Use breakeven- en trailingstop on different securities & indexes & forex
I want it to work well in every scenario, regardless of forex, shares etc.
So i’am testing one variable extra and called it underlaying.
It seems I got it to work for SL & PT & BE.
Underlaying1 is not meant to optimize. It’s either 0.01 0.1 1 10 100 depending on forex, index etc.
With the right value the lines match the SL and PT. If that’s correct the BE value is correct too.
i.e. use for gdpusd underlaying1=0.01 but for the dax underlaying1=100 and for shares 1.
And so far no need to touch underlaying2
I’am open for suggestions, for a cleaner code and a solution for the TS.
// test trailingstop and breakeven on the dax
defparam cumulateorders = false
once enableSL = 1 // stop loss
once enablePT = 1 // profit target
once enableTS = 0 // trailing stop
once enableBE = 1 // breakeven stop
once displaySL = 1 // stop loss
once displayPT = 1 // profit target
once displayTS = 0 // trailing stop
once displayBE = 1 // breakeven stop
SL = 0.75 // % stop loss
PT = 0.50 // % profit target
TS = 0.35 // % trailing stop
BESG = 0.25 // % break even stop gain
BESL = 0.00 // % break even stop level
// underlaying security / index / forex
// profittargets and stoploss have to match the lines
// 0.01 FOREX [i.e. GBPUSD=0.01]
// 1.00 SECURITIES [i.e. aapl=1 ;
// 100.00 INDEXES [i.e. dax=100]
// XAUUSD = 100
// CL US Crude = 100
underlaying1=1 // SL & PT
underlaying2=underlaying1/100 // BE [ don't change]
//underlaying3=1
// reset at start
if intradaybarindex=0 then
longtradecounter=0
shorttradecounter=0
endif
pclong = longtradecounter<1
pcshort = shorttradecounter<1
shortma = average[sm](close)
longma = average[lm](close)
// conditions to enter long positions
l1 = (shortma crosses over longma)
// conditions to enter short
s1 = (shortma crosses under longma)
if pclong and l1 then
buy 1 contract at market
longtradecounter=longtradecounter+1
endif
if pcshort and s1 then
sellshort 1 contract at market
shorttradecounter=shorttradecounter+1
endif
// trailing stop
if enableTS then
trailingstop = (tradeprice/100)*TS*pointsize
if not onmarket then
maxprice=0
minprice=close
priceexit=0
endif
if ((longonmarket and shortonmarket[1]) or (longonmarket[1] and shortonmarket)) then
maxprice=0
minprice=close
priceexit=0
endif
if longonmarket then
maxprice=max(maxprice,close)
if maxprice-tradeprice(1)>=trailingstop*pointsize then
priceexit=maxprice-trailingstop*pointsize
endif
endif
if shortonmarket then
minprice=min(minprice,close)
if tradeprice(1)-minprice>=trailingstop*pointsize then
priceexit=minprice+trailingstop*pointsize
endif
endif
if longonmarket and priceexit>0 then
sell at priceexit stop
endif
if shortonmarket and priceexit>0 then
exitshort at priceexit stop
endif
if displayTS then
graphonprice priceexit coloured(0,0,255,255) as "trailingstop"
endif
endif
// break even stop
if enableBE then
if not onmarket then
newsl=0
endif
if ((longonmarket and shortonmarket[1]) or (longonmarket[1] and shortonmarket)) then
newsl=0
endif
if longonmarket then
if close-tradeprice(1)>=(((tradeprice(1)/100)*BESG)/underlaying2)*pointsize then
newsl=tradeprice(1)+(((tradeprice(1)/100)*BESL)/underlaying2)*pointsize
endif
endif
if shortonmarket then
if tradeprice(1)-close>=(((tradeprice(1)/100)*BESG)/underlaying2)*pointsize then
newsl=tradeprice(1)-(((tradeprice(1)/100)*BESL)/underlaying2)*pointsize
endif
endif
if longonmarket and newsl>0 then
sell at newsl stop
endif
if shortonmarket and newsl>0 then
exitshort at newsl stop
endif
if displayBE then
graphonprice newsl coloured(244,102,27,255) as "breakevenstop"
endif
endif
// to set & display profittarget
if enablePT then
set target %profit PT
if displaypt then
if not onmarket then
ptarget=0
elsif ((longonmarket and shortonmarket[1]) or (longonmarket[1] and shortonmarket)) then
ptarget=0
endif
if onmarket then
if longonmarket then
ptarget=tradeprice(1)+((tradeprice(1)*PT)/underlaying1)*pointsize
endif
if shortonmarket then
ptarget=tradeprice(1)-((tradeprice(1)*PT)/underlaying1)*pointsize
endif
endif
graphonprice ptarget coloured(121,141,35,255) as "profittarget"
endif
endif
// to set & display stoploss
if enableSL then
set stop %loss SL
if displaysl then
if not onmarket then
sloss=0
elsif ((longonmarket and shortonmarket[1]) or (longonmarket[1] and shortonmarket)) then
sloss=0
endif
if onmarket then
if longonmarket then
sloss=tradeprice(1)-((tradeprice(1)*SL)/underlaying1)*pointsize
endif
if shortonmarket then
sloss=tradeprice(1)+((tradeprice(1)*SL)/underlaying1)*pointsize
endif
endif
graphonprice sloss coloured(255,0,0,255) as "stoploss"
endif
endif
graph (positionperf*100)coloured(0,0,0,255) as "positionperformance"
