Stop loss set at 0

• 05/31/2021 at 6:55 PM #170861
  Tutu

  Hello Everyone

  I am relatively new to PRT, I am trying to create a code that enters a long position whenever a price is hit and I would like to set a stop loss at the entry price.

  So for instance whenever target price x is reached then buy 1 contract and if the price on the next candel drops back to the entry price x then exit long position.

  PRT does not allow me to set the stop loss at 0 usd

  The idea is to exit the long position before it make a loss

  Does anyone any Alice on how to achieve this?

   

  Thank you in advance.

   

  Regards.

   

  

  Tutu

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  05/31/2021 at 8:34 PM #170862
  GraHal

  You will be at a loss the instant you execute a Buy (or SellShort).

  Reason for above is that the broker takes a spread between Buy and Sell Price (also between SellShort and ExitShort).

  Also IG will not let us have a Stop Loss that is nearer the Buy Price than the minimum IG specify … typically 6 for the DJI.  But this can be between 10 and even 100’s at volatile periods.

  Best we can do to keep Order Rejections to a minimum on the DJI is to use SL = 10, or at least 8.

  

  GraHal

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  06/01/2021 at 7:35 AM #170875
  PeterSt

  Tutu – My initial response is exactly as GraHal’s. So that. And notice that what this comes down to is setting the StopLoss at +6 which would be about equal to the spread he mentions.
  What I wanted to add :

  In program code you can do what you want. This would mean that you don’t work with a StopLoss command as such, but that you just exit (Sell when you are Long) when you / the program likes it. Is that at your calculated 0 ? then fine, you will lose the spread (amount). Did you calculate/expect** that the spread will be 10 ? then exit at a gain of 10 compared to your entry price and your profit will be 0 (what you wanted).

   

  **): Before you ask, you can’t really know the spread in advance. So you’d need to take a figure of which you’ll know to be on the safe side. However, do notice that the spread can be seen in the IG platform (not sure where – or their mobile app which shows it about everywhere).

  

  PeterSt

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  06/01/2021 at 8:57 AM #170881
  Tutu

  Thank you for your prompt reply.

  I used to follow a manual strategy/ trade manually in IG by entering long positions on select stock and commodities ( based on news and some technical/ fundamental analysis) I exit the long position the same day if the price does not move higher as expected by placing a stop loss at the entry price in IG platform after the price increases a little bit higher than the minimum spread requirement (in other words I wait for the price to increase slightly before putting the stop loss at the entry price).

  I am trying to replicate the same strategy in automatic trade in PRT.

   

  Basically I buy long position at x price wait a little bit for the price to increase then assign a stop loss at the entry price (x) so that the loss is 0 (barring any slippage) if the price does not move in the desired direction.

  If the price decreases outright after I entered the long position I set a different stop loss at say 10 pips.

  If the price moves higher I usually set a target profit.

  I am struggling to code this strategy in PRT.

  

  Tutu

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  06/01/2021 at 11:02 AM #170897
  Mattias

  I recommend reading posts such as this one from Nicolas:

  https://www.prorealcode.com/blog/learning/breakeven-code-automated-trading-strategy/

  The code that you might think would be logical for setting a stop loss to break even,

  set stop loss 0

  1	set stop loss 0

  actually deactivates the stop loss (if you didn’t know that already).

  

  Mattias

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  06/08/2021 at 10:22 AM #171381
  Tutu

  Thanks a lot everyone very helpful

  

  Tutu

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  06/09/2021 at 5:23 PM #171495
  Tutu

  Hello Everyone,

  I am still facing an issue with the following code : instead of selling ( exit long position ) the system is placing a stop loss.

  Basically what I am trying to achieve is this : buy at $x , if current price > $x  do nothing , whenever price goes back to $x then sell at $x

  Exit long

  // Definition of code parameters DEFPARAM CumulateOrders = False // Cumulating positions deactivated // Conditions to enter long positions c1 = (Open >= 50) IF c1 THEN BUY 1 CONTRACT AT MARKET ENDIF c2 = (Close = 50) IF LONGONMARKET AND c2 THEN SELL AT 50 ENDIF

  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

  // Definition of code parameters DEFPARAM CumulateOrders = False // Cumulating positions deactivated   // Conditions to enter long positions c1 = (Open >= 50)   IF c1 THEN BUY 1 CONTRACT AT MARKET ENDIF   c2 = (Close = 50)   IF LONGONMARKET AND c2 THEN SELL AT 50 ENDIF

  Thank you

   

   

  

  Tutu

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  06/09/2021 at 5:29 PM #171496
  robertogozzi

  Replace line 14 with:

  SELL AT MARKET

  1	SELL AT MARKET

  

  robertogozzi

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  06/09/2021 at 6:21 PM #171500
  Tutu

  Thank you Roberto.

  • Since I am using IG I have to consider the spread ( assuming it is 5) then I should take it into account
    c2 = (Close = 55)

    1	c2 = (Close = 55)

     

  

  Tutu

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  06/09/2021 at 7:18 PM #171501
  robertogozzi

  Yes, you can do so.

   

  

  robertogozzi

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