I set my stops based on levels and an ATR volatility formula. I have 2 stops one in the machine at all times. It is an "I can't take the pain stop'. The 'real' stop is on paper and I go thru all my holdings in the last half hour or so of the market and manually stop myself out if price is at or below it. The stops are often quite different and the one in the machine is often much lower.
Source: Sunrise Trader
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