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Stopping SetStopLoss
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Stopping SetStopLoss

  #1 (permalink)
Hartford Connecticut
Trading Experience: Intermediate
Platform: Multicharts
Favorite Futures: Currency Futures
Posts: 2 since Jun 2012
Thanks: 3 given, 0 received

Stopping SetStopLoss

Here is my dilemma: On principle and out of fear that my pc will explode seconds after placing a trade, I always write setstoploss into my strategies. But, when a sliding stop (like a parabolic) enters into the strategy after bar 1, I now have 2 stops in place at once. Not so much of problem, except that OEC adds to my margin requirement as I understand it when I have multiple stops.

So, my goal is to enter a setstoploss with the entry of the trade and then turn it off once a new strategy protective stop is placed.

I have tried a simple code:

if barssinceentry = 0 then begin
SetStopLoss( Amount ) ;

hoping that the setstoploss wouldn't reenter after the opening bar. Seems it holds even to bar 2.

Any elegant solution I have overlooked?

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  #2 (permalink)
Newcastle, Australia
Trading Experience: Intermediate
Platform: Multicharts 8 - Full Version
Broker/Data: IB
Favorite Futures: SPI,FTSE100, 6E, 6A
Posts: 285 since Oct 2010
Thanks: 108 given, 182 received

Have you looked at the NWT exit suite. It uses one stop order that moves from being a stoploss to a trailing stop etc. It also changes the name of the order on the way through .


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barssinceentry, code, margin, multicharts, parabolic, setstoploss, stoploss, strategies, strategy, trailing stop

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