https://www.prorealcode.com/blog/learning/trailing-stop-max-favorable-excursion-mfe/
Hi, is it possible for someone to help me to code the following:
I want the MFE trailing stop to be activated after X amounts of pips in profit.
So i want it to be activated if i reach say 50 pips.
Big thanks 🙂
You will need to add the lines I have highlighted in bold to be able to set the value at which your trailing stop begins. You can create separate ones for long and short if you wanted that.
//trailing stop
trailingstop = 20
StartTrailingStopValue = <Set this value>
//resetting variables when no trades are on market
if not onmarket then
MAXPRICE = 0
MINPRICE = close
priceexit = 0
endif
//case SHORT order
if shortonmarket then
MINPRICE = MIN(MINPRICE,close) //saving the MFE of the current trade
if tradeprice(1)-close > StartTrailingStopValue*pointsize then
if tradeprice(1)-MINPRICE>=trailingstop*pointsize then //if the MFE is higher than the trailingstop then
priceexit = MINPRICE+trailingstop*pointsize //set the exit price at the MFE + trailing stop price level
endif
endif
endif
//case LONG order
if longonmarket then
MAXPRICE = MAX(MAXPRICE,close) //saving the MFE of the current trade
if close-tradeprice(1) > StartTrailingStopValue*pointsize then
if MAXPRICE-tradeprice(1)>=trailingstop*pointsize then //if the MFE is higher than the trailingstop then
priceexit = MAXPRICE-trailingstop*pointsize //set the exit price at the MFE - trailing stop price level
endif
endif
endif
//exit on trailing stop price levels
if onmarket and priceexit>0 then
EXITSHORT AT priceexit STOP
SELL AT priceexit STOP
endif
It didn’t bold it but it is the lines that are tagged with ‘strong’
Awsome seems to be working fine 🙂 Big thanks