Time-based Stop Loss

• 05/25/2020 at 5:16 PM #133206
  Sascha

  Hi,

  How can I code a time-based stop loss, meaning if, for example,  a short trade is going on for more than a specified length of time (ie. 20 hours), then it should move the stop loss to breakeven minus 2 pips?

  Thanks.

  Sascha

  

  Sascha

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  05/25/2020 at 6:03 PM #133214
  robertogozzi

  You can use the number of elapsed bars:

  IF Not OnMarket THEN MyProfit = 0 NewSL = 0 ENDIF IF LongOnMartket THEN MyProfit = close - TradePrice ELSIF ShortOnMartket THEN MyProfit = TradePrice - close ENDIF IF Barindex >= (TradeIndex + 10) AND MyProft > 0 AND NewSL = 0 THEN //Count 10 bars before setting Break Even NewSL = TradePrice ENDIF IF NewSL THEN IF LongOnMarket THEN SELL AT NewSL STOP ELSIF ShortOnMarket THEN EXITSHORT AT NewSL STOP ENDIF ENDIF

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  IF Not OnMarket THEN     MyProfit = 0     NewSL    = 0 ENDIF IF LongOnMartket THEN    MyProfit = close - TradePrice ELSIF ShortOnMartket THEN    MyProfit = TradePrice - close ENDIF IF Barindex >= (TradeIndex + 10) AND MyProft > 0 AND NewSL = 0 THEN //Count 10 bars before setting Break Even    NewSL = TradePrice ENDIF IF NewSL THEN    IF LongOnMarket THEN       SELL AT NewSL STOP    ELSIF ShortOnMarket THEN       EXITSHORT AT NewSL STOP    ENDIF ENDIF

  or use the MTF support to exactly count hours:

  TIMEFRAME(????,UpDateOnClose) . . TIMEFRAME(1 hour,UpdateOnClose) IF Not OnMarket THEN MyProfit = 0 NewSL = 0 Count = 0 ELSE Count = Count + 1 ENDIF IF LongOnMartket THEN MyProfit = close - TradePrice ELSIF ShortOnMartket THEN MyProfit = TradePrice - close ENDIF IF Count >= 20 AND MyProfit > 0 AND NewSL = 0 THEN //Count 20 hours before setting Break Even NewSL = TradePrice ENDIF IF NewSL THEN IF LongOnMarket THEN SELL AT NewSL STOP ELSIF ShortOnMarket THEN EXITSHORT AT NewSL STOP ENDIF ENDIF . . TIMEFRAME(default) . .

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  TIMEFRAME(????,UpDateOnClose) . . TIMEFRAME(1 hour,UpdateOnClose) IF Not OnMarket THEN    MyProfit = 0    NewSL    = 0    Count    = 0 ELSE    Count = Count + 1 ENDIF IF LongOnMartket THEN    MyProfit = close - TradePrice ELSIF ShortOnMartket THEN    MyProfit = TradePrice - close ENDIF IF Count >= 20 AND MyProfit > 0 AND NewSL = 0 THEN //Count 20 hours before setting Break Even    NewSL = TradePrice ENDIF IF NewSL THEN    IF LongOnMarket THEN       SELL AT NewSL STOP    ELSIF ShortOnMarket THEN       EXITSHORT AT NewSL STOP    ENDIF ENDIF . . TIMEFRAME(default) . .

   

   

  

  robertogozzi

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