This code snippet demonstrates how to partially close a trading position when the price retraces to a certain level in ProBuilder language. This is particularly useful for managing trading risks and locking in profits.

if longonmarket then
    myEntryPrice = tradeprice(1)
    if close crosses under myEntryPrice * 1.05 then
        sell 100 shares at market
    endif
endif

This snippet is structured to check and execute a partial closure of a long position based on specific conditions:

• Condition Check: The if longonmarket condition checks if there is an existing long position in the market.
• Entry Price Retrieval: myEntryPrice = tradeprice(1) stores the entry price of the current long position.
• Price Retracement Calculation: The script then checks if the closing price has crossed under 105% of the entry price using if close crosses under myEntryPrice * 1.05.
• Partial Position Closure: If the condition is met, it triggers a sell order to close 100 shares of the position at the market price with sell at market quantity 100 shares.

This example is useful for understanding how to manage open positions by implementing profit targets and reducing exposure when certain price levels are hit.