Stop loss below/above the open position candle
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- This topic has 5 replies, 4 voices, and was last updated 2 weeks ago by davidator.
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08/31/2024 at 8:41 AM #23693308/31/2024 at 9:43 AM #236934
There you go:
123456789101112IF Not OnMarket THEN// LONG entryIF MyLongConditions THENBUY 1 CONTRACT AT MARKETSET STOP PRICE (low - 1*PipSize)ENDIF// SHORT entryIF MyShortConditions THENSELLSHORT 1 CONTRACT AT MARKETSET STOP PRICE (high + 1*PipSize)ENDIFENDIF08/31/2024 at 10:45 AM #236938Maybe as a supplement…
A (classic) “Set Stop Loss” is always calculated from the (average) price at which the position is opened…
Set Stop pLoss 10 will place a stop loss of 10 points/pips below the purchase price of your “long” position or 10 points/pips above the purchase price of your “short” position…
If you don’t want to use points/pips but prefer a price level, you can use “Set Stop Price”…
Set Stop Price Low will place a stop loss on the price level of the “Low” of the previous candle…
Set Stop Price High will place a stop loss at the price level of the “High” of the previous candle…
4 users thanked author for this post.
08/31/2024 at 1:45 PM #236955Thank you for both messages! Now it’s clear.
I would also like to understand how to set a take profit order when a certain price level is touched and not after the bar/candle is closed.
For example, I would like to set the take profit order as soon as the MA20 is touched.
09/01/2024 at 8:13 AM #23696809/01/2024 at 1:26 PM #236970Hi Niklas, thanks for your answer.
IG minimum distance for the stop order isn’t a problem so far since I’m only using probacktest to test strategies, I do not use automatic trading now.
So, can you make an example on how to use “set plimit X” with an indicator, as an example the MA20?
Also, if possible I’d like to experiment with targets which are multiples of the stop loss. For a long position that would be, assuming I enter on the close of the bar, CLOSE-LOW. How the formula would be written in the code?
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