Breakeven with little gain

volpiemanuele · 2016-06-11T10:02:54+00:00

Hello, i have a strategy that work in EURUSD pair and I want to add a protective stop loss when the current order reach a determinate level o profit. I want to add these protection in addition to traditional stop loss and take profit. Below the code. The strategy work in IG CFD account. It’s correct ? //when the strategy reach a gain of 50$ set the breakeven with a profit of 5$ If LongOnmarket and (close[1]- tradeprice)>= 0.05 then sell at (tradeprice + 0.005) limit endif //when the strategy reach a gain of 50$ set the breakeven with a profit of 5$ If shortONmarket and (tradeprice-close[1])>= 0.05 then exitshort at (tradeprice - 0.005) limit endif SET STOP $LOSS 90 SET TARGET $PROFIT 100

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06/11/2016 at 11:02 AM #9234 quote
volpiemanuele
Participant

Veteran
Hello,

i have a strategy that work in EURUSD pair and I want to add a protective stop loss when the current order reach a determinate level o profit. I want to add these protection in addition to traditional stop loss and take profit. Below the code. The strategy work in IG CFD account. It’s correct ?
```
//when the strategy reach a gain of 50$ set the breakeven with a profit of 5$

If LongOnmarket and (close[1]- tradeprice)>= 0.05 then
sell at (tradeprice + 0.005) limit
endif

//when the strategy reach a gain of 50$ set the breakeven with a profit of 5$
If shortONmarket and (tradeprice-close[1])>= 0.05 then
exitshort at (tradeprice - 0.005) limit
endif

SET STOP $LOSS 90
SET TARGET $PROFIT 100
```
06/11/2016 at 5:13 PM #9251 quote
Nicolas
Keymaster

Legend
Hi,

I think you should use the instruction PIPVALUE to calculate the real value in money of a pips difference:
```
If LongOnmarket and (close[1]- tradeprice)>= 50/pipvalue then
```
That way, your code will be universal with all traded instruments.

Also, to exit a long position below the actual price, you’ll have to use a STOP order and not a LIMIT one. It is the same to exit a short position (use STOP order instead).
```
exitshort at (tradeprice - 5/pipvalue) STOP
```
06/12/2016 at 11:58 AM #9276 quote

volpiemanuele
Participant

Veteran

Tanks !!!
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