Trailing stop function to take profit during retracement

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

  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.

  

  boonet

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

  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

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  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

   

  5 users thanked author for this post.

  Kovit, Nicolas, Monochrome, boonet, swedshare

  

  robertogozzi

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  09/27/2020 at 11:36 AM #145507
  boonet

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

  

  boonet

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