Limit orders based on stop loss level

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

  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

   

   

  

  Catalin

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

  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

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  IF MyLongConditions THEN    BUY 1 Contract at Market    SET STOP PRICE low - 5*PipSize ENDIF

   

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  Catalin

  

  robertogozzi

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  04/25/2023 at 11:03 AM #213709
  ZeroCafeine

  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

  

  ZeroCafeine

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

  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

   

  

  Catalin

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  04/25/2023 at 3:10 PM #213728
  robertogozzi

  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

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  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

   

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  Catalin

  

  robertogozzi

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  04/25/2023 at 7:15 PM #213743
  Catalin

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

  Will keep trying 🙂

  

  Catalin

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  04/26/2023 at 12:04 PM #213770
  robertogozzi

  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)

  1 2	GraphOnPrice ENTRY coloured("Blue",255) GraphOnPrice SL    coloured("Red",255)

   

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  robertogozzi

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