Set take profit on Pivot Point level

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  • 01/07/2019 at 2:05 PM #88107 quote
    MarcoDSP
    Participant
    Junior
    hi everyone, 
    I would like to set a take profit condition for a proorder strategy.
    The take profit must be set at the level of the daily pivot point when the position is opened.
    I tried with this code:
     
    // Conditions for exiting long positions
indicator6 = (DHigh (1) + DLow (1) + DClose (1)) / 3
c26 = (close <= indicator6)
 
IF c26 THEN
SELL AT MARKET
ENDIF

     

     unfortunately with this code the pivot point is updated according to the new price trend. I would like to set the take profit at the level of the daily pivot point at the time the order is opened.
    It can be done?
    thanx Marco
    01/07/2019 at 2:14 PM #88109 quote
    Vonasi
    Moderator
    Master

    Just save the value at the time that the buy order is placed and then place a pending sell stop order at each bar close. Alternatively just sell at that price or below that price as you did in your code.

    if (your conditions) then
buy 1 contract at market
exitprice = (DHigh (1) + DLow (1) + DClose (1)) / 3
sell at exitprice stop
endif
 
IF longonmarket THEN
sell at exitprice stop
ENDIF
    if (your conditions) then
buy 1 contract at market
exitprice = (DHigh (1) + DLow (1) + DClose (1)) / 3
endif
 
IF longonmarket and close <= exitprice THEN
sell at market
ENDIF

    Note: Please use the ‘Insert PRT Code’ button when putting code in your future posts as it makes it easier for others to read. I have tidied up your post for you. 🙂

    01/08/2019 at 8:29 AM #88140 quote
    MarcoDSP
    Participant
    Junior

    thanks for the reply Vonasi, and thank you for ordering my post. In the future I will use the right function to enter the codes here.

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Set take profit on Pivot Point level


ProOrder: Automated Strategies & Backtesting

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MarcoDSP @marco_cardone Participant
Summary

This topic contains 2 replies,
has 2 voices, and was last updated by MarcoDSP
7 years, 1 month ago.

Topic Details
Forum: ProOrder: Automated Strategies & Backtesting
Language: English
Started: 01/07/2019
Status: Active
Attachments: No files
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