Set stoploss with percentage

• 01/09/2020 at 8:34 PM #116338
  k3rex

  Hi,

  I have this code before,
  https://www.prorealcode.com/topic/rsi-automated-buy-and-sell-request/

  But would like to develop a stop loss function with this. I want it to buy when it buys, but I want that if I lose more than 0.3% then I want to sell, just as security, otherwise I want to sell at the highest similar to what the code shows, in this case: if onmarket and myrsi > 70 then sell at market

  rsi-automated-buy-and-sell-request

  defparamcumulate orders = false myrsi = rsi[14] if myrsi < 30 then buy 1 contract at market endif if onmarket and myrsi > 70 then sell at market endif

  1 2 3 4 5 6 7 8 9 10 11

  defparamcumulate orders = false myrsi = rsi[14] if myrsi < 30 then buy 1 contract at market endif if onmarket and myrsi > 70 then sell at market endif

   

  1 user thanked author for this post.

  midel

  

  k3rex

  Participant

  Topics: 6

  Replies: 3

  Been thanked: 1 time
  01/09/2020 at 10:05 PM #116342
  Vonasi

  k3rex – Your topic has been moved to the ProOrder forums which are for automated strategy topics. You posted in the ProBuilder forum which is for indicator topics. Please try to ensure that you post in the correct forum with future topics.

  

  Vonasi

  Moderator

  Topics: 192

  Replies: 5088

  Been thanked: 1812 times
  01/09/2020 at 10:10 PM #116343
  Vonasi

  Just add:

  set stop %loss 0.3

  1	set stop %loss 0.3

  to the bottom of the strategy and it will sell when price hits 0.3% below your buy price.

  Alternatively you can add:

  if onmarket and close <= positionprice * 0.997 then sell at market endif

  1 2 3

  if onmarket and close <= positionprice * 0.997 then sell at market endif

  and it will sell at the close of any candle that closes 0.3% or more lower than your buy price.

  You should check that 0.3% is not too close to price as your broker will have a minimum stop distance and reject any order that is too close and possibly stop your strategy. You can use use MAX to try to ensure that no order is sent that is too close although sometimes brokers can add a big spread and a big minimum stop distance during high volatility so this is not totally foolproof.

  For example if the minimum stop distance is 5 then the following will ensure that the 0.3% order is never closer than 5.

  minstopdistance = 5 minstopperc = (minstopdistance/close)*100 mystop = max(minstopperc, 0.3) set stop %loss mystop

  1 2 3 4 5 6

  minstopdistance = 5 minstopperc = (minstopdistance/close)*100   mystop = max(minstopperc, 0.3)   set stop %loss mystop

   

   

  1 user thanked author for this post.

  k3rex

  

  Vonasi

  Moderator

  Topics: 192

  Replies: 5088

  Been thanked: 1812 times
  01/12/2020 at 8:08 PM #116539
  k3rex

  Thank you, it is possible to do the opposite too? When

  if onmarket and myrsi > 70 then

  sell at market 

  and then make an short position? So when the short position hit :

  if myrsi < 30 then

  buy 1 contract at market

  endif

  I mean the RSI 30-level and then sell it? Like it goes around like a circle.

  So what I mean is, when you reach the 70 level, then it becomes a short position and it sold when you reach the 30 level, and at the 30 level you buy and sell at the 70 level, and of course 0.3% stop loss function is inserted so you do not lose any capital.

  

  k3rex

  Participant

  Topics: 6

  Replies: 3

  Been thanked: 1 time
  01/12/2020 at 10:29 PM #116563
  Vonasi

   

  defparamcumulate orders = false myrsi = rsi[14] if myrsi < 30 then buy 1 contract at market endif if onmarket and myrsi > 70 then sellshort 1 contract at market endif set stop %loss 0.3

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

  defparamcumulate orders = false myrsi = rsi[14] if myrsi < 30 then buy 1 contract at market endif if onmarket and myrsi > 70 then sellshort 1 contract at market endif   set stop %loss 0.3

   

  1 user thanked author for this post.

  Nicolas

  

  Vonasi

  Moderator

  Topics: 192

  Replies: 5088

  Been thanked: 1812 times
• Author
  Posts