Moving Stop Loss once based on condition

• 10/08/2024 at 1:36 PM #238717
  Crazzycameel

  Hello, first post on this forum so hopefully I have not misinterpreted any rules. I have for many hours tried to create a moving stop loss that should only move once and based on a condition. But with all my tries it mostly just exit price at the opening of the candle rather than moving the stop loss. What I want is: if a fractal low is created after the opening of my trade, I want to trail my stoploss to that low, thus tightening the Stoploss. But I only want it to be done once.

  //BARINDEX-TRADEINDEX(1)>1 = to make sure price doesn't look back a signal ahead of the entry //cp1 and CB1H1 = variables for recognizing a fractal //close > MoveSL = gives the signal that a fractal low has been created stoploss = abs(close - (lowest[5](low))-5*pipsize) IF longonmarket then if BARINDEX-TRADEINDEX(1)>1 and cp1 and CB1H1 and close > MoveSL THEN set stop loss stoploss endif endif

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  //BARINDEX-TRADEINDEX(1)>1 = to make sure price doesn't look back a signal ahead of the entry //cp1 and CB1H1 = variables for recognizing a fractal //close > MoveSL = gives the signal that a fractal low has been created     stoploss = abs(close - (lowest[5](low))-5*pipsize) IF longonmarket then if BARINDEX-TRADEINDEX(1)>1 and cp1 and CB1H1 and close > MoveSL THEN set stop loss stoploss endif endif

   

  when running this it just closes at the open of the next candle when the signal is given instead of moving the stop loss to the lowest low (-5 pips) of the last five candles. the code is essentially just as this snippet:

  IF longonmarket then if BARINDEX-TRADEINDEX(1)>1 and cp1 and CB1H1 and close > MoveSL THEN sell at market endif endif

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  IF longonmarket then if BARINDEX-TRADEINDEX(1)>1 and cp1 and CB1H1 and close > MoveSL THEN sell at market endif endif

   

  Anyone who has any advice would be greatly appreciated.
  Regards
  Jonathan

  

  Crazzycameel

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  10/08/2024 at 4:15 PM #238732
  robertogozzi

  Try this one:

  IF Not OnMarket THEN SetStop = 1 ENDIF stoploss = abs(close - (lowest[5](low))-5*pipsize) IF longonmarket and SetStop then if BARINDEX-TRADEINDEX(1)>1 and cp1 and CB1H1 and close > MoveSL THEN set stop loss stoploss SetStop = 0 endif endif

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  IF Not OnMarket THEN    SetStop = 1 ENDIF stoploss = abs(close - (lowest[5](low))-5*pipsize) IF longonmarket and SetStop then    if BARINDEX-TRADEINDEX(1)>1 and cp1 and CB1H1 and close > MoveSL THEN       set stop loss stoploss       SetStop = 0    endif endif

   

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  robertogozzi

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  10/08/2024 at 4:59 PM #238735
  Crazzycameel

  thanks roberto, its unfortunately reacting in the same manner and closes upon the opening of the next candle

  i have added a printscreen below from my PRT just visually describing the issue if its any help

  if you have any other suggestions i would appreciate it very much

  

  Crazzycameel

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  10/09/2024 at 8:36 AM #238750
  Iván

  Roberto’s code seems correct. Maybe you should check CP1, CB1H1 or moveSL.
  i suggest work with graphonprice and graph in order to check exactly what is going on.
  Here you have an example of code with StopLoss changing to breakeven.

  ema1=average[10,1](close) ema2=average[50,1](close) lmin=lowest[20](low) rr=2 bk=1 if not onmarket and ema1 crosses over ema2 then closeprice=close stopLong=lmin riskLong=close-lmin tpLong=close+rr*riskLong breakEvenLevel=close+bk*riskLong buy 1 contract at market set stop price stopLong set target price tpLong endif if onmarket and high crosses over breakEvenLevel then stopLong=tradeprice set stop breakeven endif graphonprice ema1 coloured("blue") graphonprice ema2 coloured("purple") graphonprice tpLong coloured("green") graphonprice stopLong coloured("red") graphonprice breakEvenLevel coloured("fuchsia")

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  ema1=average[10,1](close) ema2=average[50,1](close)   lmin=lowest[20](low)   rr=2 bk=1   if not onmarket and ema1 crosses over ema2 then   closeprice=close stopLong=lmin riskLong=close-lmin tpLong=close+rr*riskLong breakEvenLevel=close+bk*riskLong   buy 1 contract at market set stop price stopLong set target price tpLong endif   if onmarket and high crosses over breakEvenLevel then stopLong=tradeprice set stop breakeven endif graphonprice ema1 coloured("blue") graphonprice ema2 coloured("purple") graphonprice tpLong coloured("green") graphonprice stopLong coloured("red") graphonprice breakEvenLevel coloured("fuchsia")

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  Crazzycameel

  

  Iván

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  10/10/2024 at 1:49 PM #238826
  Crazzycameel

  Hey Ivan

  Thanks for the advice of graphing the indicators, I have found a solution, I am not entirely sure of the logic of the solution though haha

  //MOVING SL ONCE IF A FRACTAL IS CREATED IF Not OnMarket THEN SetStop = 1 ENDIF stoploss = (lowest[5](low)) stoploss1 = (lowest[5](low)) IF longonmarket and SetStop = 1 then if BARINDEX-TRADEINDEX(1)>1 and CB1H and close > entry1 THEN stoploss=tradeprice NEWSL = stoploss-stoploss1 set stop loss NEWSL SetStop = 0 endif endif graphonprice CB1H coloured("green") graphonprice stoploss coloured("red") graphonprice stoploss1 coloured("blue")

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  //MOVING SL ONCE IF A FRACTAL IS CREATED   IF Not OnMarket THEN SetStop = 1 ENDIF   stoploss = (lowest[5](low)) stoploss1 = (lowest[5](low))   IF longonmarket and SetStop = 1 then if BARINDEX-TRADEINDEX(1)>1 and CB1H and close > entry1 THEN stoploss=tradeprice NEWSL = stoploss-stoploss1 set stop loss NEWSL SetStop = 0 endif endif   graphonprice CB1H coloured("green") graphonprice stoploss coloured("red") graphonprice stoploss1 coloured("blue")

  The CB1H indicator only returns a value in one candle(green spikes in the picture added), which seems to affect the stoploss function to return a value (just speculating). If you have any insight for me to learn, that would be greatly appreciated

  //Also Robertos code does also work I when the signal occurs I noticed, but only when I write it a flat value in the stoploss, like this:

   

  IF Not OnMarket THEN
  SetStop = 1
  ENDIF

  IF longonmarket and SetStop then
  if BARINDEX-TRADEINDEX(1)>1 and CB1H and close > entry1 THEN
  set stop loss 30
  SetStop = 0
  endif
  endif

  //cannot manage to write this part as code here for some reason, sorry haha

  

  Crazzycameel

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