So im using this alot:
//************************************************************************
// MFE trailing stop function
//************************************************************************
///trailing stop
trailingstop = 50
StartTrailingStopValue = 10
//resetting variables when no trades are on market
if not onmarket then
MAXPRICE = 0
priceexit = 0
endif
//case LONG order
if longonmarket then
MAXPRICE = MAX(MAXPRICE,close) //saving the MFE of the current trade
if close-tradeprice(1) > StartTrailingStopValue*pointsize then
if MAXPRICE-tradeprice(1)>=trailingstop*pointsize then //if the MFE is higher than the trailingstop then
priceexit = MAXPRICE-trailingstop*pointsize //set the exit price at the MFE - trailing stop price level
endif
endif
endif
//exit on trailing stop price levels
if onmarket and priceexit>0 then
EXITSHORT AT priceexit STOP
SELL AT priceexit STOP
endif
And my question is: Could someone help me change this trailing stop to include:
When trade is profitable and the trailing stop loss begins, i want the stop loss to move up (more tight) for every Bar that has passed where trade is not hitting new highs.
Example: see pic.
Edit: So lets say a trade is going your way, your 100 pips in profit, the MTF stop loss is now = 50 pips profit.
Lets say that the trade is not hitting new highs, so for every Bar/candle that goes by without a new high, the stop loss keeps tightening up.
The idea is that If tthe market continues to rally up, the stop loss will follow the price higher and higher, as is normal with the MTF trailing stop loss today. But if the market stops rallying up andf starts moving sideways the market MIGHT come crashing down. Lets say it goes sideways for 15 bars before crashing down. I would love my stop loss to not be 50, but maybe 70 by that time..
Hope this is clear.
Instead of using it as an increasing step, you could turn it into a downward step, that is instead of 10 being added to your TRADEPRICE, whay don’t you subtract it from HIGH (if it was a higher HIGH)?
I attach a pic to make it clearer.
Im not sure that would do what i want?
I would like the MTF trailing stop to work as it is today, just to add a feature thats saying
“If there is no new higher close, then move trailing stop +n pips higher, but if the next candle has a higher close than close[1] then it should not move the stop loss, unless the new higher close is the highest close in the trade, then the normal MTF code would move the stop loss as it does today.”
I tried this modified code, but I could not find any trade to fully test it:
//************************************************************************
// MFE trailing stop function
//************************************************************************
///trailing stop
trailingstop = 20
StartTrailingStopValue = 10
KeepUpPace = 5 //move SL these Pips only when no new higher has formed, but still price is higher than treshold and higher than previous SL
//resetting variables when no trades are on market
if not onmarket then
MAXPRICE = 0
priceexit = 0
TempHigh = 0
endif
//case LONG order
if longonmarket then
MAXPRICE = MAX(MAXPRICE,close) //saving the MFE of the current trade
if close-tradeprice(1) > StartTrailingStopValue*pointsize then
if MAXPRICE-tradeprice(1)>=trailingstop*pointsize then //if the MFE is higher than the trailingstop then
priceexit = MAXPRICE-trailingstop*pointsize //set the exit price at the MFE - trailing stop price level
TempHigh = high
elsif close-tradeprice(1) > priceexit AND priceexit > 0 THEN
IF high <= TempHigh AND close <= close[1] THEN
priceexit = priceexit + (KeepUpPace * pointsize)
endif
endif
endif
endif
//exit on trailing stop price levels
if onmarket and priceexit>0 then
EXITSHORT AT priceexit STOP
SELL AT priceexit STOP
endif
//graph close
//graph high
//graph priceexit
//graph TempHigh
//graph close[1]
Nice, will test it and report back. Thanks
Hi guys,
Anyone interested in a bit of freelance coding work? Need help with a simple tool to help me manage my stops.
Mkyr – you can either post your idea in this forum and someone might be able to assist you out of the kindness of their heart or alternatively you can use the programming services available here:
Trading Programming Services
I also notice that you have posted a very similar request in another topic. Please do not double post as it just leads to confusion and wasted effort for those trying to help you.
