Guaranted SL, Trailing Stop and Scaling Out

• 10/28/2019 at 3:06 PM #111433
  tested4perfection

  Dear forum,

  After reading a lot of information on the title topics I am more confused than ever. Please assist me in understanding the relationships in ProOrder, what I can do and what I can’t do…

  • Guaranteed Stop Loss (gSL) set at 1.5 percent away. The code I use is pretty standard:
    SET STOP %LOSS MYSTOP

    1	SET STOP %LOSS MYSTOP

    If my strategy is working, I scale in twice, so I have in total 3 contracts bought at 3 different levels. Exactly how is the guaranteed stop level assigned? I can’t use conditional formatting (IF conditions), and the ProOrder code is run through with the gSL command after the purchase. Since it seems to run this command only ONCE – how does it affect the cumulative orders? When my second contract is bought, will it use the same gSL as the first one? Will it set both contracts to a gSL based on the last contract bought? My backtest (tick by tick) seems to indicate that the gSL is different between the contracts as once a trade goes against (spiking drop), they get sold at different levels.

  • Soft Trailing Stop – I intend to use a soft trailing (ontop of the gSL), using code posted on the forum by Nicolas (big thanks) on a 1 minute timeframe. Even if I use code such as TradePrice(1) etc and I can identify the relationship of current price to the contract purchase price, I understand that I can’t scale out only one contract? I can’t use ExitShort AT/Sell AT 1 Contract, but can only use code as below?
    IF ONMARKET AND TSPriceExit>0 THEN //Indicates that price is below Trailing Price EXITSHORT AT TSPriceExit STOP SELL AT TSPriceExit STOP ENDIF

    1 2 3 4

    IF ONMARKET AND TSPriceExit>0 THEN  //Indicates that price is below Trailing Price EXITSHORT AT TSPriceExit STOP SELL AT TSPriceExit STOP ENDIF

  • Scaling out – Similar code as above – using the same command EXITSHORT and SELL AT means that I can’t scale out only 1 contract? It has to be all contracts or nothing?

  Many thanks if I can get help from someone more experienced with these commands.

  

  tested4perfection

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  10/28/2019 at 3:32 PM #111435
  Vonasi

  Whenever a SET STOP instruction is read in a code it sets stop levels for all open positions at the same level from each individual positions opening price. IF a SET instruction is read again later with a different value then it changes the stop of all open positions to whatever distance you use from each positions own opening price.

  Partial position closure is possible only in back testing at the moment. It cannot be used in live trading in either demo or real accounts unfortunately. You have to close all open positions at the same time or let them close individually at their stop levels set by SET STOP.

  

  Vonasi

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  10/29/2019 at 5:36 AM #111489
  tested4perfection

  Thanks for reply.

  Just curious, I’ve been thinking a bit on scaling out strategy using TARGET for different levels… Could this work?

  For instance.

  Buy 1 contract at price 100

  Buy 1 contract at price 102

  Buy 1 contract at price 104.

  Current price 106. Indicators tell me trend is possibly fading. I want to decrease exposure.

  If I use command SET TARGET it affects all. But what if I set it at 5% on 1 minute time frame?

  Then contract 1 would be sold immediately as current price is 6% up. 2nd contract won’t be sold unless price goes up 1%. Immediately on the 1 min time frame I SET TARGET to higher (10%) just to get it out of the way with and keep the last two positions.

  Is there  a way to remove TARGET once set other than changing level? Is there a limit on how far away I can put TARGET on IG? 10%? Higher?

  Could this work?

  Thanks for any input.

  

  tested4perfection

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  10/29/2019 at 9:14 AM #111495
  Vonasi

  Yes that should work. SET TARGET %PROFIT can have a value between 0 and 100. Zero is supposed to cancel the orders but it did not used to work. Perhaps it does now – I have not checked recently. I usually move the target to 100% as price doubling is very unlikely indeed and if it does I’ll be happy to have doubled my money!

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  tested4perfection

  

  Vonasi

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