Stop loss at x% of low of entry bar

• 08/12/2018 at 2:34 PM #78045
  petitdudu

  Hello !

  I want to sell a long position if at any time after the buy, the stock reaches a price 2% below the low of the candle of entry. I thought about using (0,98*Tradeindex(low)) but that doesn’t work.

  Can anyone tell me how to code this ?

  Thank you very much !

  

  petitdudu

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  08/12/2018 at 3:29 PM #78047
  Vonasi

  if not onmarket and (your conditions) then buy 1 contract at market sl = low * 0.98 endif sell at sl stop

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  if not onmarket and (your conditions) then buy 1 contract at market sl = low * 0.98 endif   sell at sl stop

   

  

  Vonasi

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  08/12/2018 at 3:32 PM #78048
  robertogozzi

  Tradeindex is the bar when the trade was opened. Tradeprice is the keyword you should use, instead.

  But first of all you have to save the price of the LOW when the trade is opened, like:

  IF My_Conditions AND Not Onmarket THEN BUY 1 ONTRACT AT MARKET MyLow = LOW * 0.98 ENDIF

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  IF My_Conditions AND Not Onmarket THEN    BUY 1 ONTRACT AT MARKET    MyLow = LOW * 0.98 ENDIF

  Then you can test the exit conditions:

  A) comparing the current price each bar

  IF LongOnMarket AND Close <= MyLow THEN SELL AT MARKET ENDIF

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  IF LongOnMarket AND Close <= MyLow THEN    SELL AT MARKET ENDIF

  or

  B) using a pending order each bar

  IF LongOnMarket THEN SELL AT MyLow STOP ENDIF

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  IF LongOnMarket THEN    SELL AT MyLow STOP ENDIF

   

   

  

  robertogozzi

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  08/12/2018 at 3:33 PM #78049
  robertogozzi

  You don’t need to use TRADEPRICE either.

  

  robertogozzi

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  08/12/2018 at 4:48 PM #78057
  Vonasi

  I think we have both got it slightly wrong Robert where the pending orders are concerned as mine only lasts one bar and yours it not placed on the first bar!

  These two options might work better:

  if not onmarket and (your conditions) then buy 1 contract at market sl = low * 0.98 sell at sl stop endif if longonmarket then sell at sl stop endif

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  if not onmarket and (your conditions) then buy 1 contract at market sl = low * 0.98 sell at sl stop endif if longonmarket then sell at sl stop endif

  or

  if not onmarket and (your conditions) then buy 1 contract at market sl = low * 0.98 set stop ploss close - sl endif

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  if not onmarket and (your conditions) then buy 1 contract at market sl = low * 0.98 set stop ploss close - sl endif

  If it is a market with lots of gaps then the last option might not work so well.

  1 user thanked author for this post.

  Nicolas56

  

  Vonasi

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  08/13/2018 at 3:12 PM #78084
  petitdudu

  Ok it works. Thank you !!

  

  petitdudu

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