Setting Stop Loss to EMA at Entry

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

  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

  

  Mishap

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

  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

  1 2 3 4 5 6 7 8

  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

   

  2 users thanked author for this post.

  Nicolas, Mishap

  

  robertogozzi

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  06/18/2021 at 4:05 PM #172005
  Mishap

  Thanks mate, legend!

  

  Mishap

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