set take profit as risk to reward from stop

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  • 07/24/2021 at 5:10 AM #174073 quote
    Mishap
    Participant
    Junior

    Hi Guys,

    Sorry if this has been covered, i have been trawling the forums for a bit now & cannot find the answer. i want to run a risk reward of 1:3 but am unsure how to get correct percentage from the stop.

    essentially i ant to buy at market set stop at high or low of last [n] bars then make take profit 3 x the distance from market order to stop loss. can anyone help?

    snippet below

    h1 = high[20]
l1 = low[20]

if longonmarket then
set target profit ??
set stop loss l1
endif

if shortonmarket then
set target profit ??
set stop loss h1
endif
    07/24/2021 at 11:10 AM #174080 quote
    nonetheless
    Participant
    Master

    Something like this?

    tp = (positionprice - L1)*3 + positionprice
    Mishap thanked this post
    07/24/2021 at 11:21 AM #174081 quote
    robertogozzi
    Moderator
    Master

    LOSS requires a difference expressed in price, not a price, thus it should be:

    tp = (positionprice - L1)*3   //Long
tp = (H1 - positionprice)*3   //Short
    nonetheless, Midlanddave and Mishap thanked this post
    07/25/2021 at 2:03 AM #174102 quote
    Mishap
    Participant
    Junior

    Thanks guys this is a massive help. sorry if this seems elementary stuff im still trying to get my head around things. its hard to teach an old dog new tricks 🙂

    so to confirm my SL is also wrong & using LOSS it should be:

    	
SL = (positionprice - L1)  //Long
SL = (H1 - positionprice)   //Short
    07/25/2021 at 2:14 AM #174103 quote
    robertogozzi
    Moderator
    Master

    Yes, that’s correct.

    You can first calculate SL, then TP as a multiple of SL:

    SL = (positionprice - L1)  //Long
SL = (H1 - positionprice)  //Short
TP = SL * 3                //Long & Short
    Mishap thanked this post
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set take profit as risk to reward from stop


ProOrder: Automated Strategies & Backtesting

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Mishap @mishap Participant
Summary

This topic contains 4 replies,
has 3 voices, and was last updated by robertogozzi
4 years, 7 months ago.

Topic Details
Forum: ProOrder: Automated Strategies & Backtesting
Language: English
Started: 07/24/2021
Status: Active
Attachments: No files
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