This ProBuilder script demonstrates how to adjust a stoploss to breakeven in a multi-timeframe trading strategy. The code snippet provided below shows how to manage orders on two different timeframes: the 1-hour timeframe for the trading signal and the 1-minute timeframe for order management, specifically for moving the stoploss to breakeven once a certain profit target is achieved.

defparam cumulateorders=false
//declare the strategy on the 1 hour timeframe
timeframe(1 hour, updateonclose)
myrsi = rsi[14]
buycondition = myrsi crosses over 50

//orders management on the 1 minute timeframe
timeframe(1 minute, default)
//create an order at market if the RSI has crosses the level 50 on the 1 hour timeframe
if buycondition then
   buy 10 contract at market
endif

//if not order on market, reset the breakeven status
if not onmarket then
   breakeven=0
endif

//check if the current order has made 15 points of profit
if longonmarket and close-tradeprice>=15*pointsize then
   breakeven=1
endif

//put stoploss at open price + 5 points if breakeven=1
if breakeven=1 then
   sell at tradeprice+5*pointsize stop
endif

graph breakeven

Explanation of the Code:

• Defining Strategy Parameters: The script starts by setting defparam cumulateorders=false to ensure that orders do not stack up and each order is treated individually.
• Setting the Timeframe for Signal: The timeframe(1 hour, updateonclose) function sets the primary trading signals to be generated based on the 1-hour chart, updating only at the close of each 1-hour candle.
• Generating Buy Signal: A buy signal is generated when the 14-period RSI (Relative Strength Index) crosses over 50 on the 1-hour chart.
• Order Execution on the 1-Minute Timeframe: The script then switches to a 1-minute timeframe for finer control over order execution. If the buy condition from the 1-hour chart is met, it executes a market order to buy 10 contracts.
• Resetting Breakeven Status: If there are no open market orders, the breakeven status is reset to 0.
• Checking for Profit to Adjust Stoploss: The script checks if the current long position has gained at least 15 points. If so, it sets the breakeven flag to 1.
• Adjusting Stoploss: If the breakeven flag is set, the stoploss is adjusted to 5 points above the trade entry price, effectively moving the stoploss to a breakeven point plus a small buffer.
• Graphing the Breakeven Status: Finally, the breakeven status is graphed for visual confirmation.

This code snippet is a practical example of how to implement a multi-timeframe strategy in ProBuilder, focusing on dynamic stoploss management based on real-time profit conditions.