This code snippet demonstrates how to implement pending stop orders in the ProBuilder language, which is used within the ProRealTime trading platform. The script sets up conditions for entering long and short positions based on the highest and lowest prices within a specified time range, adjusting these entry points by a defined pip size.

// Check if already on the market
if onmarket then alreadytraded=1 endif

// Define the trading range between 0000h to 0600h
IF TIME=060000 THEN
    channelhigh = Highest[12](high)
    channellow = Lowest[12](low)
ENDIF

// Define order lines with a margin of 3.5 pips
orderhigh= channelhigh + 3.5*pipsize
orderlow= channellow - 3.5*pipsize

// Set conditions for opening LONG positions
IF Operationaltime AND alreadytraded = 0 THEN
    BUY 10 CONTRACT AT orderhigh stop
    // Set alreadytraded to 1 after placing the order
    // alreadytraded = 1
ENDIF

// Set conditions for opening SHORT positions
IF Operationaltime AND alreadytraded = 0 THEN
    SELLSHORT 10 CONTRACT AT orderlow stop
    // Set alreadytraded to 1 after placing the order
    // alreadytraded = 1
ENDIF

The code snippet above is structured to manage trading orders based on specific market conditions defined within a certain timeframe. Here’s a step-by-step breakdown:

• Market Check: Initially, the script checks if there is an existing position in the market. If so, it sets the alreadytraded variable to 1 to prevent further orders until conditions change.
• Time Range Definition: The script defines a specific time (060000, or 6 AM) to calculate the highest and lowest prices from the last 12 periods, which are stored in channelhigh and channellow.
• Order Lines Calculation: It then calculates the entry points for potential orders by adding and subtracting a margin (3.5 times the pip size) to the high and low prices respectively.
• Long Position Conditions: If the operational conditions are met and no trade has been executed yet (alreadytraded is 0), a buy stop order is placed at the calculated high price (orderhigh).
• Short Position Conditions: Similarly, if the same conditions are met for a short position, a sell stop order is placed at the calculated low price (orderlow).

This example is useful for understanding how to automate trading strategies based on time-specific price ranges and controlled entry points in the ProBuilder language.