Update Target Price after each candle

• 08/27/2021 at 11:54 AM #176372
  @AlgoHunter1

  Hi,

  Would like to find a way to update a target price value after each candle.  For example, the TP is set to be close – moving average[10].  How can I update the TP once the position is on, so if the MA drops then the TP is also lowered?

  Thought there might be something in the “summation” but not had any luck yet.

   

  Thanks

  

  @AlgoHunter1

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  08/27/2021 at 1:36 PM #176378
  robertogozzi

  Try this:

  If LongOnMarket then TP = Close - average[10,0](close) If TP > 0 then SELL AT average[10,0](close) STOP Endif Endif

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  If LongOnMarket then    TP = Close - average[10,0](close)    If TP > 0 then       SELL AT average[10,0](close) STOP    Endif Endif

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  Midlanddave, @AlgoHunter1

  

  robertogozzi

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  08/27/2021 at 2:56 PM #176382
  @AlgoHunter1

  Thanks Roberto – you star!

  

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  08/27/2021 at 3:29 PM #176383
  deletedaccount051022

  robertogozzi wrote:

  Try this:

  If LongOnMarket then<br /> TP = Close – average[10,0](close)<br /> If TP > 0 then<br /> SELL AT average[10,0](close) STOP<br /> Endif<br /> Endif

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  If LongOnMarket then TP= Close – average[10,0](close) If TP > 0 then SELL AT average[10,0](close) STOP Endif Endif

  Hi robertogozzi,

  Thanks for the idea.  I am trying this out where the 20 period moving average is set as the Target Profit.  However, this will be lower than the Entry price where the market drops, so TP would not be greater than zero.  I have tried “<> 0” and other variations, but I can’t get this to work.  Hope that the attached image will help explain.

  Thanks very much as always

  

  deletedaccount051022

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  08/27/2021 at 3:56 PM #176385
  robertogozzi

  Replace line 1 with this one:

  If LongOnMarket and PositionPerf > 0 then

  1	If LongOnMarket and PositionPerf > 0 then

   

  

  robertogozzi

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  08/30/2021 at 8:24 AM #176462
  deletedaccount051022

  robertogozzi wrote:

  Replace line 1 with this one:

  If LongOnMarket and PositionPerf > 0 then

  1	If LongOnMarket and PositionPerf > 0 then

  Hi robertogozzi

  Will PRT allow you to change the TP once the trade is on (up or down)?  Thanks very much

  

  deletedaccount051022

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  08/30/2021 at 10:17 AM #176475
  robertogozzi

  Yes, you can.

  On limited risk accounts you can only reduce it, though.

   

  

  robertogozzi

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  09/09/2021 at 8:12 AM #177085
  ProRealP

  Hello!

  I find this method for profit target very interesting and have been dabbling with it for a week. I’m trying to combine in with a hard stoploss, but can’t seem to make it work. Let’s say I’d like to use this code and a percentage stop loss of 0.5%. Would this be possible? I’ve tried many variations, but none seem to work. The challenge is of course that if you use this and the market instantly goes against you, the loss is theoretically higher than your solvency.

  Here are two examples, neither of which work.

  Any ideas?

  indicator1 = MA 50 indicator2 = MA 100 c1 = if indicator1 crosses over indicator2 then buy at market set stop %loss 0.2 endif If longOnMarket and PositionPerf > 0 then TP = Close - average[50](close) If TP > 0 then sell AT average[50](close) STOP Endif Endif //Or indicator1 = MA 50 indicator2 = MA 100 c1 = if indicator1 crosses over indicator2 then buy at market endif If longOnMarket and PositionPerf > 0 then TP = Close - average[50](close) If TP > 0 then sell AT average[50](close) STOP Endif Endif If longOnMarket and PositionPerf < 0 then TP = Close - average[10](close) If TP > 0 then sell AT average[10](close) STOP Endif Endif

