Implementing a Dynamic Trailing Stop and Breakeven Strategy

10 Sep 2021
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This ProBuilder code snippet demonstrates how to implement a dynamic trailing stop strategy that adjusts based on the latest low of the market, along with a breakeven functionality that activates after a certain profit threshold is reached.


if not onmarket then 
    reset = 1 
    newsl = 0 
endif

//si la bougie en cours clôture au moins 10 points au-dessus de mon entrée, alors je souhaite placer un stop profit de 1 points
if reset and close-tradeprice>=10*pointsize then 
    Set Stop pProfit 1 
    reset = 0 
endif

//ensuite, une fois ce stop profit placé, à chaque bougie suivante, je souhaite faire placer mon stop profit juste au plus bas de la dernière bougie clôturée
if reset = 0 and longonmarket then 
    if low>newsl then 
        newsl = low 
        set stop price newsl 
    //monte le stop uniquement si il est plus haut que le précédent
    endif 
endif

Explanation of the code:

  • The code starts by checking if there is no open market position. If true, it initializes the variables reset to 1 and newsl (new stop loss) to 0.
  • If the closing price of the current candle is at least 10 points above the entry price (tradeprice), a breakeven stop of 1 point is set. The reset variable is then set to 0 to indicate that the initial stop has been placed.
  • Once the initial stop is set, the code checks for each subsequent candle if the position is still open and long. If the low of the current candle is higher than the previously recorded newsl, it updates newsl to this new low and adjusts the stop loss to this value. This ensures that the stop loss is only moved upwards, securing profits as the price moves favorably.

This strategy helps in managing open positions by securing profits through a trailing stop mechanism and reducing risk by moving to breakeven once a certain profit level is reached.

What is a Snippet? A snippet is a small, reusable chunk of code designed to solve specific tasks quickly. Think of it as a shortcut that helps you achieve your coding goals without reinventing the wheel. How to Use: Simply copy the snippet and paste it into your project where needed. Don't forget to tweak it to fit your context. Snippets are not just time-savers; they're also learning tools to help you become a more efficient coder.
Nicolas Master
I created ProRealCode because I believe in the power of shared knowledge. I spend my time coding new tools and helping members solve complex problems. If you are stuck on a code or need a fresh perspective on a strategy, I am always willing to help. Welcome to the community!
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