using candles to define stops

• 11/12/2018 at 2:29 AM #84654
  chris

  hi

  I’m trying to figure out how to use candles to define the initial stop as well as the exit.  I have attached what I have coded so far, which runs though doesn’t quite capture what I am trying to do.

  For long positions, the initial stop would be the low of the opening candle or previous candle and for short positions the stop would be the high of the opening candle or previous candle.

  For long positions, the exit is a stop order below a bull candle with a body > 50% ATR and for short positions, the exit is a stop order above a bear candle with a body >50% ATR.  The obvious problem is the stop order expires after the close of the following candle – is there some way to keep the stop at that level? I have done the video training on loops though am not yet experienced or smart enough to figure it out 🙂

  Any tips or suggestions greatly appreciated,

  cheers

  Chris

  AUDUSD M15 candles with moving average

  // Definition of code parameters DEFPARAM CumulateOrders = false // Cumulating positions Position = 1 ma = triangularAverage[10](close) myatr = factor*AverageTrueRange[period](close) longcross = close crosses over ma shortcross = close crosses under ma bullcandle = close - open > myatr bearcandle = open - close > myatr // Conditions to enter long positions IF longcross and bullcandle then BUY Position CONTRACT AT high + 0.0001 stop set stop loss low[0] endif // Conditions to exit long positions if longonmarket and bullcandle then stopsignal = low sell at highest[5](stopsignal) -0.0001 stop else stopsignal = 0 endif // Conditions to enter short positions IF shortcross and bearcandle THEN SELLSHORT Position CONTRACT AT low - 0.0001 stop set stop loss high[0] ENDIF // Conditions to exit short positions if shortonmarket and bearcandle then stopsignal = high exitshort at stopsignal +0.0001 stop else stopsignal =0 endif // Stops and targets

  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39

  // Definition of code parameters DEFPARAM CumulateOrders = false // Cumulating positions Position = 1 ma = triangularAverage[10](close) myatr = factor*AverageTrueRange[period](close) longcross = close crosses over ma shortcross = close crosses under ma bullcandle = close - open > myatr bearcandle = open - close > myatr   // Conditions to enter long positions IF longcross and bullcandle then BUY Position CONTRACT AT high + 0.0001 stop set stop loss low[0] endif   // Conditions to exit long positions if longonmarket and bullcandle then stopsignal = low sell at highest[5](stopsignal) -0.0001 stop else stopsignal = 0 endif   // Conditions to enter short positions IF shortcross and bearcandle THEN SELLSHORT Position CONTRACT AT low - 0.0001 stop set stop loss high[0] ENDIF   // Conditions to exit short positions if shortonmarket and bearcandle then stopsignal = high exitshort at stopsignal +0.0001 stop else stopsignal =0 endif   // Stops and targets

   

  

  chris

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  11/12/2018 at 7:36 AM #84656
  Leo

  Hi. when the condition, make a variable than save the barindex of the crossing. Like CrossingPosition=barindex

  Then make another condition for decide how many bars after crossing you still wanted tho open trades. Like: lowest[5](conditionToTrade)=1

  Then set the set stoploss at low[barindex-CrossingPosition]

  Keep learning! That’s the most important thing.

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  chris

  

  Leo

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  11/12/2018 at 11:21 AM #84681
  robertogozzi

  One suggestion, try to avoid using +-0.0001, since it is instrument dependent, use

  + 1 * pipsize //or -1 * pipsize

  1	+ 1 * pipsize  //or -1 * pipsize

  instead and let ProOrder do the math.

  Between lines 13 and 14 insert the following

  SL = low[0]

  1	SL = low[0]

  then replace line 14 with

  set stop loss SL

  1	set stop loss SL

  do the same at line 28 with high[0].

  This will save your SL values, they will only be overwritten when conditions at line 12 and 26 will be true again.

   

   

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  chris

  

  robertogozzi

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