Manual stop loss – call me paranoid but…!

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

Veteran
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
```
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
05/17/2017 at 9:03 AM #35773 quote
robdav
Participant

Veteran
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
```
Cheers

Rob
05/17/2017 at 9:08 AM #35775 quote

Nicolas
Keymaster

Master

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 🙂
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Manual stop loss – call me paranoid but…!

ProOrder support

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robdav @robdav Participant

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This topic contains 2 replies,
has 2 voices, and was last updated by Nicolas
8 years, 8 months ago.

Topic Details

Forum:	ProOrder support
Language:	English
Started:	05/17/2017
Status:	Active
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