Set stoploss with percentage

k3rex · 2020-01-09T19:34:18+00:00

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 defparamcumulate orders = false myrsi = rsi[14] if myrsi 70 then sell at market endif

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

Junior
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
```
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
```
midel thanked this post
01/09/2020 at 10:05 PM #116342 quote

Vonasi
Moderator

Master

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.

01/09/2020 at 10:10 PM #116343 quote
Vonasi
Moderator

Master
Just add:
```
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
```
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
```
k3rex thanked this post
01/12/2020 at 8:08 PM #116539 quote

k3rex
Participant

Junior

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.

01/12/2020 at 10:29 PM #116563 quote
Vonasi
Moderator

Master
```
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
```
Nicolas thanked this post
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