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.