The next day trade if it gets 3 stoplosses in a row

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Author

Posts

01/24/2024 at 7:34 PM #226878 quote

Participant

Junior

Hello. is there a code that makes it not place any more orders if it makes 3 losing trades in a row through stop loss on the same day. I want it to start again after the next day.

01/26/2024 at 1:01 PM #226905 quote

robertogozzi

Moderator

Legend

There you go:

ONCE TradeON = 1
ONCE SLtally = 0
ONCE SLhit   = 0
IF IntraDayBarIndex = 0 THEN
   TradeON = 1
   SLtally = 0
   SLhit   = 0
ENDIF
// check if a trade was profitable or not, then stop trading after 3 consecutive losses
IF StrategyProfit > StrategyProfit[1] THEN
   SLhit   = 0
   SLtally = 0
   TradeON = 1
ELSIF StrategyProfit < StrategyProfit[1] THEN
   SLhit = SLhit + 1
   IF SLhit = 3 THEN
      TradeON = 0
   ENDIF
ENDIF
Sma               = average[20,0](close)
MyLongConditions  = Not OnMarket AND close CROSSES OVER  Sma AND TradeON
MyShortConditions = Not OnMarket AND close CROSSES UNDER Sma AND TradeON
IF MyLongConditions THEN
BUY 1 CONTRACT AT MARKET
ELSIF MyShortConditions THEN
SELLSHORT 1 CONTRACT AT MARKET
ENDIF
SET STOP   pLOSS   10
SET TARGET pPROFIT 20
//graph SLhit
//graph TradeON coloured("Red")

01/26/2024 at 6:50 PM #226916 quote

kvacksa87

Participant

Junior

Thanks for the quick response as usual