Setting up Stop Loss and Take Profit with defined Risk Reward

lederer · 2021-05-21T14:58:33+00:00

Hello need some help with coding, too dumb for this…. – after entering a long/short position, the stop is placed for a long position (1 candles back low) and for short (1 candles back high) – after setting up stop loss, it should set the take profit with an risk reward ratio of 1:1.5 for future candles For example: Long/short condition requirements are met then set stop loss 1 candle back at low and set take profit by risk reward ratio 1:1.5 example #1 long -> entry price is 100 -> lowest price on last candle is 90, set stop loss there -> set from there target profit with RR of 1.5 which would be 15 at price of 115 example #2 short -> entry price 100 -> highes price on last candle is 110, set stop loss there -> set target profit at with rr of 1.5 which would be 15 at price of 85 something like that….. IF MyLongConditions AND Not OnMarket THEN BUY 1 CONTRACT AT MARKET NewSL = low[1] SELL AT NewSL STOP SET TARGET $PROFIT((tradeprice(0) - NewSL)*1.5) ENDIF // IF MyShortConditions AND Not OnMarket THEN SELLSHORT 1 CONTRACT AT MARKET NewSL = high[1] EXITSHORT AT NewSL STOP SET TARGET $PROFIT((NewSL - tradeprice(0))*1.5) ENDIF

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05/21/2021 at 3:58 PM #170127 quote
lederer
Participant

New
Hello need some help with coding, too dumb for this….

– after entering a long/short position, the stop is placed for a long position (1 candles back low) and for short (1 candles back high)

– after setting up stop loss, it should set the take profit with an risk reward ratio of 1:1.5 for future candles

For example:

Long/short condition requirements are met then set stop loss 1 candle back at low and set take profit by risk reward ratio 1:1.5
- example #1 long -> entry price is 100 -> lowest price on last candle is 90, set stop loss there -> set from there target profit with RR of 1.5 which would be 15 at price of 115
- example #2 short -> entry price 100 -> highes price on last candle is 110, set stop loss there -> set target profit at with rr of 1.5 which would be 15 at price of 85
something like that…..
```
IF MyLongConditions AND Not OnMarket THEN
   BUY 1 CONTRACT AT MARKET
   NewSL = low[1]
   SELL  AT NewSL STOP
   SET TARGET $PROFIT((tradeprice(0) - NewSL)*1.5)
ENDIF
//
IF MyShortConditions AND Not OnMarket THEN
   SELLSHORT 1 CONTRACT AT MARKET
   NewSL = high[1]
   EXITSHORT AT NewSL STOP
   SET TARGET $PROFIT((NewSL - tradeprice(0))*1.5)
ENDIF
```
05/24/2021 at 11:41 AM #170255 quote
robertogozzi
Moderator

Legend
There you go:
```
IF MyLongConditions AND Not OnMarket THEN
   BUY 1 CONTRACT AT MARKET
   SL = abs(close - low[1])
   TP = SL * 1.5
   SET TARGET PROFIT TP
   SET STOP   LOSS   SL
ENDIF
//
IF MyShortConditions AND Not OnMarket THEN
   SELLSHORT 1 CONTRACT AT MARKET
   SL = abs(close - high[1])
   SET TARGET PROFIT TP
   SET STOP   LOSS   SL
ENDIF
```
it’s better to use SET TARGET PROFIT and SET STOP LOSS whenever possible, because pending orders expire each bar and need to be placed again till the trade is closed.

lederer thanked this post
05/24/2021 at 12:38 PM #170261 quote

lederer
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New

Thank you very much Roberto, works as intended, but my strategy needs more refinements.
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Setting up Stop Loss and Take Profit with defined Risk Reward

ProOrder: Automated Strategies & Backtesting

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lederer @lederer Participant

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This topic contains 2 replies,
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5 years, 4 months ago.

Topic Details

Forum:	ProOrder: Automated Strategies & Backtesting
Language:	English
Started:	05/21/2021
Status:	Active
Attachments:	No files