Set Stop to Break Even ASAP / Real Time

• 12/07/2019 at 10:01 AM #114380
  adeelq79

  Hi, I have the code which I use to trade the FTSE 1 Hour, but would like to modify the break even code to the following conditions:

  If after 1 hour (i.e. during the 1st candle), the break even function is not activated, set stop to b/e on the next candle ASAP.

  Currently, the b/e is only activated once the candle has closed (and conditions met) but looking for a more ‘real time’ break even code.

   

  Thanks for the help.

  FTSE 1 Hour TF - Breakeven ASAP Required

  defparam cumulateorders=false // --- settings size = 1 //size of orders maxDayOrder = 1 //max orders per day startBreakeven = 11 //how much pips/points in gain to activate the breakeven function? PointsToKeep = 6 //how much pips/points to keep in profit above of below our entry price when the breakeven is activated (beware of spread) TakeProfit = 30 //takeprofit in points/pips StopLoss = 45 //stoploss in points/pips // --- end of settings // Prevents the system from creating new orders to enter the market or increase position size before the specified time noEntryBeforeTime = 090000 timeEnterBefore = time >= noEntryBeforeTime // Prevents the system from placing new orders to enter the market or increase position size after the specified time noEntryAfterTime = 160000 timeEnterAfter = time < noEntryAfterTime // Prevents the system from placing new orders on specified days of the week daysForbiddenEntry = OpenDayOfWeek = 6 OR OpenDayOfWeek = 0 //max orders each day if intradaybarindex=0 or day<>day[1] then orderscount=0 endif allowtrading=orderscount<maxDayOrder and timeenterbefore and timeenterafter and not daysforbiddenentry //indicators ema5=average[5,1](close) ema17=average[17,1](close) ema62=average[62,1](close) ignored, ignored, ignored, ignored, BuySignal, SellSignal, ignored = CALL "WA Explosion COMBO"[150, 30, 15, 15] irsi=rsi[7](close) //orders launch buysig = ema5>ema17 and ema62<ema5 and BuySignal>=260 and irsi>=83 sellsig = ema5<ema17 and ema62>ema5 and SellSignal>=260 and irsi<=22 if allowtrading then if buysig then buy size contract at market orderscount=orderscount+1 endif if sellsig then sellshort size contract at market orderscount=orderscount+1 endif endif set target pprofit takeprofit set stop ploss stoploss // --- breakeven function //reset the breakevenLevel when no trade are on market IF NOT ONMARKET THEN breakevenLevel=0 ENDIF // --- BUY SIDE --- //test if the price have moved favourably of "startBreakeven" points already IF LONGONMARKET AND close-tradeprice(1)>=startBreakeven*pipsize THEN //calculate the breakevenLevel breakevenLevel = tradeprice(1)+PointsToKeep*pipsize ENDIF //place the new stop orders on market at breakevenLevel IF breakevenLevel>0 THEN SELL AT breakevenLevel STOP ENDIF // --- end of BUY SIDE --- // --- SELL SIDE --- //test if the price have moved favourably of "startBreakeven" points already IF SHORTONMARKET AND tradeprice(1)-close>=startBreakeven*pipsize THEN //calculate the breakevenLevel breakevenLevel = tradeprice(1)-PointsToKeep*pipsize ENDIF //place the new stop orders on market at breakevenLevel IF breakevenLevel>0 THEN EXITSHORT AT breakevenLevel STOP ENDIF // --- end of SELL SIDE ---

