Set Stop Loss from HI or Lo in breakout strategy

• 05/30/2018 at 10:06 AM #71675
  PastaPesto

  Hi all,

  I am currently working an a Breakout strategy. It all seams to work fine but I am struggeling with the Stop loss and Take profit. I want the take profit to be set from my “HI” or “LO” in the breakout range instead of from the price that I get when the order is set.

  The reason for this is that when there is a slippage, the order price will be different from the HI or LO. I still want to have the same profit target.

  // --- settings rangestart = 092500 //start of premarket schedule rangeend = 093500 //end of premarket schedule closeat = 115500 //time schedule to close all pending & atmarket orders takeprofit = 5 //takeprofit in points stoploss = 5 //stoploss in points n = 1 //amount of lots/contracts/shares to open for each new order // --- end of settings ONCE LO = CLOSE*1000 if time>=closeat then sell at market exitshort at market endif if intradaybarindex=0 then hi=0 lo=close*1000 endif if time>=rangestart and time<rangeend then hi=max(high,hi) lo=min(low,lo) trade = 0 ENDIF IF trade = 0 and time>=rangeend THEN if hi>0 then BUY n SHARES at HI STOP endif if lo>0 then SELLSHORT n SHARES at lo STOP ENDIF endif if onmarket then trade=1 endif SET STOP pLOSS stoploss SET TARGET pPROFIT takeprofit

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  // --- settings rangestart =  092500 //start of premarket schedule rangeend = 093500 //end of premarket schedule closeat = 115500 //time schedule to close all pending & atmarket orders takeprofit = 5 //takeprofit in points stoploss = 5 //stoploss in points n = 1 //amount of lots/contracts/shares to open for each new order // --- end of settings   ONCE LO = CLOSE*1000   if time>=closeat then sell at market exitshort at market endif   if intradaybarindex=0 then hi=0 lo=close*1000 endif   if time>=rangestart and time<rangeend then hi=max(high,hi) lo=min(low,lo) trade = 0 ENDIF   IF trade = 0 and time>=rangeend THEN if hi>0 then BUY n SHARES at HI STOP endif if lo>0 then SELLSHORT n SHARES at lo STOP ENDIF endif   if onmarket then trade=1 endif   SET STOP pLOSS stoploss SET TARGET pPROFIT takeprofit

  Regards

   

  

  PastaPesto

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  05/30/2018 at 2:17 PM #71693
  Nicolas

  Remove your lines 41 and 42 and replace them with the ones below: (not tested)

  if longonmarket then sell at hi+takeprofit*pointsize stop sell at hi-stoploss*pointsize limit endif if shortonmarket then exitshort at lo-takeprofit*pointsize stop exitshort at lo+stoploss*pointsize limit endif

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  if longonmarket then sell at hi+takeprofit*pointsize stop sell at hi-stoploss*pointsize limit endif if shortonmarket then exitshort at lo-takeprofit*pointsize stop exitshort at lo+stoploss*pointsize limit endif

   

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  PastaPesto

  

  Nicolas

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  06/04/2018 at 11:36 AM #72199
  PastaPesto

  Thanks Nicolas!

  That worked great. I used your code (only changed takeprofit to limit and stoploss to stop entry order) and it worked perfectly.

  Thanks!

  

  PastaPesto

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