Trailing stop function to take profit during retracement

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  • 07/09/2020 at 9:28 AM #138818 quote
    boonet
    Participant
    Senior

    Firstly, I would like to thank everyone for creating such an amazing community.
    I need a little coding help with the trailing stop algo –

    Scenario: Buy Long

    Preconditions:

    • BUY long 1 contract
    • Using the Trailing STOP function from snippet library
    • TrailingStart set to 200 pips
    • Trailing Step set to 15 pips

    During trade:

    • Profit reaches 175 pips
    • Starts to retrace to 100 pips

    I want to:

    • Take profit @ 100 pips
    • Open another BUY long trade immediately.

     

    Similiar flow for short SELL

    Is it a profitable approach?

    If yes, can you help me code this or direct me to relevant documentation?

     

    Thanks in advance.

    09/27/2020 at 9:03 AM #145492 quote
    robertogozzi
    Moderator
    Master

    This should do, but couldn’t test it, nor check syntax errors, if any:

    Once TriggerPips  = 175 * pipsize
Once CloseTrigger = 100 * pipsize
Once TPflag       = 0 //will be set to 1 when TP reaches 175 pips
If not OnMarket then
   TPflag    = 0
    MyProfit = 0
Endif
If LongOnMarket then
   MyProfit = Close - PositionPrice
Elsif ShortOnMarket then
   MyProfit = PositionPrice - close
Endif
If MyProfit >= TriggerPips Then
  TPflag = 1
Endif
If TPflag And MyProfit <= CloseTrigger Then
   TPflag    = 0
   MyProfit = 0
   NewSL   = 0
   If LongOnMarket Then
      Sell at Market
      Buy 1 Contract at Market
   Elsif ShortOnMarket Then
      Exitshort at Market
      Sellshort 1 contract at Market
   Endif
Endif
    swedshare, boonet, Monochrome, Nicolas and Kovit thanked this post
    09/27/2020 at 11:36 AM #145507 quote
    boonet
    Participant
    Senior

    Thanks @robertogozzi, will test it and let you know how it goes.
    Cheers.

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Trailing stop function to take profit during retracement


ProOrder: Automated Strategies & Backtesting

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boonet @boonet Participant
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This topic contains 2 replies,
has 2 voices, and was last updated by boonet
5 years, 5 months ago.

Topic Details
Forum: ProOrder: Automated Strategies & Backtesting
Language: English
Started: 07/09/2020
Status: Active
Attachments: No files
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