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  defparam cumulateorders=false   // --- settings size = 1 //size of orders maxDayOrder = 1 //max orders per day startBreakeven = 11 //how much pips/points in gain to activate the breakeven function? PointsToKeep = 6 //how much pips/points to keep in profit above of below our entry price when the breakeven is activated (beware of spread) TakeProfit = 30 //takeprofit in points/pips StopLoss = 45 //stoploss in points/pips // --- end of settings   // Prevents the system from creating new orders to enter the market or increase position size before the specified time noEntryBeforeTime = 090000 timeEnterBefore = time >= noEntryBeforeTime // Prevents the system from placing new orders to enter the market or increase position size after the specified time noEntryAfterTime = 160000 timeEnterAfter = time < noEntryAfterTime // Prevents the system from placing new orders on specified days of the week daysForbiddenEntry = OpenDayOfWeek = 6 OR OpenDayOfWeek = 0   //max orders each day if intradaybarindex=0 or day<>day[1] then orderscount=0 endif   allowtrading=orderscount<maxDayOrder and timeenterbefore and timeenterafter and not daysforbiddenentry //indicators   ema5=average[5,1](close) ema17=average[17,1](close) ema62=average[62,1](close) ignored, ignored, ignored, ignored, BuySignal, SellSignal, ignored = CALL "WA Explosion COMBO"[150, 30, 15, 15] irsi=rsi[7](close)   //orders launch buysig = ema5>ema17 and ema62<ema5 and BuySignal>=260 and irsi>=83 sellsig = ema5<ema17 and ema62>ema5 and SellSignal>=260 and irsi<=22 if allowtrading then if buysig then buy size contract at market orderscount=orderscount+1 endif   if sellsig then sellshort size contract at market orderscount=orderscount+1 endif endif   set target pprofit takeprofit set stop ploss stoploss   // --- breakeven function //reset the breakevenLevel when no trade are on market IF NOT ONMARKET THEN breakevenLevel=0 ENDIF   // --- BUY SIDE --- //test if the price have moved favourably of "startBreakeven" points already IF LONGONMARKET AND close-tradeprice(1)>=startBreakeven*pipsize THEN //calculate the breakevenLevel breakevenLevel = tradeprice(1)+PointsToKeep*pipsize ENDIF   //place the new stop orders on market at breakevenLevel IF breakevenLevel>0 THEN SELL AT breakevenLevel STOP ENDIF   // --- end of BUY SIDE --- // --- SELL SIDE --- //test if the price have moved favourably of "startBreakeven" points already IF SHORTONMARKET AND tradeprice(1)-close>=startBreakeven*pipsize THEN //calculate the breakevenLevel breakevenLevel = tradeprice(1)-PointsToKeep*pipsize ENDIF //place the new stop orders on market at breakevenLevel IF breakevenLevel>0 THEN EXITSHORT AT breakevenLevel STOP ENDIF // --- end of SELL SIDE ---

   

  

  adeelq79

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  12/07/2019 at 10:12 AM #114381
  Vonasi

  Decisions are made at the close of a candle and orders placed at the open of the following candle so if you want to make decisions and place orders mid way during a 1 hour candle candle then you need to use MTF within your strategy and run it on a faster time frame.

  

  Vonasi

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  12/08/2019 at 1:05 AM #114404
  adeelq79

  Thanks. Is there not a way for the b/e stop to work off the 1min candle through monitoring that time frame as an example.

  

  adeelq79

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  12/08/2019 at 9:40 AM #114410
  Vonasi

  Yes – use multi time frame and trade on the 1 minute chart. You enter on the hourly time frame and then check on the minute timeframe whether you are enough points in profit and then start your breakeven by placing your stop orders at the close of every minute candle.

  The downside to this is that you have very little data to backtest on due to the faster timeframe.

  1 user thanked author for this post.

  Bel

  

  Vonasi

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  12/09/2019 at 11:42 AM #114489
  Nicolas

  Separate the breakeven function from the strategy code into 2 different timeframes:

  defparam cumulateorders=false // --- settings size = 1 //size of orders maxDayOrder = 1 //max orders per day startBreakeven = 11 //how much pips/points in gain to activate the breakeven function? PointsToKeep = 6 //how much pips/points to keep in profit above of below our entry price when the breakeven is activated (beware of spread) TakeProfit = 30 //takeprofit in points/pips StopLoss = 45 //stoploss in points/pips // --- end of settings // Prevents the system from creating new orders to enter the market or increase position size before the specified time noEntryBeforeTime = 090000 timeEnterBefore = time >= noEntryBeforeTime // Prevents the system from placing new orders to enter the market or increase position size after the specified time noEntryAfterTime = 160000 timeEnterAfter = time < noEntryAfterTime // Prevents the system from placing new orders on specified days of the week daysForbiddenEntry = OpenDayOfWeek = 6 OR OpenDayOfWeek = 0 timeframe(1 hour, updateonclose) //max orders each day if intradaybarindex=0 or day<>day[1] then orderscount=0 endif allowtrading=orderscount<maxDayOrder and timeenterbefore and timeenterafter and not daysforbiddenentry //indicators ema5=average[5,1](close) ema17=average[17,1](close) ema62=average[62,1](close) ignored, ignored, ignored, ignored, BuySignal, SellSignal, ignored = CALL "WA Explosion COMBO"[150, 30, 15, 15] irsi=rsi[7](close) //orders launch buysig = ema5>ema17 and ema62<ema5 and BuySignal>=260 and irsi>=83 sellsig = ema5<ema17 and ema62>ema5 and SellSignal>=260 and irsi<=22 if allowtrading then if buysig then buy size contract at market orderscount=orderscount+1 endif if sellsig then sellshort size contract at market orderscount=orderscount+1 endif endif set target pprofit takeprofit set stop ploss stoploss timeframe(1 minute) // --- breakeven function //reset the breakevenLevel when no trade are on market IF NOT ONMARKET THEN breakevenLevel=0 ENDIF // --- BUY SIDE --- //test if the price have moved favourably of "startBreakeven" points already IF LONGONMARKET AND close-tradeprice(1)>=startBreakeven*pipsize THEN //calculate the breakevenLevel breakevenLevel = tradeprice(1)+PointsToKeep*pipsize ENDIF //place the new stop orders on market at breakevenLevel IF breakevenLevel>0 THEN SELL AT breakevenLevel STOP ENDIF // --- end of BUY SIDE --- // --- SELL SIDE --- //test if the price have moved favourably of "startBreakeven" points already IF SHORTONMARKET AND tradeprice(1)-close>=startBreakeven*pipsize THEN //calculate the breakevenLevel breakevenLevel = tradeprice(1)-PointsToKeep*pipsize ENDIF //place the new stop orders on market at breakevenLevel IF breakevenLevel>0 THEN EXITSHORT AT breakevenLevel STOP ENDIF // --- end of SELL SIDE ---

