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Help exit a trade in easylanguage!
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Help exit a trade in easylanguage!

  #1 (permalink)
Los Angeles, CA
 
 
Posts: 92 since Mar 2015
Thanks: 13 given, 2 received

Help exit a trade in easylanguage!

If close>close[1] then buy this bar at close;
{Target & Stop Exits go here}
now, I have seen that you can have something like
setprofittarget(300)
and
setstoploss(100)
and while this will get you out when you have made 300 or lost 100, this is NOT what I want.
I want to be able to give it a price value.
For example, you enter at the close and the price you paid is 20.50, and you want to get out at 25.50
How do I tell it to get me when the last is 25.50? I do not want to tell it to get me out at 5.00 because that price target can change.

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  #2 (permalink)
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  #3 (permalink)
Colorado
 
Trading Experience: Advanced
Platform: MultiCharts
Broker/Data: IB & Iqfeed
Favorite Futures: ES , CL
 
sptrader's Avatar
 
Posts: 543 since Apr 2010
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Maybe something like this:
If marketposition = 1 then sell next bar at 25.50 limit;
I think it may only be valid only for the next bar though.

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  #4 (permalink)
Los Angeles, CA
 
 
Posts: 92 since Mar 2015
Thanks: 13 given, 2 received


sptrader View Post
Maybe something like this:
If marketposition = 1 then sell next bar at 25.50 limit;
I think it may only be valid only for the next bar though.

Thanks @sptrader
It is only for next bar. I've read the reserved word definition.
This won't work. Thanks anyway. This is frustrating .

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  #5 (permalink)
 Vendor: www.abctradinggroup.com 
Hamburg Germany
 
Trading Experience: Advanced
Platform: Multicharts, Tradestation
Broker/Data: DTN IQ
Favorite Futures: ES
 
Posts: 2,131 since Apr 2013
Thanks: 383 given, 1,370 received

kidvic,

sptrader's suggestion will work on all bars as long as MarketPosition = 1 - the order won't get cancelled at the end of the next bar.
You can also use the build in profit target and stop loss from your first post, but instead of using fixed values you can change them according to the price you want to exit at.
Look into the reserved word SetStopShare and then you can just use the difference between your entry and exit in dollars as the value for the target.

Regards,
ABCTG


kidvic View Post
Thanks @sptrader
It is only for next bar. I've read the reserved word definition.
This won't work. Thanks anyway. This is frustrating .


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  #6 (permalink)
Los Angeles, CA
 
 
Posts: 92 since Mar 2015
Thanks: 13 given, 2 received


ABCTG View Post
kidvic,

sptrader's suggestion will work on all bars as long as MarketPosition = 1 - the order won't get cancelled at the end of the next bar.
You can also use the build in profit target and stop loss from your first post, but instead of using fixed values you can change them according to the price you want to exit at.
Look into the reserved word SetStopShare and then you can just use the difference between your entry and exit in dollars as the value for the target.

Regards,
ABCTG

 
Code
If MarketPosition = 0 then
    Begin
    If Open > Close then 
    Begin
      Buy ("Enter long") 1 Contract This Bar At Close;
    End;
    

    If MarketPosition = 1 then 
    Begin
     
      Sell ("Exit long") 1 Contract Next Bar At Market;
    End;
end
So this is what I have. The script enters a position, but It does NOT exit my position at next bar as I have told it to do.
it should know that I have a marketposition of 1 since I can visually see an entry on the chart.
What is going on? Why isn't it getting me out?

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  #7 (permalink)
Colorado
 
Trading Experience: Advanced
Platform: MultiCharts
Broker/Data: IB & Iqfeed
Favorite Futures: ES , CL
 
sptrader's Avatar
 
Posts: 543 since Apr 2010
Thanks: 1,094 given, 705 received

The way it's written, I think it will exit at the close of the next bar... if you want it to exit at the 1st tick of the next bar instead of waiting until the close, you need to use something like: IntrabarOrderGeneration = true; at the beginning of your code.
That's what it's called in Multicharts, I think there is an Easylanguage equivalent, if not the same...

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  #8 (permalink)
Los Angeles, CA
 
 
Posts: 92 since Mar 2015
Thanks: 13 given, 2 received


sptrader View Post
The way it's written, I think it will exit at the close of the next bar... if you want it to exit at the 1st tick of the next bar instead of waiting until the close, you need to use something like: IntrabarOrderGeneration = true; at the beginning of your code.
That's what it's called in Multicharts, I think there is an Easylanguage equivalent, if not the same...

When I've used this exact code on my chart on multicharts, it creates an entry, but it doesn't create an exit. It only shows the long entry. It doesn't even get me out at next bar.

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  #9 (permalink)
 Vendor: www.abctradinggroup.com 
Hamburg Germany
 
Trading Experience: Advanced
Platform: Multicharts, Tradestation
Broker/Data: DTN IQ
Favorite Futures: ES
 
Posts: 2,131 since Apr 2013
Thanks: 383 given, 1,370 received

kidvic,

this is to be expected from the way you wrote your code. Your exit check is within the MarketPosition = 0 check, so the condition can never become true.

Regards,
ABCTG


kidvic View Post
When I've used this exact code on my chart on multicharts, it creates an entry, but it doesn't create an exit. It only shows the long entry. It doesn't even get me out at next bar.


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