Problem with Stoploss function

• 04/27/2017 at 3:30 PM #33696
  Despair

  I have a strange problem. The stop loss function does not work for me if i want to use a level from the chart. Example:

  sl=dlow(1)

  set stop loss sl

  It simply does not work.

  If i instead use a stop in points it works without problems. Example:

  sl=100

  set stop ploss sl

  Can anybody help? Where is my mistake?

  

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  04/27/2017 at 3:52 PM #33697
  JC_Bywan

  Hi,

  Your sl variable in set stop ploss sl should be a distance in points not a level, if you stay it’s equal to dlow(1), you’re not giving it the distance (entryprice-dlow(1)) between your entry and dlow(1), you’re making the distance itself equal to dlow(1), which is likely to be too huge an amount in points to ever be trigered

  

  JC_Bywan

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  04/27/2017 at 3:56 PM #33700
  Despair

  Actually i do not. The second example with ploss (giving the distance to the stoploss in points) i have no problem. It is the first example where i want to give the stoploss as a level and not a distance that does not work.

  

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  04/27/2017 at 4:04 PM #33702
  Despair

  Have you seen that in the first example i wrote “set stop loss” and not “set stop ploss”?

  Or i ask different. How do i set a stop loss at a level and not a distance?

  

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  04/27/2017 at 4:19 PM #33703
  Nicolas

  You can’t put a stoploss at a level. ploss is actually in points, while loss is in décimal format. For a 10 pips stoploss for EURUSD, you should do it like this:

  set stop loss 0.0010 // or set stop ploss 10

  1 2 3

  set stop loss 0.0010 // or set stop ploss 10

   

  

  Nicolas

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  04/27/2017 at 4:21 PM #33704
  JC_Bywan

  You’re right to notice I didn’t see the first was just loss rather than ploss, true I was only looking at the sl=dlow(1) vs the sl=100…

  However, it doesn’t change the answer, because unless I’m mistaken both loss and ploss require a distance with their syntax, not a level… so set stop loss dlow(1) would still consider dlow(1) as a distance and even if it’s not with ploss it would need “entryprice-dlow(1)” rather than dlow(1)

  Also Nicolas might correct me but I think I remember reading him once saying that ploss might disappear in a future PRT version and only loss would remain (to be confirmed by him, that’s just a vague memory I’m having here), which might explain why the documentation with “ploss” in the url now points to “loss” rather than “ploss”:

  https://www.prorealcode.com/documentation/ploss/

  I am not aware of another keyword with “set stop” that would set up a stop loss directly on a level without calculating the distance.

  The only way to work directly with a level and not a distance would be to use a pending stop order, but need to be aware that these type of orders are valid only during one candle, so the code needs to be written in a such a way it would reset it again at each candle it’s needed

  https://www.prorealcode.com/documentation/stop-pending/

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