Two different stop loss exit strategy

• 01/07/2019 at 8:18 AM #88079
  jamesgodfrey80

  Hi all,

  I want to add another stop loss to my code below but I’m not sure how to do it.  I already have a a fixed stop loss based on price (as you can see below). I was hoping you fine people could help to add another stop loss which would only be allowed to work at the END of an interval (e.g 1hour) for a different stop loss price.

  So I would end up with :

  1. stop loss which can exit at anytime throughout the trade for a fixed price e.g 120 points.
  2. stop loss which can only exit the trade at the end of a time interval if the price hits e.g 70.

  Many thank,

  James

  The code below is just used as an example !

  ValidTime = (TIME > 070000) AND (TIME <120000) once TradeTime = 1 IF ValidTime THEN TradeTime = 1 ELSE TradeTime = 0 ENDIF // Conditions to enter long positions indicator1 = Average[55](close) c1 = (close[1] CROSSES OVER indicator1[1]) IF c1 and tradetime and close [0] > close [1] THEN BUY 1 PERPOINT AT MARKET ENDIF // Conditions to enter short positions indicator2 = Average[45](close) c2 = (close[1] CROSSES UNDER indicator2[1]) IF c2 and tradetime and close [0] < close [1] THEN SELLSHORT 1 PERPOINT AT MARKET ENDIF // Stops and targets SET STOP pLOSS 100 SET TARGET pPROFIT 100

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  ValidTime = (TIME > 070000) AND (TIME <120000) once TradeTime = 1 IF ValidTime THEN TradeTime = 1 ELSE TradeTime = 0 ENDIF // Conditions to enter long positions indicator1 = Average[55](close) c1 = (close[1] CROSSES OVER indicator1[1]) IF c1 and tradetime and close [0] > close [1] THEN BUY 1 PERPOINT AT MARKET ENDIF // Conditions to enter short positions indicator2 = Average[45](close) c2 = (close[1] CROSSES UNDER indicator2[1]) IF c2 and tradetime and close [0] < close [1] THEN SELLSHORT 1 PERPOINT AT MARKET ENDIF // Stops and targets SET STOP pLOSS 100 SET TARGET pPROFIT 100

   

  

  jamesgodfrey80

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  01/07/2019 at 2:36 PM #88110
  Nicolas

  If you want to exit an order exactly on the first candlestick Close of the hour, you can test it like this:

  if hour<>hour[1] then sell at market exitshort at market endif

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  if hour<>hour[1] then sell at market exitshort at market endif

  You can of course add any other condition with AND

  (.. AND if Close>=70)

   

  

  Nicolas

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  01/07/2019 at 6:31 PM #88122
  jamesgodfrey80

  Thanks Nicolas for the reply.   Sorry I didn’t explain myself better originally.

  I only want the trade to exit if the price has gone higher or lower than e.g 40 points, at the end of ANY interval be it the 1st or the 12 or 24th. It would only close when an interval has finished and the price is higher than what I stated.

  I hope that makes better sense as currently it will exit after the first interval close.

  Hopefully you can help my frustrations in this matter.

  Many thanks,

  James

  

  jamesgodfrey80

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  01/08/2019 at 8:50 AM #88143
  Nicolas

  Since the code is only read one time at Close, any instruction that close an order is already doing it “at the end of any interval”.

  If you want to close an order that is higher than 40 points than your order open price, you can do it as follow:

  close a short position in loss of 40 points or more

  if close-tradeprice(1)>40*pointsize then exitshort at market endif

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  if close-tradeprice(1)>40*pointsize then exitshort at market endif

  Of course this code will run at the end of each candlestick on the timeframe the strategy is currently running on.

  

  Nicolas

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  01/08/2019 at 9:57 AM #88149
  GraHal

  So is tradeprice(1) the price of the currently open trade?

  Or should it be tradeprice(0)?

  

  GraHal

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  01/08/2019 at 10:43 AM #88154
  GraHal

  GraHal wrote:

  So is tradeprice(1) the price of the currently open trade?

  I should have said …

  So is tradeprice(1) the price at execution of the currently open trade?

  

  GraHal

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  01/08/2019 at 11:01 AM #88156
  Nicolas

  tradeprice(0) returns nothing at all. It must be tradeprice or tradeprice(1).

   

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  GraHal

  

  Nicolas

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  01/09/2019 at 12:35 PM #88241
  jamesgodfrey80

  A massive thanks again.  Much appreciated !  Only.

  I’m having differing back test results.  As you can see. The chart on the left has only a basic stop loss based on price. The chart on the right has the basic price stop loss and the added code for exiting the position at the end of an interval.  As you can see in the results the chart with the added code has a lot of 0 bar trades when back tested with the added stop loss.  I’m unsure why.  Any help would be greatly appreciated.  The code I’m playing around with is on a 1 hour time frame on the Dow.

   

  Thanks again

  

  jamesgodfrey80

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  01/11/2019 at 11:03 AM #88376
  jamesgodfrey80

  Hi all,

  please can you let me know if the coding is correct in the highlighted area in the attachment to bring short and long trades out. Please don’t take any notice of the coding as this is just an example.

   

  I seem to be having some anomalies from the results above and am wondering if this part of the code is wrong.

  thanks,

  james

  

  jamesgodfrey80

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