trailing stop based on higher lows

• 04/04/2022 at 11:33 AM #191155
  Swisspatrick

  hi! Need a little help for an individual stoploss. let’s take a simple setup for an entry condition:

  1 2 3 4

  PatternToday = range > 5*PipSize   //range = high – low IF high > high[1] AND PatternToday[1] AND Not OnMarket THEN    BUY 1 CONTRACT AT MARKET ENDIF

  now I would like to build a simple, but effective trailing stoploss just like in the image:

  • after the entry, the first stop will be the low of the entry bar
  • if the next bar’s low is higher, then this will become the new stoploss level
  • if the next bar’s low is not higher, either the old stoploss level will remain, or like in the graphic, it will trigger a sell order

  any help is much appreciated. Thank you.

  

  Swisspatrick

  Participant

  Topics: 5

  Replies: 3

  Been thanked: 0 times
  04/04/2022 at 3:54 PM #191186
  robertogozzi

  There you go:

  IF Not OnMarket THEN MySL = 0 ENDIF IF MyLongConditions THEN BUY 1 CONTRACT AT Market MySL = low ENDIF IF MySL > 0 THEN MySL = max(MySL,low) SELL AT MySL STOP ENDIF

  1 2 3 4 5 6 7 8 9 10 11

  IF Not OnMarket THEN    MySL = 0 ENDIF IF MyLongConditions THEN    BUY 1 CONTRACT AT Market    MySL = low ENDIF IF MySL > 0 THEN    MySL = max(MySL,low)    SELL AT MySL STOP ENDIF

  3 users thanked author for this post.

  icharttop, Swisspatrick, Midlanddave

  

  robertogozzi

  Moderator

  Topics: 69

  Replies: 17891

  Been thanked: 4505 times
  04/04/2022 at 6:54 PM #191196
  GraHal

  Link to code above saved as Log 317 here …

  Snippet Link Library

  2 users thanked author for this post.

  Midlanddave, robertogozzi

  

  GraHal

  Participant

  Topics: 222

  Replies: 9220

  Been thanked: 2424 times
  07/21/2022 at 7:01 PM #197655
  sibeihotan

  Hi,

  Chanced upon this idea and found it to be really useful. I wanted to make some tweaks to it and would greatly appreciate some help to double check if I’ve coded it correctly. If i wanted the stop loss to be at the lows/highs of the previous candle instead of the entry candle and for subsequent candles, to be at the lows/highs of the previous candles as well, is this the correct code for it?

  IF Not OnMarket THEN MySLl = 0 MySLs = 0 ENDIF IF LONGONMARKET THEN MySLl = low[1] ENDIF IF MySLl > 0 THEN MySLl = max(MySLl,low[1]) SELL AT MySLl STOP ENDIF IF SHORTONMARKET THEN MySLs = high[1] ENDIF IF MySLs > 0 THEN MySLs = min(MySLs,high[1]) BUY AT MySLs STOP ENDIF

  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

  IF Not OnMarket THEN MySLl = 0 MySLs = 0 ENDIF   IF LONGONMARKET THEN MySLl = low[1] ENDIF   IF MySLl > 0 THEN MySLl = max(MySLl,low[1]) SELL AT MySLl STOP ENDIF   IF SHORTONMARKET THEN MySLs = high[1] ENDIF   IF MySLs > 0 THEN MySLs = min(MySLs,high[1]) BUY AT MySLs STOP ENDIF

  Thanks in advance!

  

  sibeihotan

  Participant

  Topics: 1

  Replies: 1

  Been thanked: 0 times
  07/22/2022 at 12:14 PM #197711
  robertogozzi

  I changed it this way:

  IF Not OnMarket THEN MySLl = 0 MySLs = 999999 ENDIF IF LONGONMARKET AND (close > low[1]) THEN MySLl = max(low[1],MySLl) ENDIF IF MySLl > 0 THEN SELL AT MySLl STOP ENDIF IF SHORTONMARKET AND (close < high[1]) THEN MySLs = min(MySLs,high[1]) ENDIF IF MySLs > 0 THEN BUY AT MySLs STOP ENDIF

  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

  IF Not OnMarket THEN    MySLl = 0    MySLs = 999999 ENDIF IF LONGONMARKET AND (close > low[1]) THEN    MySLl = max(low[1],MySLl) ENDIF IF MySLl > 0 THEN    SELL AT MySLl STOP ENDIF IF SHORTONMARKET AND (close < high[1]) THEN    MySLs = min(MySLs,high[1]) ENDIF IF MySLs > 0 THEN    BUY AT MySLs STOP ENDIF

   

  2 users thanked author for this post.

  Midlanddave, sibeihotan

  

  robertogozzi

  Moderator

  Topics: 69

  Replies: 17891

  Been thanked: 4505 times
  07/22/2022 at 3:20 PM #197718
  GraHal

  Link to above added as Log 331 here …

  Snippet Link Library

  2 users thanked author for this post.

  Midlanddave, robertogozzi

  

  GraHal

  Participant

  Topics: 222

  Replies: 9220

  Been thanked: 2424 times
• Author
  Posts