"...We place the air bag one tick above/below the high/low of the second bar back on one significantly higher time frame (or the next bar further back that has both a higher high and a higher low or a lower high and lower low).
This is our air bag protection. Its purpose is to protect us against a drunken market that is moving against us. Remember, it is not necessiarly an entry signal; it is protection against major losses..."
The indicator calculates and shows Stop Loss levels (for Buy and Sell positions without installed SL) using this method.
Indicator variables:
int BAR = 200; // searching for in last BAR bar
int minSL = 25; // it is exposed when 2 bars are not found
bool show_bar = true; // show bars on which search for SL
show_info = true; // show active orders without SL
color color_BAR = DarkSlateGray; // colour bar on which search for SL
color color_Тек_BAR = Gray; // colour of the current bar
color color_SL = Gray; // colour of the marks
Image:
Fig 1. Bar was found
Fig 2. The upper bar was not found (SL for Sell position has determined using the greater timeframe):
Recommendations:
SL Level is drawing on the right side of the current bar, set chart shift on:
To make it clear, useshow_bar=true
Good Luck!
17.10.2009:
A new feature has added:
It is possible to show Stop Loss Levels in the history (SL_BW.mq4):
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Indicators 
SL_BW.mq4):