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  indicator1 = MA 50 indicator2 = MA 100 c1 = if indicator1 crosses over indicator2 then buy at market set stop %loss 0.2 endif   If longOnMarket and PositionPerf > 0 then TP = Close - average[50](close) If TP > 0 then sell AT average[50](close) STOP Endif Endif   //Or   indicator1 = MA 50 indicator2 = MA 100 c1 = if indicator1 crosses over indicator2 then buy at market endif   If longOnMarket and PositionPerf > 0 then TP = Close - average[50](close) If TP > 0 then sell AT average[50](close) STOP Endif Endif   If longOnMarket and PositionPerf < 0 then TP = Close - average[10](close) If TP > 0 then sell AT average[10](close) STOP Endif Endif

  

  ProRealP

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  09/09/2021 at 8:54 AM #177092
  robertogozzi

  Line 5 is correct (then code contains many syntax and logical errors, but I think this is just an example as you would have been returned some error messages), just replace it sith 0.5.

  IF…THEN must be on a line of its own and can’t be assigned to variables as it does NOT return any value, it just checks whether conditions are met or not.

   

  

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  09/09/2021 at 9:43 AM #177105
  ProRealP

  Yes, it’s just an example and I noticed I wrote a completely faulty code, but was only able to edit the post once. Guess there is a limit on that? In any case, the actual code is not the issue, but I see I also explained it poorly. Optimally I would like to make it so that the profit target function is activate when the position is in profit, but that set stop loss activates if say the market moves against me and I’m down x points on my position.

  Something like this,

  DefParam CumulateOrders = false positionsize = 1 indicator1 = MA 50 indicator2 = MA 100 c1 = indicator1 crosses over indicator2 If longOnMarket and PositionPerf > 0 then TP = Close - average[50](close) If TP > 0 then sell AT average[50](close) STOP Endif Endif If longOnMarket and PositionPerf < -50 then TP = Close - average[10](close) If TP > 0 then sell AT average[10](close) STOP Endif Endif

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  DefParam CumulateOrders = false positionsize = 1 indicator1 = MA 50 indicator2 = MA 100 c1 = indicator1 crosses over indicator2     If longOnMarket and PositionPerf > 0 then TP = Close - average[50](close) If TP > 0 then sell AT average[50](close) STOP Endif Endif   If longOnMarket and PositionPerf < -50 then TP = Close - average[10](close) If TP > 0 then sell AT average[10](close) STOP Endif Endif

  Does this make sense?

  

  ProRealP

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  09/09/2021 at 10:01 AM #177107
  robertogozzi

  You have a 5-minute time to edit your post.

  PositionPerf is a factor, to make it a percentage multiply it by 100. To convert it into Pips:

  Pips = PositionPrice * PositionPerf / PipSize

  1	Pips = PositionPrice * PositionPerf / PipSize

  to get the same value in currency:

  Money = PositionPrice * PositionPerf / PipSize * PipValue

  1	Money = PositionPrice * PositionPerf / PipSize * PipValue

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  ProRealP

  

  robertogozzi

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  09/09/2021 at 11:49 AM #177131
  ProRealP

  Thank you, Roberto! That is very useful information. I reckon I’m getting closer, but am not quite there. I tried to do it like this, but it seems to not take effect only when I’m down x points. Have I misunderstood how this works? Any ideas for how to make it work?

  Pips = PositionPrice * PositionPerf / PipSize * PipValue If shortOnMarket and PositionPerf > 0 then TP = Close - average[50](close) If TP > 0 then exitshort AT average[50](close) STOP Elsif shortOnMarket and pips <-50 then SL = Close - average[20](close) If SL > 0 then exitshort AT average[20](close) STOP Endif Endif endif

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  Pips = PositionPrice * PositionPerf / PipSize * PipValue   If shortOnMarket and PositionPerf > 0 then TP = Close - average[50](close) If TP > 0 then exitshort AT average[50](close) STOP Elsif shortOnMarket and pips <-50 then SL = Close - average[20](close) If SL > 0 then exitshort AT average[20](close) STOP Endif Endif endif

  

  ProRealP

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  09/09/2021 at 12:14 PM #177139
  robertogozzi

  Sorry, my fault, I wrote my second line incorrectly.
  Now I edited it with the variable MONEY.
  Use the first line with PIPS (you just need to remove the multiplication by PIPVALUE at the end of line 1 in your code).

  

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