Hello All !

I would like to set a stop loss based on the last bar close instead of the position opening.

I am currently using an algo that stops once my current profit target is reached (thanks @robertogozzi !) but I often miss bigger profit opportunities when the trade keeps going in my direction.

That is why I would like to tweak it a bit

FROM

“Once my daily target is reached, close position and stop for the day”

TO

“Once my daily target is reached, set a STOP LOSS 10 points below close and stop for the day once the strategyprofit is reached (will close when the next condition is met).

That is what I use now (works well):

ONCE MyGOAL = 50                    //50 pips Daily
IF OnMarket AND (Tally + ((PositionPerf * PositionPrice / PipSize)) >= (MyGOAL * PipSize)) THEN
SELL      AT Market
EXITSHORT AT Market
TradeON = 0

I would like to replace it with 2 components that would be:

ONCE MyGOAL = 60                    //60 pips Daily
IF OnMarket AND (Tally + ((PositionPerf * PositionPrice / PipSize)) >= (MyGOAL * PipSize)) THEN
SET STOP pLOSS (close - 10)
ENDIF

IF STRATEGYPROFIT > 50 THEN
QUIT
ENDIF

2 questions
– Would a STOP LOSS set up as above work? (“Close – 10”)? Or should I write “Close[1] – 10”?
– Would the combination of both work the way I want it to?

Your help would be appreciated!
Enjoy your day