set stoploss from tradeprice to the lowest of 5 candles plus spread

• 03/02/2021 at 2:06 AM #162911
  kevin12345

  hi,

  i am trying to add a stop loss when going long when the candle crosses the 200ma. the stop loss is meant to be under the lowest of the last 5 candles when i have gone long. somehow it is not placing any stop loss.

  indicator1 = Average[200](close) longc1 = (low CROSSES UNDER indicator1) longc2 = (close CROSSES UNDER indicator1) bullcandle = (open<close) period = 5 for a = 0 to period -1 IF (longc1[a] or longc2[a]) and not onmarket[a] then if bullcandle and close crosses over indicator1 then buy 1 contracts at market longstoploss = (tradeprice - lowest[5](low) + 0.002)*pipsize set stop ploss longstoploss endif break ENDIF next

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  indicator1 = Average[200](close) longc1 = (low CROSSES UNDER indicator1) longc2 = (close CROSSES UNDER indicator1) bullcandle = (open<close) period = 5   for a = 0 to period -1 IF  (longc1[a] or longc2[a]) and not onmarket[a] then if bullcandle and close crosses over indicator1 then buy 1 contracts at market longstoploss = (tradeprice - lowest[5](low) + 0.002)*pipsize set stop ploss longstoploss endif break ENDIF next

   

  

  kevin12345

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  03/02/2021 at 2:23 AM #162912
  robertogozzi

  Replace TRADEPRICE with CLOSE in line 11, since it takes a whole candle for it to be known. Using CLOSE may not exactly the same, due to slippage (if any), but it’s thfe only known entry price at that moment. TRADEPRICE is either 0 (if it’s the first trade) or the exit price of the prior trade.

  Next candle, if you want to be more accurate, you can recalculate your SL. But this is usually not necessary.

   

  

  robertogozzi

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  03/02/2021 at 2:28 AM #162913
  kevin12345

  i changed the tradeprice to close and whenever i open a position it is closing immediately

  

  kevin12345

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  03/02/2021 at 2:36 AM #162914
  kevin12345

  longstoploss is always zero but when i check the individual values of close, and lowest[5](low) and do the math myself, its not equal to zero.

  

  kevin12345

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  03/02/2021 at 8:14 AM #162915
  kevin12345

  i solve it. line 11 replace with

  longstoploss = (close - lowest[5](low)+0.0002)*10000

  1	longstoploss = (close - lowest[5](low)+0.0002)*10000

  it was pipsize command. i thought it converts the number in the bracket to pips.

  

  kevin12345

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  03/02/2021 at 8:46 AM #162918
  robertogozzi

  Yes, you are right. You have to divide by PipSize:

  longstoploss = (tradeprice - lowest[5](low) + 0.002)/pipsize

  1	longstoploss = (tradeprice - lowest[5](low) + 0.002)/pipsize

   

  

  robertogozzi

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