Hi
I am leaving working stop orders – but need to attached stops and limits at time of submitting orders or immediately as they trigger. I can’t wait till the next bar to attach them as often they will already be triggered in the same bar that the pending order was triggered.
Is there a way to do this?
Thanks
Extension to this is can a variable to determine if working has been triggered into a live trade – again can’t wait till bar to check for position as may have already been triggered in and out of trade before the bar completes (the trade may last a number of bars so need to resubmit at end of each bar if not already triggered as believe that is when a pending entry stop order will expire
Thanks
You need to place 3 pending orders at the same time, for LONG trades (use SELLSHORT & EXITSHORT for SHORT trades):
ONCE MyLoss = 20 //LOSS in pips
ONCE MyProfit = MyLoss * 2 //PROFIT in pips
BUY 1 CONTRACTS AT EntryPrice LIMIT //or STOP according to the current price
SELL AT EntryPrice + (MyProfit / pipsize) LIMIT //Target Profit
SELL AT EntryPrice - (MyLoss / pipsize) STOP //Stop Loss
I remind you that pending orders expire after ONE bar and, if still needed, they must be placed again and again..
Once you are ONMARKET you’ll have to place again, each new bar, only the two pending orders acting as SL & TP.
Great thanks so much Roberto – that should sort that.
Thanks for the reminder re: pending orders expiring at end of each bar.
So if I only want to place the orders as many times as it takes to trigger. Is there a way to recognise if an order has already been traded AND either still open or already closed
Some of my trades may open and reach their stop or target before the end of the bar – thus using ONMARKET won’t help if trade already executed and closed in the one bar as will be equal to 0
Also DEFPARAM – will that allow to have a pending BUY and SELLSHORT at the same time if set to false
Thanks!
Pending orders triggered and closed within the same bar are difficult to detect, here are two ways to do it:
1 – you can compare price, if its highest/lowest value has gone beyond your former pending entry price you might assume the order has been triggered;
2 – if you are not ONMARKET you may compare STRATEGYPROFIT with that of the previous bar and if they don’t match you may assume a trade occurred in the meantime.
No other ways as far as I know.
Thanks – I think I can make that work based on one of those options
Really appreciate the help!
One other thing pending stop and limit to close orders. If the position is not open yet and the stop or limit are reached then nothing happens – but is the pening stop/limit order cancelled or just ignored – these could have very different outcomes.
Thanks
Pending orders, whatever type they are, are cancelled when the bar closes.
If one of the STOP/LIMIT orders is hit before the trade has been opened, if the trade is opened later (still same bar) I cannot tell you if the pending ones hit are still pending or not.
Maybe @Nicolas knows, or you could address PRT.
