Hello – I hope everyone is keeping well,
After much searching on the ProBuilder Forum I am asking for assistance with a stop loss and target profit setup I wish to use in PRT. I have found this to be a very effective Risk Management approach over the years. It helps to lock in gains early, which in turn further boosts the Win Ratio for the strategies.
I would love to have this coded for PRT. The Risk Management approach is as follows;
For Buy Long;
-At point of entry identify recent low in last 8 bars
-Set Trailing Stop Loss to Lowest price in recent 8 bars (N)
-Set Target Profit to Entry Price + (N)
Eg: Entry at 100, recent Low in last 8 bars is 92, therefore Trailing Stop Loss = 92
Entry Price – Low in 8 bars = 100 – 92, therefore N = 8
Target Price = Entry Price + N, so 100 + 8 = Target Price of 108
I then look to break the the Target Price into 4 incremental stages and set this as the step value for the Trailing Stop Loss ;
N * 0.25
=8 * 0.25 = 2, so Trailing Stop Loss Step Value = 2
Opening Trailing Stop Loss = 92
When Price reaches 102, move Trailing Stop Loss from 92 to Entry Price 100 (not the step value, but to lock in initial gain)
When Price reaches 104, move Trailing Stop Loss from 100 to 102 (Entry Price + TSL Step Value)
When Price reaches 106, move Trailing Stop Loss 102 to 104 (TSL + TSL Step Value)
When Price reaches 108, close position and celebrate!
Please can someone kindly help? Attachment helps explain with example trade. I would really appreciate help to get this coded, beer tokens on offer of course! 🙂
Thank you,
S
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