Setting Stop Loss to EMA at Entry

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  • 06/18/2021 at 3:23 PM #171997 quote
    Mishap
    Participant
    Junior

    Hi Guys,

    Not sure how to word this so here goes.

    I want to set stop loss & take profit based on low of 2 candles ago. the stop loss is to use an EMA as the stop ie: if low[2] is below EMA[20] the stop loss is to be at EMA[50].

    further to this i would like to set take profit at 1.5* the stop loss.

    Apologies if this has been covered before i searched the forums but could not find a suitable solution.

    I have also had no luck trying to code this myself & have just failed miserably. any help is appreciated 🙂

    cheers

    06/18/2021 at 3:32 PM #171999 quote
    robertogozzi
    Moderator
    Master

    There you go:

    Ema20 = average[20,1](close)
Ema50 = average[50,1](close)
IF low[2] < Ema20 THEN
  SL = abs(close - Ema50)   //Stop Loss set to the difference between current price and Ema50
  TP = SL * 1.5
  SET STOP   LOSS   SL
  SET TARGET PROFIT TP
ENDIF
    Mishap and Nicolas thanked this post
    06/18/2021 at 4:05 PM #172005 quote
    Mishap
    Participant
    Junior

    Thanks mate, legend!

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Setting Stop Loss to EMA at Entry


ProOrder: Automated Strategies & Backtesting

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Mishap @mishap Participant
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This topic contains 2 replies,
has 2 voices, and was last updated by Mishap
4 years, 8 months ago.

Topic Details
Forum: ProOrder: Automated Strategies & Backtesting
Language: English
Started: 06/18/2021
Status: Active
Attachments: No files
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