Stop loss based on bar close instead of position opening

• 07/19/2022 at 10:03 AM #197496
  Jodal

  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

  1 2 3 4 5

  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

  1 2 3 4 5 6 7 8

  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

  

  Jodal

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  07/19/2022 at 6:40 PM #197525
  robertogozzi

  Replace line 3 of the second code snippet with this new instruction added a few months ago:

  Set Stop Price (close - 10*PipSize)

  1	Set Stop Price (close - 10*PipSize)

  1 user thanked author for this post.

  Jodal

  

  robertogozzi

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