This ProBuilder code snippet demonstrates how to implement trailing stops and price targets in a trading strategy. The code includes conditions for both long and short positions, adjusting stop losses and setting target prices based on market conditions.

IF MyLongConditions THEN
    BUY 1 Contract at Market
    SL = lowest[3](low)
    Set Stop Price SL
    Set Target Price high + (Range * 2)
ELSIF MyShortConditions THEN
    SELLSHORT 1 Contract at Market
    SL = highest[3](high)
    Set Stop Price SL
    Set Target Price low - (Range * 2)
ENDIF

IF LongOnMarket THEN
    SL = max(SL, lowest[3](low))
    Set Stop Price SL
ELSIF ShortOnMarket THEN
    SL = min(SL, highest[3](high))
    Set Stop Price SL
ENDIF

Explanation of the Code:

• Initial Conditions: The code starts by checking if the conditions for a long position (MyLongConditions) are met. If true, it executes a buy order for one contract at the market price. The stop loss (SL) is set to the lowest price of the last three periods, and the target price is set to the current high plus twice the range.
• Short Position Conditions: Similarly, if the conditions for a short position (MyShortConditions) are met, it executes a sell short order. Here, the stop loss is set to the highest price of the last three periods, and the target price is the current low minus twice the range.
• Adjusting Stop Losses: If a long position is already on the market, the stop loss is adjusted to be the maximum of the current stop loss or the lowest price of the last three periods. This ensures that the stop loss only moves in the direction that benefits the trader, effectively creating a trailing stop. The process is mirrored for a short position, where the stop loss is adjusted to the minimum of the current stop loss or the highest price of the last three periods.

This code snippet is a practical example of how traders can automate their trading strategies to manage risk and lock in profits using trailing stops and dynamic price targets.