I was playing with a strategy that seemed to work quite well with scaling out of position but IG do not allow us to auto trade and partially close positions so I got to thinking of how we could do it. I came up with the following code idea.

In this example we would run six strategies – at the same time each would open just one position . Then each would close its position at a different take profit level. In this example at any profit over 0%, 1%, 2%, 3%, 4% and 5%. Each strategy would know by counting the variable ‘om’ (onmarket) whether other strategies still have an open position. We also have a condition based exit that closes all positions and an emergency exit if there is a big market drop.

We need to rem out the sell orders in each strategy to leave just one sell order and so create six strategies with exits at different levels.

This is an example for a long only strategy and it can also only sell at the bar closing price – however we could get out very close to each % level if we use MTF to trade on a faster time frame which would make it pretty similar to if we were selling at limit orders.

I thought I would post the idea here just in case it is of any use to anyone.

The strategy below is set up to exit at 2% profit. Obviously it is not a complete strategy – add your own entry and exit conditions.

defparam cumulateorders = false

if (your long entry condition) and om = 0 then 
buy 1 contract at market
pp = close //stored position price of our 1 position
om = 6 
endif

//store more accurate position price after first bar on market
if positionprice <> positionprice[1] then
pp = positionprice
endif

//exit all trades if exit condition true
if (your short exit condition) then
sell at market
om = 0 //not on market
endif

//exit with any profit strategy
if om = 6 and close > pp * 1.0 then
//sell 1 contract at market
om = om-1 //one position closed
endif

//exit with 1% profit strategy
if om = 5 and close > pp * 1.01 then
//sell 1 contract at market
om = om-1 //one position closed
endif

//exit with 2% profit strategy
if om = 4 and close > pp * 1.02 then
sell 1 contract at market
om = om-1 //one position closed
endif

//exit with 3% profit strategy
if om = 3 and close > pp * 1.03 then
//sell 1 contract at market
om = om-1 //one position closed
endif

//exit with 4% profit strategy
if om = 2 and close > pp * 1.04 then
//sell 1 contract at market
om = om-1 //one position closed
endif

//exit with 5% profit strategy
if om = 1 and close > pp * 1.05 then
//sell 1 contract at market
om = om-1 //one position closed
endif

//Emergency exit at 10% drop from position price 
if om <> 0 and close < pp * 0.90 then
sell at market
om = 0 //not on market
endif

graph om