STOP LOSS TO MINIMIZE LOSSES

OMXet · 2022-12-16T16:35:26+00:00

Hi You all coders ;>) I want this to happen in sideways markets to minimize size of losses but my code skills are below par. // Stops and targets IF pPROFIT =< 10 THEN SET STOP pLOSS 0 ENDIF SET STOP pLOSS 50 SET TARGET pPROFIT 250

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12/16/2022 at 5:35 PM #205914 quote

OMXet
Participant

Junior

Hi

You all coders ;>)

I want this to happen in sideways markets to minimize size of losses but my code skills are below par.

// Stops and targets
IF pPROFIT =< 10
THEN SET STOP pLOSS 0
ENDIF

SET STOP pLOSS 50
SET TARGET pPROFIT 250

12/16/2022 at 11:16 PM #205932 quote

JS
Participant

Master

Hi @OMXet

Is it the intention that you measure the “Range” of the sideways movement and when it is too narrow / small that you then set your stop loss to zero …?

12/16/2022 at 11:32 PM #205933 quote

OMXet
Participant

Junior

Hi

Noooo, I just want to SET STOP LOSS = 0 as fast as my profit is over 10 points!!!

12/16/2022 at 11:57 PM #205936 quote
JS
Participant

Master
Hi @OMXet

You can then use “Close-TradePrice” to see if your profit is larger than 10.
Instead of “Set Stop pLoss 0” you can set the “Set Stop” to the level of the “TradePrice”… (BreakEven)
```
If Close - TradePrice > 10 then
Set Stop Price TradePrice
Set Target pProfit 250
Else
Set Stop pLoss 50
Set Target pProfit 250
EndIf
```
OMXet and Midlanddave thanked this post
12/23/2022 at 3:31 PM #206241 quote

OMXet
Participant

Junior

Thx JS

Exactly what I was looking for ;>))
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