Problem with setting a break even level

• 05/08/2022 at 8:58 AM #192872
  pdrh

   

  IF (c1 AND a2 ) AND ST<2 AND Not ShortOnMarket AND Not Daysforbidden And timeEnterBefore AND timeEnterAfter THEN SELLSHORT 2 Perpoint AT c2 limit ST=ST+1 ENDIF // Conditions to exit short positions IF SHORTONMARKET AND close < tradeprice - 6 THEN // if the price moves 5pts in my favour... if countofshortshares = 2 then Exitshort 1 PERPOINT at market //close half of the trade //SoldHalf = 1 breakevenlevel = tradeprice //...calculate the level for a stop 5pts below the trade open price... endif If COUNTOFSHORTSHARES=1 then Exitshort 1 PERPOINT at breakevenlevel limit endif Endif // Stops and targets SET STOP ploss 8 SET TARGET pPROFIT 14 graph tradeprice graph breakevenlevel

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  IF (c1 AND a2 ) AND ST<2 AND Not ShortOnMarket AND Not Daysforbidden And timeEnterBefore AND timeEnterAfter THEN SELLSHORT 2 Perpoint AT c2 limit ST=ST+1 ENDIF // Conditions to exit short positions IF SHORTONMARKET AND close < tradeprice - 6 THEN // if the price moves 5pts in my favour... if countofshortshares = 2 then Exitshort 1 PERPOINT at market  //close half of the trade //SoldHalf = 1 breakevenlevel = tradeprice //...calculate the level for a stop 5pts below the trade open price... endif If COUNTOFSHORTSHARES=1 then Exitshort 1 PERPOINT at breakevenlevel limit endif Endif   // Stops and targets SET STOP ploss 8 SET TARGET pPROFIT 14 graph tradeprice graph breakevenlevel

   

  I have an algo that closes half my position and sets a breakeven level .

  My problem is that the instruction to exit at the break even level is ignored and exit happens at the stop level

  1

  

  pdrh

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  05/08/2022 at 9:17 AM #192876
  pdrh

  The half position is closed OK

  

  pdrh

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  05/08/2022 at 9:35 AM #192878
  robertogozzi

  It’s due to narrow SL and TP, try changing both to, say, 40 or 50 andit’ll work.

   

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  robertogozzi

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  05/08/2022 at 9:59 AM #192879
  pdrh

  That did not work sadly.Still ignoring the breakeven .

   

  

  pdrh

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  05/08/2022 at 11:25 AM #192883
  robertogozzi

  Yes, there were a couple of additional issues:

  • use STOP instead of LIMIT to exit, as you are placing a pending order to exit at WORSE price
  • use a variable (I named it FLAG)  to signal that an exit at breakeven has been triggered, as it must be placed each new bar until hit (or TP is hit, of course); the exit order must be outside the conditional IF…ENDIF block.

  I tested this code on Dax, 4h TF:

  IF close crosses under average[100] and not onmarket THEN SELLSHORT 2 Perpoint AT market flag = 0 ENDIF // Conditions to exit short positions IF SHORTONMARKET AND close < tradeprice - 6 THEN // if the price moves 5pts in my favour… if countofshortshares = 2 then Exitshort 1 PERPOINT at market //close half of the trade //SoldHalf = 1 breakevenlevel = tradeprice //…calculate the level for a stop 5pts below the trade open price… endif If COUNTOFSHORTSHARES=1 then flag = 1 endif Endif IF flag = 1 then Exitshort 1 PERPOINT at breakevenlevel stop endif // Stops and targets SET STOP ploss 500 //8 SET TARGET pPROFIT 500 //14 // graphonprice tradeprice(1) graphonprice breakevenlevel coloured(255,0,0,255) graph close < (tradeprice - 6)

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  IF close crosses under average[100] and not onmarket THEN    SELLSHORT 2 Perpoint AT market    flag = 0 ENDIF // Conditions to exit short positions IF SHORTONMARKET AND close < tradeprice - 6 THEN // if the price moves 5pts in my favour…    if countofshortshares = 2 then       Exitshort 1 PERPOINT at market //close half of the trade       //SoldHalf = 1       breakevenlevel = tradeprice //…calculate the level for a stop 5pts below the trade open price…    endif    If COUNTOFSHORTSHARES=1 then       flag = 1    endif Endif IF flag = 1 then    Exitshort 1 PERPOINT at breakevenlevel stop endif // Stops and targets SET STOP ploss 500  //8 SET TARGET pPROFIT 500  //14 // graphonprice tradeprice(1) graphonprice breakevenlevel coloured(255,0,0,255) graph close < (tradeprice - 6)

   

   

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  robertogozzi

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  05/08/2022 at 12:20 PM #192885
  pdrh

  Thanks. That worked but I need to keep stop and target at 8/12 or elase I get a worse result

  

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  05/09/2022 at 8:11 AM #192913
  Nicolas

  Keep in mind that you can now use the SET STOP BREAKEVEN instruction which is the best way to ask the broker your stoploss at breakeven

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