Trailing stop function to take profit during retracement

boonet · 2020-07-09T08:28:14+00:00

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.

Viewing 3 posts - 1 through 3 (of 3 total)

Author

Posts
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

Legend
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.
Author

Posts

Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic.

New

Stuck on this ProBuilder code?

Describe what this topic is trying to build, in plain English, and ProRealAI writes the ProRealTime™ indicator, screener or system for you.

Available in 7 languages

Try ProRealAI

Trailing stop function to take profit during retracement

ProOrder: Automated Strategies & Backtesting

New Reply

Author

boonet @boonet Participant

Summary

This topic contains 2 replies,
has 2 voices, and was last updated by boonet
6 years ago.

Topic Details

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