Hi. Is it possible to write code that sets your open positions SL to entry/breakeven once the trade has move positively into your direction with a certain number of points?
Thanks
Hi David,
Yes you can but the problem is that you probably stop very very often because you have generally à retracement before the impulsion in the good direction.
See on Google the concept of maximum adverse excursion
Have a nice day
Zilliq (in holidays)
Hi David, yes it’s possible with PROBACKTEST specific instructions.
Here is a complete example on how to achieve your breakeven functionnality:
If current buy order is in gain of 30 points, order will be closed at entry price + 5 points.
defparam cumulateorders = false
c1 = close>close[1]
if c1 then
BUY 1 LOT AT MARKET
SET STOP PLOSS 50
endif
IF NOT ONMARKET THEN
newSL=0
ENDIF
IF LONGONMARKET AND close-tradeprice(1)>=30*pipsize THEN
newSL = tradeprice(1)+5*pipsize
ENDIF
IF newSL>0 THEN
SELL AT newSL STOP
ENDIF
Hi Nicolas, is it possible to bring the SL to BE + 5 but keep the trade going and not exit it at that point?
Would it be something like this then:
SET STOP PLOSS 50
newSL = 0
IF LONGONMARKET AND close-tradeprice(1)>=30*pipsize
THEN newSL = tradeprice(1)+5*pipsize
ENDIF
IF newSL>0 THEN
SET STOP PLOSS newSL
ENDIF
Tx
Steve
Hi Nicholas,
Three question on the above:
- Will GunnerNic’ code work?
- Your first code set will deactivate the SELL AT newSL STOP once the preceding IF statement is not true anymore, correct? So when close-tradeprice(1)>=30*pipsize is not true will the exit not work anymore until it becomes true again?
- Why do you use the (1) after tradeprice? What does it do?
Thanks
Hi David, didn’t see the Gunnernic reply before, so here is the answers for your 3 questions:
1/ Gunnernic’ code will not work because PLOSS needs point information and not price one
2/ Once this conditional statement is true one time, newSL will take its value. Since we do not use “else”, newSL will keep its value until a new one will be affected to it.
3/ (1) is the previous number of the order we want to look at
