Trailing stop loss that advances when a new swing high or low are made

Thally · Sat, 10 Aug 2019 15:42:37 +0000

Hi all, another post from me. Thanks for all the help thus far, really appreciate it while I’m learning. Hope to be able to give back in due course. I am trying to code a trailing stop loss that places stops above recent swing highs (shoreside) and swing lows (longside). I have utilised some code I found that calculates recent fractals. It works ok but there is on key missing ingredient that I am not sure how to code. If we are following the trend then we should only move the stop up/down when a previous swing point is closed through, at which point the trailing stop would move to the closes swing high or low. Right now using the below code the trailing stop will simply move to the next identified fractal regardless of whether price has moved in our direction and closed above (uptrend) or below (downtrend) the current swing high/low. I only want the trailing stop to advance when price closes through the current swing high/low in our direction. Does that make sense? This is what I typically do manually when trend following intraday and works a treat. Would be awesome to automate it. Here’s the trailing stop code I currently have which is adapted from a few other sources. Any help gratefully received Roj // calculate swing points PivotBAR = 2 LookBack = 4 // Swing low BarLookBack = PivotBAR + 1 IF low[PivotBAR] < lowest[LookBack](low)[BarLookBack] THEN IF low[PivotBAR] = lowest[BarLookBack](low) THEN SupportPrice = low[PivotBAR] ENDIF ENDIF // Swing high IF high[PivotBAR] > highest[LookBack](high)[BarLookBack] THEN IF high[PivotBAR] = highest[BarLookBack](high) THEN ResistancePrice = high[PivotBAR]//high[BarIndex - MyResistance] ENDIF ENDIF // Parameters for determining when BE stop kicks in TrailingStart = 1*AverageTrueRange[10] * pipsize //trailing will start @trailinstart points profit TrailingStep = 0 * pipsize // Longside IF LONGONMARKET THEN // move to breakeven IF newSL = 0 AND CLOSE - TRADEPRICE(1) >= TrailingStart THEN newSL = TRADEPRICE(1) + TrailingStep ENDIF // next moves IF newSL > 0 AND close > ResistancePrice AND SupportPrice > newSL THEN newSL = SupportPrice[1] ENDIF ENDIF //Shortside IF SHORTONMARKET THEN // move to breakeven IF newSL = 0 AND TRADEPRICE(1) - CLOSE >= TrailingStart THEN newSL = TRADEPRICE(1) - TrailingStep ENDIF // next moves IF newSL > 0 AND close < SupportPrice AND ResistancePrice < newSL THEN newSL = ResistancePrice[1] ENDIF ENDIF //stop order to exit the positions IF newSL > 0 THEN SELL AT newSL STOP EXITSHORT AT newSL STOP ENDIF

This topic has 19 replies, 5 voices, and was last updated 3 years ago by ligand.

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12/22/2020 at 10:25 PM #154924

Vonasi

‘cumulateorder’ should be ‘cumulateorders’

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ligand

Vonasi
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12/23/2020 at 12:49 PM #154978

ligand

Thanks, vonasi, sorry of course…and str means avaragetruerange.

Now I screened the whole handbook but I can’t find an answer to this (hopefully) last question:

If my screener tells me to buy, I could just write a single buy- command at the beginning of the swing low/trailing stop code and start it. But how can I stop the program to buy again after using the sell-stop. QUIT or ONCE don’t work.

Sorry for all these questions.

ligand
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12/23/2020 at 1:12 PM #154985

Vonasi

Sorry – I don’t understand your question.

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12/24/2020 at 11:11 AM #155107

ligand

The code from Thally manages the exit of the automated trade.

My screener gives me the candidate for the trade an tells me: buy now.

Now I just need a code to integrate in Thallys program at the beginning, which commands the immediate execution of the trade entry (after manually starting the trade program) once and no more. Afterwards the exit management from Thally kicks in.

ligand
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01/06/2021 at 7:16 PM #156659

ligand

Or can someone alternatively please help me to transform Thally’s code into an indicator, to which I can link a stop-loss order via the alarm or alert function??? If it is not possible to transform the program into a comlete trading system with a simple and single entry.

Or where could I get help from, regardless in which way?

I’d be very thankful

ligand
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Trailing stop loss that advances when a new swing high or low are made

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