Stop Loss at last swing low

• 03/11/2020 at 11:32 AM #121803
  George Summers

  Hi All,

  I’m new to automated trading so your kind help would be much appreciated.

  I want to provide a stop loss at the last swing low, for example just below the low (e.g. 2 points) of the last 3 bars, however, I want the stop to be fixed at that price and not trail (not last 3 bars from current bar as time passes).

  Thanks very much 🙂

  Kindest Regards,

  George

   

   

  

  George Summers

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  03/11/2020 at 12:02 PM #121807
  robertogozzi

  You have to set your Stop Loss when you place an order, so it will not move (LONG example):

  IF MyLongConditions AND Not OnMarket THEN BUY 1 CONTRACT AT MARKET SET STOP LOSS abs(close - (lowest[3](low) - 3 * pipsize)) ENDIF

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  IF MyLongConditions AND Not OnMarket THEN    BUY 1 CONTRACT AT MARKET    SET STOP LOSS abs(close - (lowest[3](low) - 3 * pipsize)) ENDIF

   

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  robertogozzi

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  03/11/2020 at 12:13 PM #121808
  George Summers

  Hi Roberto,

  Thank you very much, I will give it a shot.

  George

  

  George Summers

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  03/11/2020 at 12:26 PM #121809
  George Summers

  Hi Roberto,

  Yep, that works.

  And if I wanted to set my profit say 2 times my risk?

  Thanks again.

  George

  

  George Summers

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  03/11/2020 at 2:13 PM #121820
  robertogozzi

  Then you have to save your stop loss in a variable, then use it with a multiplier:

  IF MyLongConditions AND Not OnMarket THEN BUY 1 CONTRACT AT MARKET SL = abs(close – (lowest[3](low) – 3 * pipsize)) SET STOP LOSS SL SET TARGET PROFIT SL * 2 ENDIF

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  IF MyLongConditions AND Not OnMarket THEN    BUY 1 CONTRACT AT MARKET    SL = abs(close – (lowest[3](low) – 3 * pipsize))    SET STOP   LOSS   SL    SET TARGET PROFIT SL * 2 ENDIF

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  03/13/2020 at 11:12 PM #122103
  George Summers

  Thanks again Roberto.

  

  George Summers

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