Stop moved to entry when in profit

• 07/12/2018 at 10:21 AM #75854
  Vonasi

  I’ve tidied the post up – again! The ‘Insert PRT Code Button’ is not difficult to find or use! 🙂

  

  

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  07/12/2018 at 12:50 PM #75868
  Dave_the_trader

  Please understand I have zero coding knowledge. Someone helped me put the algo together. They can’t help me get the stop to entry once in 25 points profit and adviced that I use this forum.

  I don’t know what breakevenflag means or how it works.

  

  Dave_the_trader

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  07/12/2018 at 2:23 PM #75876
  Vonasi

  breakevenflag is just a variable used in this case as a switch . It is either on (=1) or off (=0). If you have reached your 25 pips then it is switched on and so the code knows now that we have achieved that goal. If we later sell then we switch it off so that the code can once again start looking to see when we have a new trade whether it has hit our desired 25 pips.

  

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  07/12/2018 at 2:25 PM #75877
  Dave_the_trader

  Thanks for the explanation. How does it set the stop to entry or zero points?

  

  Dave_the_trader

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  07/12/2018 at 2:36 PM #75878
  Vonasi

  There was a typo in your last code and you had // an important part of the code. I tested this code and it does what you ask for.

  // indicators and parameters defparam cumulateorders = false defparam flatbefore = 083000 defparam flatafter =170000 possize = 2 IF TIME = 090000 THEN //include the 0910 candle Top = highest[6](high) // go back 8 candles Bottom = lowest[6](low) // go back 8 candles LongsForDay = 0 MaxPos = 1 ENDIF IF TradeIndex = BarIndex THEN LongsForDay = LongsForDay + 1 ENDIF IF TIME >=090000 AND LongsForDay < MaxPos THEN BUY possize CONTRACTS AT Top +11 STOP SELLSHORT possize CONTRACTS AT Bottom -11 stop ENDIF set target profit 50 set stop loss 170 IF not onmarket then breakevenflag = 0 ENDIF IF longonmarket and (CLOSE-TradePrice) > 25 or shortonmarket and (TradePrice - close) > 25 THEN breakevenflag = 1 ENDIF IF breakevenflag = 1 THEN sellshort possize contracts at positionprice stop sell possize contracts at positionprice stop ENDIF

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  // indicators and parameters defparam cumulateorders = false defparam flatbefore = 083000 defparam flatafter =170000 possize = 2 IF TIME = 090000 THEN //include the 0910 candle Top = highest[6](high) // go back 8 candles Bottom = lowest[6](low) // go back 8 candles LongsForDay = 0 MaxPos = 1 ENDIF IF TradeIndex = BarIndex THEN LongsForDay = LongsForDay + 1 ENDIF IF TIME >=090000 AND LongsForDay < MaxPos THEN BUY possize CONTRACTS AT Top +11 STOP SELLSHORT possize CONTRACTS AT Bottom -11 stop ENDIF set target profit 50 set stop loss 170 IF not onmarket then breakevenflag = 0 ENDIF IF longonmarket and (CLOSE-TradePrice) > 25 or shortonmarket and (TradePrice - close) > 25 THEN breakevenflag = 1 ENDIF IF breakevenflag = 1 THEN sellshort possize contracts at positionprice stop sell possize contracts at positionprice stop ENDIF

   

  

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  07/12/2018 at 2:44 PM #75879
  Vonasi

  Some explanation:

  //If you are not in a trade we make sure the flag is switched off IF not onmarket then breakevenflag = 0 ENDIF //Then we check to see if any long or short positions have reached 25 pips or more and we switch the flag on if they have IF longonmarket and (CLOSE-TradePrice) > 25 or shortonmarket and (TradePrice - close) > 25 THEN breakevenflag = 1 ENDIF //if the flag is now switched on telling us that we have previously hit 25 pips then we send stop orders to the market at each candle opening to //close any long or short positions at the price the trade was opened at IF breakevenflag = 1 THEN sellshort possize contracts at positionprice stop sell possize contracts at positionprice stop ENDIF

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  //If you are not in a trade we make sure the flag is switched off IF not onmarket then breakevenflag = 0 ENDIF   //Then we check to see if any long or short positions have reached 25 pips or more and we switch the flag on if they have IF longonmarket and (CLOSE-TradePrice) > 25 or shortonmarket and (TradePrice - close) > 25 THEN breakevenflag = 1 ENDIF //if the flag is now switched on telling us that we have previously hit 25 pips then we send stop orders to the market at each candle opening to //close any long or short positions at the price the trade was opened at IF breakevenflag = 1 THEN sellshort possize contracts at positionprice stop sell possize contracts at positionprice stop ENDIF

   

  

  Vonasi

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  07/12/2018 at 7:46 PM #75887
  mr blue

  Correct me if I am wrong, but the breakeven rule is triggered with every candle closing. So if within a candle we have a spike in the desired direction nothing happens until candle close time is here, please confirm.

  

  mr blue

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  07/12/2018 at 8:30 PM #75889
  robertogozzi

  Yes, you’re right, and if the price retraces to a price lower than your treshold before closing, it eon’t Even trigger breakeven even if in profit.

  It can be modified so that it compares HIGH instead of CLOSE to your treshold.

  

  robertogozzi

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  07/12/2018 at 11:19 PM #75890
  Vonasi

  mr blue wrote:

  Correct me if I am wrong, but the breakeven rule is triggered with every candle closing. So if within a candle we have a spike in the desired direction nothing happens until candle close time is here, please confirm.

  Yes but we can only make decisions at the candle close. If it goes 25 pips in profit and then falls back to 5 pips in loss then we have no chance to catch that get out at break even mid candle. Setting a stop loss at break even after a candle has closed just because at sometime during the candle it went above a 25 pip gain would most probably lock in more losses than break evens. We can only do what we can do at candle close and I think the OP was working on short time frames and on markets where 25 pips in a short amount of time is likely.

  

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  07/13/2018 at 7:44 AM #75892
  Dave_the_trader

  Thanks for all the help, I went to prepare the algo for automatic trading and got the following:

   

  The following changes must be applied before sending the code to ProOrder:

  Trading systems with orders that partially close a position cannot be sent to ProOrder (ex: sell 3 shares at market). Make sure that no quantity is specified in instructions to close positions (in this case the instruction closes the entire position). Ex: sell at market. Exitshort at 1.5 limit

   

  Please help?

  

  Dave_the_trader

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  07/13/2018 at 8:56 AM #75898
  Vonasi

  Change the last four lines of code to this:

  IF breakevenflag = 1 THEN sellshort at positionprice stop sell at positionprice stop ENDIF

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  IF breakevenflag = 1 THEN sellshort at positionprice stop sell at positionprice stop ENDIF

  Partial position closure is not allowed in ProOrder trading yet. Rumours are that it should be soon.

  

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