Different stoploss first few bars

• 07/01/2021 at 2:04 PM #172883
  ausrod

  I am wondering how to code a system that allows me to set a stop loss tight in case market goes against me first 1-3 bars after i execute my order, then change it to a larger one after that. I am cureently using the excellent nicolas trailing stop – the MFE version.

   

  Although i didn’t write it obviously this seems to execute sell or sellshort rather than changing the stop ie it doesnt actually set a trailing or other stop.

   

  I have tried with a variable that resets as it cycles but im not sure this is the best way?

   

   

  

  ausrod

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  07/01/2021 at 2:25 PM #172886
  robertogozzi

  There you go. You need to set SL1 (tigther SL) and SL2 (the greater one) and the number of bars (N):

  SL1 = 20 //initial SL SL2 = 50 //larger SL N = 3 //number of bars to keep the tighter SL IF MyLongConditions AND NotOnMarket THEN BUY 1 CONTRACT AT MARKET SET STOP pLOSS SL1 Count = 1 ENDIF IF OnMarket AND Count > 0 THEN Count = Count + 1 IF Count > N THEN SET STOP pLOSS SL2 //Switch to a larger SL after N bars Count = 0 ENDIF ENDIF

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  SL1 = 20   //initial SL SL2 = 50   //larger SL N   = 3    //number of bars to keep the tighter SL IF MyLongConditions AND NotOnMarket THEN    BUY 1 CONTRACT AT MARKET    SET STOP pLOSS SL1    Count = 1 ENDIF IF OnMarket AND Count > 0 THEN    Count = Count + 1    IF Count > N THEN       SET STOP pLOSS SL2 //Switch to a larger SL after N bars       Count = 0    ENDIF ENDIF

  

  robertogozzi

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