Utilizing Multiple Stops - EasyLanguage Setstoploss Setpercenttrailing

March 26th, 2015, 11:51 AM

I am new to tradestation and to easy language and I am trying to set up some stops in my strategy. What I would like to have happen is for a stop to be set when I enter a trade as a stop loss then if a trade begins to show a profit I want to change this to a percent trailing stop that tightens as the profit increases. I am sure it has something to do with the way the language executes the code but I can't figure it out how to do it. Do I need some sort of If statement?

When I do this the only thing that seems to happen is the stop loss: I was expecting that the stops would override the previous ones as they became valid but that is not the case when I backtest it. I truly appreciate any help anyone can provide as I'm sure I'm probably going about this the wrong way.

SetStopPosition;
SetStopLoss(1000);
SetPercentTrailing((tradecost*.03),15);
SetPercentTrailing((tradecost*.06),10);
SetPercentTrailing((tradecost*.09),5);

ABCTG · March 27th, 2015, 10:36 AM

bfiselin,

I don't think more than one SetPercentTrailing reserved word can actually be active in the code. What might work is changing the amounts or percentages when certain conditions trigger.

Regards,
ABCTG

June 6th, 2022, 05:27 PM

I think the first number is the floor price for starting the stop. I would think you would want it to be slightly higher than the entry price.

So instead of "SetPercentTrailing((tradecost*.03),15);" you might want to set the floor price to 3% above the entry price. That would be "SetPercentTrailing((tradecost*1.03),15);" The 1.03 makes your floor price 3% above entry.

June 6th, 2022, 11:13 PM

If it is helpful, I have included in addition to the StopLoss that can be optimized, a ProfitTarget based on volatility (ATR)
and with a percentage retracement, so:
activates the stop (ProfitTarget) if, after the profit of 1.5 times the ATR is reached, the Market goes back 20%.

-----------------------------------------------------

Inputs: Amount(1000);

value1=AvgTrueRange(10);
value2=value1*1.5;

SetStopLoss(Amount);
SetPercentTrailing(value2,20);

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If you also want to optimize the percentage retracement value, the formula becomes like this:

-----------------------------------------------------

Inputs: Amount(1000), n1(20);

value1=AvgTrueRange(10);
value2=value1*1.5;

SetStopLoss(Amount);
SetPercentTrailing(value2,n1);

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Utilizing Multiple Stops - EasyLanguage Setstoploss Setpercenttrailing

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Utilizing Multiple Stops - EasyLanguage Setstoploss Setpercenttrailing