Limit orders based on stop loss level

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  • 04/24/2023 at 6:39 PM #213697 quote
    Catalin
    Participant
    New

    Hi everyone.  I am very new at this, I tried and failed to set it up so I’m left with having to ask for help.

    On the close of the signal candle I’d like to place a limit order based on a stop loss level.

    For example, for a long, once the signal candle closes, I’d want my stop lets say 5 points beneath the low and would want to risk lets say 10 points.  I’d get in if the market pulls back to the level or, limit order to turn to market order if price already lower.  The option of a target would be a bonus.

    Alternatively consider the range of the signal candle and then place a limit order on a percentage retracement.

    Does anyone have the code for something like this?

    Thank you in advance,

    Catalin

    04/25/2023 at 4:35 AM #213703 quote
    robertogozzi
    Moderator
    Master

    You wrote “I’d want my stop lets say 5 points beneath the low and would want to risk lets say 10 points“. What if the distance from the current price and the low-5 points is higher than 10 points? Would you reduce the SL or ignore the signal without opening a trade?

    Anyway, to set a stop loss 5 points beneath the low of the signal candle:

    IF MyLongConditions THEN
   BUY 1 Contract at Market
   SET STOP PRICE low - 5*PipSize
ENDIF
    Catalin thanked this post
    04/25/2023 at 11:03 AM #213709 quote
    ZeroCafeine
    Participant
    Senior

    I’m not sure, but when he said : “I’d want my stop lets say 5 points beneath the low and would want to risk lets say 10 points“, maybe he want to risk 2 lots : 2 x 5 pips = 10

    04/25/2023 at 12:59 PM #213720 quote
    Catalin
    Participant
    New

    Thank you gents,

    ZeroCafeine, I spread bet and I am ok with setting the bet size.

    Roberto, is there a way to set a limit order? I attached a file hopefully making it clearer.

    Thanks,

    Catalin

    1.png 1.png 1-1.png 1-1.png
    04/25/2023 at 3:10 PM #213728 quote
    robertogozzi
    Moderator
    Master

    There you go (not tested):

    IF OnMarket THEN
   SL = 0
ENDIF
IF MyLongConditions THEN
   SL    = low - 5*PipSize
   Entry = min(open,close) - 5*PipSize
   SET STOP PRICE SL
ENDIF
IF SL <> 0 THEN
   BUY 1 Contract at Entry LIMIT
ENDIF
    Catalin thanked this post
    04/25/2023 at 7:15 PM #213743 quote
    Catalin
    Participant
    New

    Thanks for your time but I can’t get it to work, most probably because I’m illiterate.

    Will keep trying 🙂

    04/26/2023 at 12:04 PM #213770 quote
    robertogozzi
    Moderator
    Master

    Append these two lines to your code, to plot both SL and ENTRY on your chart when backtesting:

    GraphOnPrice ENTRY coloured("Blue",255)
GraphOnPrice SL    coloured("Red",255)
    Catalin thanked this post
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Limit orders based on stop loss level


ProOrder: Automated Strategies & Backtesting

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Catalin @catalin Participant
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This topic contains 6 replies,
has 3 voices, and was last updated by robertogozzi
2 years, 9 months ago.

Topic Details
Forum: ProOrder: Automated Strategies & Backtesting
Language: English
Started: 04/24/2023
Status: Active
Attachments: 2 files
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