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:

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  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

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  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

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  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

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  04/04/2022 at 6:54 PM #191196
  GraHal

  Link to code above saved as Log 317 here …

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  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

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  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

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  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

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  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

   

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  07/22/2022 at 3:20 PM #197718
  GraHal

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