Using ATR as SL or TP

• 06/01/2016 at 2:50 PM #8589
  K12AN

  I would like to use the Average True Range (ATR) value as an exit criteria to my strategy.

  I would like to test the following possibilities. Any help would be much appreciated.

  1. Take profits if pips = ATR
  2. Take profit if pips = ATR/2
  3. Stop loss if pips = ATR
  4. Stop loss if pips = ATR/2
  5. Trailing stop if pips = ATR
  6. Trailing stop if pips = ATR/2

  

  K12AN

  Participant

  Topics: 10

  Replies: 13

  Been thanked: 1 time
  06/01/2016 at 3:27 PM #8592
  Nicolas

  Please find below a code snippet to code that:

  atr = averagetruerange[14] //set TP 2 times the ATR and SL 1 time the ATR SET TARGET PROFIT atr*2 SET STOP LOSS atr

  1 2 3 4 5

  atr = averagetruerange[14]   //set TP 2 times the ATR and SL 1 time the ATR SET TARGET PROFIT atr*2 SET STOP LOSS atr

   

   

  

  Nicolas

  Keymaster

  Topics: 81

  Replies: 20828

  Been thanked: 4738 times
  06/01/2016 at 3:56 PM #8598
  K12AN

  Thank you for your prompt advice Nicolas.

  I will give it a try 😉

  

  K12AN

  Participant

  Topics: 10

  Replies: 13

  Been thanked: 1 time
  06/01/2016 at 5:06 PM #8608
  K12AN

  Would this be a problem if the ATR value is not a whole number? i.e. if ATR = 11.3 , would the SL or TP be set at 11 i.e. the nearest whole number?

  Or would it be rejected as 11.3 is not a valid pip value?

   

  Regards

  Kiran

  

  K12AN

  Participant

  Topics: 10

  Replies: 13

  Been thanked: 1 time
  06/01/2016 at 6:54 PM #8609
  Nicolas

  It’s not a problem since SET STOP LOSS and SET TARGET PROFIT need “price” value, not point one (these are different instructions : PLOSS and PPROFIT).

  e.g.:

  SET TARGET PROFIT 0.0032 SET STOP LOSS 0.010

  1 2	SET TARGET PROFIT 0.0032 SET STOP LOSS 0.010

   

   

  

  Nicolas

  Keymaster

  Topics: 81

  Replies: 20828

  Been thanked: 4738 times
• Author
  Posts