The answer is yes and no. PRT can handle partial position closure at different levels by using STOP and LIMIT orders but IG do not allow partial position closure via automated strategies so at the moment we can only do it in back tests and running a strategy live with real money or in demo is not possible.
I would like to open a position with its own stop and limit and while still live open a new position with different stop and limit.
You just described adding to a position and then partial closure of that combined position so you do want partial closure.
If you use SET STOP and SET TARGET instructions then whatever distance you choose will be applied to all opened positions from their entry price – so yes they will all have different closing prices but they cannot have different distances. You can do this in live trading.
If you use pending STOP and LIMIT orders then you can set orders at whatever price you like but you cannot use this in live trading unless you close all positions at the chosen price. In back testing you can close part of your combined position – but only in backtest.
When using pending STOP and LIMIT orders you must make sure that they are placed at every bar because they only last for one bar. In your code they are only placed at the entry bar.
Also unlike SET STOP and SET TARGET orders they require a price and not a distance.
We have to also consider that at the time we place our buy order we do not know the exact price that it will get filled at but after one bar we do.
If you want to control different positions with different levels then you will need different stop loss and take profit variables for each position. I haven’t ever bothered to code something like that because we can’t use it in real life because IG consider two positions of 1 to be one position of 2 and won’t let us close half of it using pending orders.
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IFnotonmarketandb1THEN
BUYBet1CONTRACTATMARKET
currentTarget=close+ProfitTarget
currentStopLoss=close-StopLoss
SELLBet1CONTRACTATProfitTargetLIMIT//initial order based on closing price because we don't know what price we will get filled at.
SELLBet1CONTRACTATcurrentStopLossSTOP//initial order based on closing price because we don't know what price we will get filled at.
ENDIF
ifonmarketthen
currentTarget=tradeprice+ProfitTarget
currentStopLoss=tradeprice-StopLoss
SELLBet1CONTRACTATProfitTargetLIMIT//order at price calculated from the price our buy order got filled at
SELLBet1CONTRACTATcurrentStopLossSTOP//order at price calculated from the price our buy order got filled at
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