Trailing Stop based on time

RichardVeen · 2022-01-11T19:52:16+00:00

Hi, Question: is it possible to set a Trailing Stop based on time? The situation is as follows: Buy 1 LOT AT MARKET with a trailing stop of 10 points (from the entry price) in a 15 min chart. After buying 1 LOT, the price drops and the trailing stop stays at 10 points and after 5 min. the price is still below the entry price. Is it possible that after 5 min. , the trailing stop moves automatically to 5 points (from the entry price) and after 10 min. to breakeven and so on….. so in steps of 5?

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01/11/2022 at 8:52 PM #185188 quote

RichardVeen
Participant

Junior

Hi,

Question: is it possible to set a Trailing Stop based on time?

The situation is as follows:

Buy 1 LOT AT MARKET with a trailing stop of 10 points (from the entry price) in a 15 min chart.

After buying 1 LOT, the price drops and the trailing stop stays at 10 points and after 5 min. the price is still below the entry price.

Is it possible that after 5 min. , the trailing stop moves automatically to 5 points (from the entry price) and after 10 min. to breakeven and so on….. so in steps of 5?

01/12/2022 at 1:26 AM #185222 quote
robertogozzi
Moderator

Legend
There you go (you should run it on a 5-minute, or 1-minute, chart):
```
Timeframe(default)
IF Not OnMarket THEN
   MyEXIT    = 10 * PipSize
   LastPrice = 0
ENDIF
//
Timeframe(15 minute,UpdateOnClose)
IF close CROSSES OVER average[200,1](close) AND Not OnMarket THEN
   BUY 1 CONTRACT AT MARKET
   SET STOP   LOSS   MyEXIT
   SET TARGET PROFIT MyEXIT * 3
ENDIF
//
Timeframe(default)
IF OnMarket THEN
   IF Not OnMarket[1] THEN
      MyEXIT    = (TradePrice - MyEXIT)
      LastPrice = TradePrice
   ENDIF
   IF close > (LastPrice + 5*PipSize) THEN
      LastPrice = close
      MyEXIT    = MyEXIT + 5*PipSize
   ENDIF
ENDIF
IF LongOnMarket THEN
   SELL AT MyEXIT STOP
ENDIF
//graphonprice MyEXIT     coloured(255,0,0,255)
//graphonprice TradePrice coloured(0,0,255,255)
//graphonprice LastPrice  coloured(0,128,0,155)
```
01/30/2022 at 2:49 PM #187072 quote

RichardVeen
Participant

Junior

Thanks @robertogozzi!
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