Thanks.

Are you sure I should add a AND NOT ONMARKET to line 33? That is the condition to sell a long position for profit when the fast EMA crosses below the slow. Don’t we need to be on the market for that condition to be implemented?

Shouldnt AND NOT ONMARKET go to line 42 (i.e. where we enter short)?

Sorry if Ive misunderstood and thanks for your help.

Thanks Roberto.

Ive now trialed the updated code and whilst it does prevent new orders from being immediately closed I think the ‘AND NOT ONMARKET’ command is preventing new orders from being initiated. Because this is an EMA cross over strategy it should be on the market pretty much all of the time (unless the breakeven stop has been triggered at which point we wait for the next crossover). For example we should exit longs when the fast EMA crosses below the the slow EMA and simultaneously flip short. I think the ‘AND NOT ONMARKET’ command when we specify conditions to enter is preventing the strategy from simultaneously flipping sides. Is that correct? Can you explain a bit of your rationale for using the ‘AND NOT ONMARKET’ statement? Any ideas how to resolve this? The update code is pasted below.

// Definition of code parameters
DEFPARAM CumulateOrders = False // Cumulating positions deactivated
 
EMAfast = 6
EMAslow = 27
 
//Risk Management
Capital = 20000
Risk = 0.005
equity = Capital + StrategyProfit
maxrisk = round(equity*Risk)
PositionSizeL = abs(round((maxrisk/StopLossL)/PointValue)*pipsize)
PositionSizeS = abs(round((maxrisk/StopLossS)/PointValue)*pipsize)
 
// Conditions to enter long positions
indicator1 = ExponentialAverage[EMAfast](close)
indicator2 = ExponentialAverage[EMAslow](close)
c1 = (indicator1 CROSSES OVER indicator2)
 
IF c1 AND NOT ONMARKET THEN
BUY PositionSizeL PERPOINT AT MARKET
StopLossL = abs(close -  LOWEST[10](Low)) + 1.5 * pointsize
set stop loss StopLossL
ENDIF
 
// Conditions to exit long positions
indicator3 = ExponentialAverage[EMAfast](close)
indicator4 = ExponentialAverage[EMAslow](close)
c2 = (indicator3 CROSSES UNDER indicator4)
 
IF c2 THEN
SELL AT MARKET
ENDIF
 
// Conditions to enter short positions
indicator5 = ExponentialAverage[EMAfast](close)
indicator6 = ExponentialAverage[EMAslow](close)
c3 = (indicator5 CROSSES UNDER indicator6)
 
IF c3 AND NOT ONMARKET THEN
SELLSHORT PositionSizeS PERPOINT AT MARKET
StopLossS = abs(close -  HIGHEST[10](High)) + 1.5 * pointsize
set stop loss StopLossS
ENDIF
 
// Conditions to exit short positions
indicator7 = ExponentialAverage[EMAfast](close)
indicator8 = ExponentialAverage[EMAslow](close)
c4 = (indicator7 CROSSES OVER indicator8)
 
IF c4 THEN
EXITSHORT AT MARKET
ENDIF

//trailing stop function
TrailingStart = 5 * pipsize //trailing will start @trailinstart points profit
TrailingStep = 1 * pipsize

//reset the stoploss value
IF NOT ONMARKET THEN
newSL = 0
ENDIF
 
//manage long positions
IF LONGONMARKET THEN
//first move (breakeven)
IF newSL = 0 AND CLOSE - TRADEPRICE(1) >= TrailingStart THEN
newSL = TRADEPRICE(1) + TrailingStep
ENDIF
ENDIF
 
//manage short positions
IF SHORTONMARKET THEN
//first move (breakeven)
IF newSL = 0 AND TRADEPRICE(1) - CLOSE[1] >= TrailingStart THEN
newSL = TRADEPRICE(1) - TrailingStep
ENDIF
ENDIF
 
//stop order to exit the positions
IF newSL > 0 THEN
SELL AT newSL STOP
EXITSHORT AT newSL STOP
ENDIF

Thanks Roberto. I will graph and try to figure it out. Im not sure its the SL distance though as I’ve been watching the strategy automatically take trades in realtime on demo mode and it works perfectly, just fails to flip from long to short or vice versa with this new code. It was doing that fine in the previous version without a breakeven stop.

I have one more question if you don’t mind me troubling you…

How would I specify that I don’t want any new positions to be taken between 21:15 and 23:00 (i.e. between the close of the NY session and the open of Sydney)?