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tracking each contract's profit target and stop loss
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Created: by sunsun Attachments:0

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tracking each contract's profit target and stop loss

  #1 (permalink)
Trading Apprentice
hong kong
 
Futures Experience: Beginner
Platform: tradestation
Favorite Futures: futures
 
Posts: 6 since May 2013
Thanks: 1 given, 1 received

tracking each contract's profit target and stop loss

Hi, I'm running a simple program with Multicharts.
The basic logic is that I will first take a long position and after I'm in the money for about 50 points, I accumulate my position by taking another long position. I am having trouble setting an individual stop loss and profit target for each contract. Below is the code I wrote but with no success so far. I wonder if my logic is wrong. Feel free to comment. Thanks

code:

if condition then
buy (1st) at Market;

if current price - entryprice > 50 then

buy (2nd) at Market

if currentcontract =1 then
set profit1
set stop1

if currentcontract = 2 then
set profit1
set stop1
set profit2
set stop2

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  #2 (permalink)
Elite Member
Wayne, NJ USA
 
Futures Experience: Intermediate
Platform: Multicharts, Deltix DCS
Broker/Data: Interactive Brokers/IQ Feed
Favorite Futures: ETF Options
 
Posts: 41 since Oct 2012
Thanks: 7 given, 36 received


sunsun View Post
Hi, I'm running a simple program with Multicharts.
The basic logic is that I will first take a long position and after I'm in the money for about 50 points, I accumulate my position by taking another long position. I am having trouble setting an individual stop loss and profit target for each contract. Below is the code I wrote but with no success so far. I wonder if my logic is wrong. Feel free to comment. Thanks

code:

if condition then
buy (1st) at Market;

if current price - entryprice > 50 then

buy (2nd) at Market

if currentcontract =1 then
set profit1
set stop1

if currentcontract = 2 then
set profit1
set stop1
set profit2
set stop2


if condition1 then
begin
Buy ("Entry 1") 1 contract next bar at market;
end;

if MarketPosition * Current Shares =1 then
begin
Buy("Entry 2") 1 contract next bar at EntryPrice +50 Stop;
end;

if MarketPosition =1 then
begin
Sell from ("Entry 1") next bar at ProfitTarget1 Limit;
Sell from ("Entry 1") next bar at Stop1 Stop;
Sell from ("Entry 2") next bar at ProfitTarget2 Limit;
Sell from ("Entry 2") next bar at Stop2 Stop;
end;

With your current code you will be buying another contract for every 50 point profit...

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