Breakeven or SL to entry code

davidp13 · 2016-04-22T11:27:01+00:00

Hi. Is it possible to write code that sets your open positions SL to entry/breakeven once the trade has move positively into your direction with a certain number of points? Thanks

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04/22/2016 at 12:27 PM #5806 quote

davidp13
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Average

Hi. Is it possible to write code that sets your open positions SL to entry/breakeven once the trade has move positively into your direction with a certain number of points?

Thanks

04/22/2016 at 12:48 PM #5809 quote

zilliq
Participant

Master

Hi David,

Yes you can but the problem is that you probably stop very very often because you have generally à retracement before the impulsion in the good direction.

See on Google the concept of maximum adverse excursion

Have a nice day

Zilliq (in holidays)

04/22/2016 at 12:58 PM #5812 quote
Nicolas
Keymaster

Legend
Hi David, yes it’s possible with PROBACKTEST specific instructions.

Here is a complete example on how to achieve your breakeven functionnality:

If current buy order is in gain of 30 points, order will be closed at entry price + 5 points.
```
defparam cumulateorders = false

c1 = close>close[1]

if c1 then
 BUY 1 LOT AT MARKET
 SET STOP PLOSS 50
endif

IF NOT ONMARKET THEN
 newSL=0
ENDIF

IF LONGONMARKET AND close-tradeprice(1)>=30*pipsize THEN
 newSL = tradeprice(1)+5*pipsize
ENDIF

IF newSL>0 THEN
 SELL AT newSL STOP
ENDIF
```
Bel thanked this post
05/24/2016 at 10:40 PM #7941 quote
GunnerNic
Participant

New
Hi Nicolas, is it possible to bring the SL to BE + 5 but keep the trade going and not exit it at that point?

Would it be something like this then:
```
// Stops and targets
SET STOP PLOSS 50
```
```
newSL = 0

IF LONGONMARKET AND close-tradeprice(1)>=30*pipsize 
THEN newSL = tradeprice(1)+5*pipsize 
ENDIF 

IF newSL>0 THEN 
SET STOP PLOSS newSL
ENDIF
```
Tx

Steve
06/06/2016 at 8:26 AM #8875 quote
davidp13
Participant

Average
Hi Nicholas,

Three question on the above:
1. Will GunnerNic’ code work?
2. Your first code set will deactivate the SELL AT newSL STOP once the preceding IF statement is not true anymore, correct? So when close-tradeprice(1)>=30*pipsize is not true will the exit not work anymore until it becomes true again?
3. Why do you use the (1) after tradeprice? What does it do?
Thanks
06/06/2016 at 9:24 AM #8876 quote

Nicolas
Keymaster

Legend

Hi David, didn’t see the Gunnernic reply before, so here is the answers for your 3 questions:

1/ Gunnernic’ code will not work because PLOSS needs point information and not price one

2/ Once this conditional statement is true one time, newSL will take its value. Since we do not use “else”, newSL will keep its value until a new one will be affected to it.

3/ (1) is the previous number of the order we want to look at
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