How to set up

• 08/06/2024 at 11:38 AM #236161
  KumoNoJuzza

  Hi guys,

  I need help.

  I want to set up the stop loss or the exit condition to the open price of the preceding bar of the tradeindex(1) as per the blue dashes the attached pic. There must be an obvious way to do it but I am stuck.
  I am testing it on the following code:

   

  // 3 Candle Pattern //Strategy If Close[2]>Open[2] and Close[1]>Open[1] and Close<Open[2] then Bear=1 Bull=0 ElsIf Close[2]<Open[2] and Close[1]<Open[1] and Close>Open[2] then Bear=0 Bull=1 EndIf // Stop Loss Management If longonmarket and tradeprice(1) - close < 0 THEN sell 1 contract at market ENDIF If shortonmarket and tradeprice(1) - close > 0 THEN exitshort at market ENDIF //Timeframe (1 mn) If Bull=1 and Bear[1]=1 then buy 1 contract at market //DrawArrowUP(BarIndex,Low)Coloured("Green") ElsIf Bear=1 and Bull[1]=1 then sellshort 1 contract at market //DrawArrowDown(BarIndex,High)Coloured("Red") EndIf

  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

  // 3 Candle Pattern //Strategy If Close[2]>Open[2] and Close[1]>Open[1] and Close<Open[2] then Bear=1 Bull=0 ElsIf Close[2]<Open[2] and Close[1]<Open[1] and Close>Open[2] then Bear=0 Bull=1 EndIf // Stop Loss Management If longonmarket and tradeprice(1) - close < 0 THEN sell 1 contract at market ENDIF   If shortonmarket and tradeprice(1) - close > 0 THEN exitshort at market ENDIF //Timeframe (1 mn) If Bull=1 and Bear[1]=1 then buy 1 contract at market //DrawArrowUP(BarIndex,Low)Coloured("Green") ElsIf Bear=1 and Bull[1]=1 then sellshort 1 contract at market //DrawArrowDown(BarIndex,High)Coloured("Red") EndIf

  Thanks for your help

  

  KumoNoJuzza

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  08/06/2024 at 12:06 PM #236162
  JC_Bywan

  Hi, no attached pic ?

  

  JC_Bywan

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  08/06/2024 at 12:16 PM #236163
  KumoNoJuzza

  Sorry !! There you go

  

  KumoNoJuzza

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  08/06/2024 at 12:27 PM #236165
  JC_Bywan

  ok, so it’s the open of the bar when code is read, you can try to replace both line 24 and line 27 by :

  set stop price open

  if you run into issues of minimum distance, use min(open, minid)

  where minid would be your broker’s minimum distance for this asset

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  KumoNoJuzza

  

  JC_Bywan

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  08/06/2024 at 12:36 PM #236166
  KumoNoJuzza

  Thanks @JC_Bywan.

  I want to keep the same SL value for the duration of the position. I don’t want to update the SL at each new bar.

  

  KumoNoJuzza

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  08/06/2024 at 1:13 PM #236170
  JC_Bywan

  By suggesting to add set stop price open in lines 24 and 27, that’s what should happen because they are inside the same if statement as the order launching, so SL would be set only then and not updated at each new bar. You can also try to do it through a variable SL in order to graph it and visualize if behaviour matches your expectations:

  If Bull=1 and Bear[1]=1 then buy 1 contract at market SL=open set stop price SL ElsIf Bear=1 and Bull[1]=1 then sellshort 1 contract at market SL=open set stop price SL EndIf graphonprice SL

  1 2 3 4 5 6 7 8 9 10 11

  If Bull=1 and Bear[1]=1 then buy 1 contract at market SL=open set stop price SL ElsIf Bear=1 and Bull[1]=1 then sellshort 1 contract at market SL=open set stop price SL EndIf   graphonprice SL

   

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  Iván, KumoNoJuzza

  

  JC_Bywan

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  08/06/2024 at 2:57 PM #236173
  KumoNoJuzza

  Got it !! I ll play with it.

  Thanks

  

  KumoNoJuzza

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