Avoiding setting stops too close to current price

• 10/18/2021 at 9:50 AM #179850
  sebgethin

  I am using a strategy that finds an expected breakout and places a trailing stop close to the current price, currently set at 2 points below. That is, my order placement is currently;

  BUY size CONTRACTS AT MARKET SET STOP pTRAILING 2

  1 2	BUY size CONTRACTS AT MARKET SET STOP pTRAILING 2

  However, when running this, it sometimes (emphasis on sometimes, it doesn’t always do this) gives me an error saying “You attempted to place a stop at a smaller distance than the minimum required by the broker” (or words to that effect).

  Is there a way to set a stop at the minimum distance required by the broker, or will I have to simply restart the strategy every time this happens?

  

  sebgethin

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  10/18/2021 at 10:31 AM #179853
  GraHal

  Change your stop to > 10 points.

  SET STOP pTRAILING doesnt work anyway.

  Use a coded Trailing Stop by filtering for Trail in column B in here …

  Snippet Link Library

   

  

  GraHal

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  10/18/2021 at 10:49 AM #179861
  sebgethin

  Thanks @GraHal, that’s a super useful spreadsheet and I’m wondering how I ever got by without it!

  As for the stop distance, the whole point of the strategy is that it catches losers very quickly and runs with winners, so setting a stop to be >10 points away would ruin its effectiveness – very small stop sizes are far preferable in this case. Is there a known way to find the minimum stop distance and set the stop equal to it? Perhaps through the use of error handling? Or would I have to go to more advanced software to handle that sort of thing?

  

  sebgethin

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  10/18/2021 at 11:45 AM #179865
  GraHal

  6 is about the minimum I think on DJI, less on some other Instruments, see here …

  https://www.ig.com/uk/help-and-support/spread-betting-and-cfds/fees-and-charges/what-are-igs-indices-spread-bet-product-details

  1 user thanked author for this post.

  Nicolas

  

  GraHal

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