Stop Loss at last swing low

George Summers · 2020-03-11T10:32:39+00:00

Hi All, I’m new to automated trading so your kind help would be much appreciated. I want to provide a stop loss at the last swing low, for example just below the low (e.g. 2 points) of the last 3 bars, however, I want the stop to be fixed at that price and not trail (not last 3 bars from current bar as time passes). Thanks very much 🙂 Kindest Regards, George

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03/11/2020 at 11:32 AM #121803 quote

George Summers
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Hi All,

I’m new to automated trading so your kind help would be much appreciated.

I want to provide a stop loss at the last swing low, for example just below the low (e.g. 2 points) of the last 3 bars, however, I want the stop to be fixed at that price and not trail (not last 3 bars from current bar as time passes).

Thanks very much 🙂

Kindest Regards,

George

03/11/2020 at 12:02 PM #121807 quote
robertogozzi
Moderator

Legend
You have to set your Stop Loss when you place an order, so it will not move (LONG example):
```
IF MyLongConditions AND Not OnMarket THEN
   BUY 1 CONTRACT AT MARKET
   SET STOP LOSS abs(close - (lowest[3](low) - 3 * pipsize))
ENDIF
```
George Summers thanked this post
03/11/2020 at 12:13 PM #121808 quote

George Summers
Participant

New

Hi Roberto,

Thank you very much, I will give it a shot.

George

03/11/2020 at 12:26 PM #121809 quote

George Summers
Participant

New

Hi Roberto,

Yep, that works.

And if I wanted to set my profit say 2 times my risk?

Thanks again.

George

03/11/2020 at 2:13 PM #121820 quote

robertogozzi
Moderator

Legend

Then you have to save your stop loss in a variable, then use it with a multiplier:
[scode]
IF MyLongConditions AND Not OnMarket THEN
BUY 1 CONTRACT AT MARKET
SL = abs(close – (lowest[3](low) – 3 * pipsize))
SET STOP LOSS SL
SET TARGET PROFIT SL * 2
ENDIF
[/scode]

George Summers thanked this post

03/13/2020 at 11:12 PM #122103 quote

George Summers
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New

Thanks again Roberto.
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