trailing stop based on higher lows

Swisspatrick · 2022-04-04T10:33:30+00:00

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.

Viewing 6 posts - 1 through 6 (of 6 total)

Author

Posts
04/04/2022 at 11:33 AM #191155 quote
Swisspatrick
Participant

New
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.

higher-lows.jpg
04/04/2022 at 3:54 PM #191186 quote
robertogozzi
Moderator

Legend
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
```
Midlanddave, Swisspatrick and icharttop thanked this post
04/04/2022 at 6:54 PM #191196 quote

GraHal
Participant

Legend

Link to code above saved as Log 317 here …

Snippet Link Library

robertogozzi and Midlanddave thanked this post

07/21/2022 at 7:01 PM #197655 quote
sibeihotan
Participant

New
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
```
Thanks in advance!
07/22/2022 at 12:14 PM #197711 quote
robertogozzi
Moderator

Legend
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
```
sibeihotan and Midlanddave thanked this post
07/22/2022 at 3:20 PM #197718 quote

GraHal
Participant

Legend

Link to above added as Log 331 here …

Snippet Link Library

robertogozzi and Midlanddave thanked this post
Author

Posts