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  defparam cumulateorders=false   // --- settings size = 1 //size of orders maxDayOrder = 1 //max orders per day startBreakeven = 11 //how much pips/points in gain to activate the breakeven function? PointsToKeep = 6 //how much pips/points to keep in profit above of below our entry price when the breakeven is activated (beware of spread) TakeProfit = 30 //takeprofit in points/pips StopLoss = 45 //stoploss in points/pips // --- end of settings   // Prevents the system from creating new orders to enter the market or increase position size before the specified time noEntryBeforeTime = 090000 timeEnterBefore = time >= noEntryBeforeTime // Prevents the system from placing new orders to enter the market or increase position size after the specified time noEntryAfterTime = 160000 timeEnterAfter = time < noEntryAfterTime // Prevents the system from placing new orders on specified days of the week daysForbiddenEntry = OpenDayOfWeek = 6 OR OpenDayOfWeek = 0   timeframe(1 hour, updateonclose) //max orders each day if intradaybarindex=0 or day<>day[1] then orderscount=0 endif   allowtrading=orderscount<maxDayOrder and timeenterbefore and timeenterafter and not daysforbiddenentry //indicators   ema5=average[5,1](close) ema17=average[17,1](close) ema62=average[62,1](close) ignored, ignored, ignored, ignored, BuySignal, SellSignal, ignored = CALL "WA Explosion COMBO"[150, 30, 15, 15] irsi=rsi[7](close)   //orders launch buysig = ema5>ema17 and ema62<ema5 and BuySignal>=260 and irsi>=83 sellsig = ema5<ema17 and ema62>ema5 and SellSignal>=260 and irsi<=22 if allowtrading then if buysig then buy size contract at market orderscount=orderscount+1 endif   if sellsig then sellshort size contract at market orderscount=orderscount+1 endif endif   set target pprofit takeprofit set stop ploss stoploss   timeframe(1 minute) // --- breakeven function //reset the breakevenLevel when no trade are on market IF NOT ONMARKET THEN breakevenLevel=0 ENDIF   // --- BUY SIDE --- //test if the price have moved favourably of "startBreakeven" points already IF LONGONMARKET AND close-tradeprice(1)>=startBreakeven*pipsize THEN //calculate the breakevenLevel breakevenLevel = tradeprice(1)+PointsToKeep*pipsize ENDIF   //place the new stop orders on market at breakevenLevel IF breakevenLevel>0 THEN SELL AT breakevenLevel STOP ENDIF   // --- end of BUY SIDE --- // --- SELL SIDE --- //test if the price have moved favourably of "startBreakeven" points already IF SHORTONMARKET AND tradeprice(1)-close>=startBreakeven*pipsize THEN //calculate the breakevenLevel breakevenLevel = tradeprice(1)-PointsToKeep*pipsize ENDIF //place the new stop orders on market at breakevenLevel IF breakevenLevel>0 THEN EXITSHORT AT breakevenLevel STOP ENDIF // --- end of SELL SIDE ---

  The breakeven levels would check for update every 1 minute now, so you have  to launch the strategy on the 1-minute timeframe.

  

  Nicolas

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  12/09/2019 at 11:18 PM #114525
  adeelq79

  Thank you both.

  

  adeelq79

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