to hit $12 sometime in the next month, but you do not want to take a huge loss if the market turns the other way.

You direct your broker to set a stop-loss order at $8.50. If the stock goes up, you will realize all of the benefits. If the stock goes down and touches $8.50, your broker will automatically place a market order to sell your shares.

It is important to note that when the stop-loss order is triggered, it becomes a market order . You will not necessarily receive $8.50 per share; you will most likely receive a little more or a little less.

Why Does a Stop-Loss Order Matter?

Stop-loss orders generally are a trading or short-term investing strategy. They are useful because they help reduce the pressure of monitoring your trade day-to-day; the trade is largely set on autopilot. This can be particularly helpful for emotional investors.

Even though stop-loss orders offer crucial trading discipline to investors by helping them make important decisions about cutting losses, they also increase the risk of getting out of a position too early -- especially when volatile stocks are involved. In our example, if XYZ was known to be volatile and fluctuated from $8.00 to $12.50 during the one-month forecasting period, then you would miss out on the price appreciation that you expected.

Long-term buy-and-hold investors probably don't want to make substantial use of stop-loss orders. When a stock goes lower, stop-loss orders will lock in losses rather than give you a chance to evaluate whether a slight price decline is actually signaling a buying opportunity.

Understanding Aggregate Stop Loss vs. Specific Stop Loss

Aggregate stop loss and specific stop loss are kind of like rain boots and umbrellas. They work in slightly different ways to address the same problem. You can choose to use both types or just one depending on what kind of protection you need, both using both is the best way to limit your exposure in a storm.

Stop loss coverage creates a ceiling for how much a self-insured employer has to pay for high claims, and aggregate and specific are two forms of this coverage. Self-insured employers who want to manage risk may use both types of coverage to achieve maximum protection from high-value claims.

What Aggregate Stop Loss Does

Aggregate stop loss puts a cap on the amount that a self-insured employer has to pay across an entire plan year. Having an aggregate stop loss policy helps the employer budget for its healthcare costs with some accuracy, since this policy lets the employer put a dollar figure on its maximum potential liability for the plan year.

Working with a third-party administrator or insurer, a client with this type of policy will set an aggregate deductible that’s based on its total expected monthly claims and its risk tolerance. That number is multiplied by a percentage (commonly 125 percent) to determine the plan’s aggregate attachment point. The company pays for its claims, and at the end of the policy period, it’s reimbursed for any claims that exceeded the aggregate attachment Stop Loss 조정 point.

What Specific Stop Loss Does

While aggregate stop loss coverage protected a self-funded employer against higher-than-expected costs across its entire plan, specific stop loss puts a cap on the amount that the employer will pay for any one individual claim. This type of protection shields the employer from great risk if any plan members incur catastrophic claims. An employee who needs a heart transplant, or has a serious accident and requires weeks of hospitalization, could easily incur hundreds of thousands of dollars in medical bills. Cancer, certain chronic conditions and childbirth complications are all pretty routine diagnoses that can cause individual employees’ claims to skyrocket.

Like with aggregate stop loss policies, a specific stop loss policy has a specific deductible. There are a number of factors involved in setting this number. Some self-funded plans have a specific deductible of $50,000, while others have a $1 million deductible. Somewhere around $200,000 to $300,000 is a pretty typical range. The self-insured employer is responsible for individual claims that fall below the deductible. For claims above the deductible, the employer pays upfront and the stop loss carrier reimburses any portion exceeding that threshold. Specific claims may be reimbursed as soon as the individual’s deductible has been met.

Making the Right Choice For You

It’s common for self-insured companies that buy stop loss coverage to choose both aggregate and specific policies. Few companies, outside of major corporations, have adequate resources to absorb whatever claims their members incur. And again, having both specific and aggregate stop loss policies is really useful for projecting costs, so this is a kind of protection that most self-insured employers want. Sometimes employers opt for just specific coverage, or just aggregate coverage, depending on their needs and circumstances.

Just as aggregate and specific deductibles vary widely based on the employer’s needs, so do stop loss premiums. It’s tough to predict exactly what you’ll pay for your policy until you’ve sat down and worked through the options with a plan administrator. Your company’s risk tolerance will play a big role in what you pay for premiums. But if your company already has a budget established you may be able to tailor your plan to meet that budget, without compromising the quality of healthcare your employees receive. Remember, one of the prime benefits of self-funding is that it lets the employer trim waste and pay only for the services its employees receive.

Do you have specific questions about specific or aggregate stop loss? Understanding these options is really critical to making sure your self-funded plan is complete. Stop Loss Insurance, Inc is always here to help. Get in contact anytime to learn more.


0 개 댓글

답장을 남겨주세요