Setting Stop Loss to EMA at Entry

Mishap · 2021-06-18T14:23:17+00:00

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

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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

Legend
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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