Setting up Stop Loss and Take Profit with defined Risk Reward

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

  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…..

  test

  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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  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

  

  lederer

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  05/24/2021 at 11:41 AM #170255
  robertogozzi

  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

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  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.

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  lederer

  

  robertogozzi

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  05/24/2021 at 12:38 PM #170261
  lederer

  Thank you very much Roberto, works as intended, but my strategy needs more refinements.

  

  lederer

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