Manual stop loss – call me paranoid but…!

• 05/17/2017 at 8:54 AM #35771
  robdav

  Hi

  I’m fully aware that we can use the code below to set a stop loss of 20 points but this is visible to the broker.

  SET STOP PLOSS 20

  1	SET STOP PLOSS 20

  Twice now, my stop loss has been hit by 1 or 2 points and then gone on to achieve the 100 point target. This annoys me.

  I’m assuming it would be possible to not set a stop loss as above but to achieve it via code. Yes I’m aware this would carry more risk but has anyone done this who could share their code?

  Thanks

  Rob

  

  robdav

  Participant

  Topics: 65

  Replies: 116

  Been thanked: 7 times
  05/17/2017 at 9:03 AM #35773
  robdav

  Does this seem correct please?

  manualstoploss = 20 // manual stop loss pips/points // LONGS // Test if the price has moved to the manual stop loss level IF LONGONMARKET AND close-tradeprice(1)>=manualstoploss*pipsize THEN SELL AT MARKET ENDIF // SHORTS // Test if the price has moved to the manual stop loss level IF SHORTONMARKET AND close+tradeprice(1)>=manualstoploss*pipsize THEN EXITSHORT AT MARKET ENDIF

  1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

  manualstoploss = 20 // manual stop loss pips/points   // LONGS // Test if the price has moved to the manual stop loss level   IF LONGONMARKET AND close-tradeprice(1)>=manualstoploss*pipsize THEN SELL AT MARKET ENDIF // SHORTS // Test if the price has moved to the manual stop loss level   IF SHORTONMARKET AND close+tradeprice(1)>=manualstoploss*pipsize THEN EXITSHORT AT MARKET ENDIF

  Cheers

  Rob

  

  robdav

  Participant

  Topics: 65

  Replies: 116

  Been thanked: 7 times
  05/17/2017 at 9:08 AM #35775
  Nicolas

  Yes, but be aware that your code would be only read once per bar and thus the stoploss triggered much larger than your “manualstoploss” value. It would not be so important in a 1 second timeframe, but a lot more in an 1 hour one obviously 🙂

  

  Nicolas

  Keymaster

  Topics: 81

  Replies: 20863

  Been thanked: 4775 times
• Author
  Posts