// --- settings
amount = 2 //amount of contract/lot/shares to open for each order
takeprofit = 30 //takeprofit in points
stoploss = 60 //stoploss in points
BreakevenAt = 25 //percent achieved of target to move stop to entry (breakeven)
PointsToKeep = 1 //how much pips/points to keep in profit above of below our entry price when the breakeven is activated (beware of spread)
Lot2Close = 1 //amount of contract/lot/shares quantity to close when breakeven occurs
// --- end of settings
//reset the breakevenLevel when no trade are on market
IF NOT ONMARKET THEN
breakevenLevel=0
ENDIF
startBreakeven = takeprofit*(BreakevenAt/100)//how much pips/points in gain to activate the breakeven function?
// --- BUY SIDE ---
//test if the price have moved favourably of "startBreakeven" points already
IF LONGONMARKET AND close-tradeprice(1)>=startBreakeven*pipsize THEN
//calculate the breakevenLevel
breakevenLevel = tradeprice(1)+PointsToKeep*pipsize
ENDIF
//place the new stop orders on market at breakevenLevel
IF LONGONMARKET AND breakevenLevel>0 THEN
SELL AT breakevenLevel STOP
if countoflongshares=amount then
sell Lot2Close contract at market
endif
ENDIF
// --- end of BUY SIDE ---
// --- SELL SIDE ---
//test if the price have moved favourably of "startBreakeven" points already
IF SHORTONMARKET AND tradeprice(1)-close>=startBreakeven*pipsize THEN
//calculate the breakevenLevel
breakevenLevel = tradeprice(1)-PointsToKeep*pipsize
ENDIF
//place the new stop orders on market at breakevenLevel
IF SHORTONMARKET AND breakevenLevel>0 THEN
EXITSHORT AT breakevenLevel STOP
if countofshortshares=amount then
exitshort Lot2Close contract at market
endif
ENDIF
// --- end of SELL SIDE ---
I have found the above coding from @nicolas which close half the position when breakeven.
I just wanted to know if there a way to close half the position as soon as it triggered or 1pips in profit?? just to reduce risk straight away!! appreciate if anyone could help.
Thanks in advanced
That could be coded but be aware that partial closure of position is still not possible through IG with ProOrder in live trading.
Thank you for your response @Nicolas. above coding shows as its working on IG Pr0Order but i haven’t tried it!
how can i make this work separately, please.. means breakeven and close half working separately
let’s say.. 50pips stop loss, 100pips Target and once 50pips in profit stop loss to breakeven!! also when trade triggered and 2pips in profit close half of the position to reduce risk!! i have tried but really need some help.
defparam cumulateorders = false
// --- settings
amount = 0.2 //amount of contract/lot/shares to open for each order
takeprofit = 150 //takeprofit in points
stoploss = 50 //stoploss in points
Lot2Close = 0.1 //amount of contract/lot/shares quantity to close when breakeven occurs
// --- end of settings
// Conditions to enter long positions
IF NOT LongOnMarket AND xxxxxx THEN
BUY amount CONTRACTS AT EntryPrice STOP
if countoflongshares=amount then
sell Lot2Close contract at market
endif
ENDIF
// Conditions to exit long positions
If LongOnMarket AND short THEN
SELL AT MARKET
ENDIF
// Conditions to enter short positions
IF NOT ShortOnMarket AND xxxxxxx THEN
SELLSHORT amount CONTRACTS AT EntryPrice STOP
if countofshortshares=amount then
buy Lot2Close contract at market
ENDIF
ENDIF
// Conditions to exit short positions
IF ShortOnMarket AND long THEN
EXITSHORT AT MARKET
ENDIF
// Stops and targets : Enter your protection stops and profit targets here
// points based STOP LOSS and TRAILING STOP
// initial STOP LOSS
SET STOP pLOSS stoploss
//set target of positions at 100 points
SET TARGET PROFIT takeprofit
startBreakeven = 50 //how much pips/points in gain to activate the breakeven function?
PointsToKeep = 3 //how much pips/points to keep in profit above of below our entry price when the breakeven is activated (beware of spread)
// --- BUY SIDE ---
//test if the price have moved favourably of "startBreakeven" points already
IF LONGONMARKET AND close-tradeprice(1)>=startBreakeven*pipsize THEN
//calculate the breakevenLevel
breakevenLevel = tradeprice(1)+PointsToKeep*pipsize
ENDIF
//place the new stop orders on market at breakevenLevel
IF breakevenLevel>0 THEN
SELL AT breakevenLevel STOP
ENDIF
// --- end of BUY SIDE ---
// --- SELL SIDE ---
//test if the price have moved favourably of "startBreakeven" points already
IF SHORTONMARKET AND tradeprice(1)-close>startBreakeven*pipsize THEN
//calculate the breakevenLevel
breakevenLevel = tradeprice(1)-PointsToKeep*pipsize
ENDIF
//place the new stop orders on market at breakevenLevel
IF breakevenLevel>0 THEN
EXITSHORT AT breakevenLevel STOP
ENDIF
// --- end of SELL SIDE ---
