Initial stop loss and a profit target for two separate setups doesn’t work

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04/15/2021 at 8:09 PM #167198 quote
Sascha
Participant

Average
Hi,

How can I code two separate setups, one with only an initial stop loss and the other with an initial stop loss and a profit target.

When I create the code like below what happens is that Setup 1 which has only an initial stop loss (and some other exit rules that are not below), exits with the profit target that I defined for Setup 2. It seems like once a profit target is defined it is applied to any open trade. Why is that?

Can I code it in a way that the profit target is only applied for the trade setup 2?

Thanks

Sascha
```
if Setup1  then  
ISL = 10000*(1*ATR + SBuffer )
TradeRisk = pipvalue*ISL
ContractSize = 100/TradeRisk
SELLSHORT ContractSize SHARES AT market

SET STOP LOSS 1*ATR + SBuffer
ENDIF

if Setup2  then 
ISL = 10000*(1*ATR + SBuffer )
TradeRisk = pipvalue*ISL
ContractSize = 100/TradeRisk
SELLSHORT ContractSize SHARES AT close+0.25*ATR Limit

SET STOP LOSS 1*ATR + SBuffer
SET TARGET PROFIT 1.5*ATR + SBuffer
ENDIF
```
04/16/2021 at 8:32 AM #167230 quote
Nicolas
Keymaster

Legend
There is no way to identify the orders with code. What you can do is partial closing of position in profit at a desired level with a pending order, example below:
```
exitshort 1 contract at mylevel limit //mylevel is your desired price level
```
04/16/2021 at 2:55 PM #167268 quote

Sascha
Participant

Average

Thanks for your reply.

That’s unfortunate that this is not working. The goal was that I wanted to have one setup once triggered lets the trade run as long as possible until stopped out with a predefined trailing stop loss. And a second setup that exits with a fixed profit target, and having both setups in one automated trading system.

However, it seems that the solution is only to have two separate trading systems. One with a trailing stop loss and the other with a fixed profit target. The annoying thing is that if I want to run this system on 8 currency pairs, then I have to have 16 systems instead.

I mentioned before that I had the impression that once a profit target is defined (like it is Setup 2 in the example code) it is applied to any open trade. How is that technically possible?

If only the conditions for Setup 1 are me (which has no profit target) and the conditions for Setup 2 are not met, how can the profit target be even triggered as it is only within the if-clause of Setup 2?

04/17/2021 at 9:28 AM #167307 quote

Nicolas
Keymaster

Legend

Because the Takeprofit is applied directly to any open order, there is no way to select an order specifically.
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Initial stop loss and a profit target for two separate setups doesn’t work

ProOrder: Automated Strategies & Backtesting

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Sascha @goedelsa Participant

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This topic contains 3 replies,
has 2 voices, and was last updated by Nicolas
5 years, 5 months ago.

Topic Details

Forum:	ProOrder: Automated Strategies & Backtesting
Language:	English
Started:	04/15/2021
Status:	Active
Attachments:	No files