Can I put both a variable and hard stop?

• 05/18/2020 at 8:58 AM #132078
  buythehighs

  Hi all, first post. Apologies if this has been covered, I tried searching and couldn’t find what I was looking for. I’m new to programming and may be missing something really obvious.

  I have set my profit target to ATR*1, and stop to ATR*3. However, I also want to have a fixed stop amount so I don’t get a blowout loss (i.e. if the loss gets to 30, just close the position).

  How would I go about doing this?

   

  This is what I have now

  // Conditions to exit long positions c51 = MyATR*1 c52 = MyATR*3 // Stops and targets SET STOP pLOSS c52 SET TARGET pPROFIT c51

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  // Conditions to exit long positions c51 = MyATR*1 c52 = MyATR*3   // Stops and targets SET STOP pLOSS c52 SET TARGET pPROFIT c51

   

  

  buythehighs

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  05/18/2020 at 9:08 AM #132084
  Vonasi

  You can’t have two stop losses because price has to pass through at least one of them to get to the other one!

  You could set a minimum level though:

  MaxStop = 30 c51 = MyATR*1 c52 = Min(MaxStop,MyATR*3) // Stops and targets SET STOP pLOSS c52 SET TARGET pPROFIT c51

  1 2 3 4 5 6 7

  MaxStop = 30 c51 = MyATR*1 c52 = Min(MaxStop,MyATR*3)   // Stops and targets SET STOP pLOSS c52 SET TARGET pPROFIT c51

   

   

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  buythehighs

  

  Vonasi

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