Possible to relocate a stoploss after position open?

May 6th, 2014, 12:45 AM

Need a little help. I've been working on this for a couple of days now with no success.

I like using Risk/Reward multiples for money management...
For example, go long at 10 with a stop at 9 the Risk/Reward amount would be 1.
Should the price reach 11 I would like my new stop to be 10..
Should the price reach 12 I would like my new stop to be 11 and so on...

I have coded this up a number of ways in Multicharts, and the limiting factor seems to always be the sell "next bar" at ... The stop isn't always hit during the next bar, it can be any number of bars later.

The only way I can come up with to make this work is to change the setstoploss function as price progresses, but I have not been able to do this.

Any suggestions would be great

Thanks in advance.

Jeff

ABCTG · May 6th, 2014, 03:27 AM

Jeff,

what exactly is the problem you are running into? What if the stop is not hit next bar, what happens?

Regards,
ABCTG

Speculationist

Need a little help. I've been working on this for a couple of days now with no success.

I like using Risk/Reward multiples for money management...
For example, go long at 10 with a stop at 9 the Risk/Reward amount would be 1.
Should the price reach 11 I would like my new stop to be 10..
Should the price reach 12 I would like my new stop to be 11 and so on...

I have coded this up a number of ways in Multicharts, and the limiting factor seems to always be the sell "next bar" at ... The stop isn't always hit during the next bar, it can be any number of bars later.

The only way I can come up with to make this work is to change the setstoploss function as price progresses, but I have not been able to do this.

Any suggestions would be great

Thanks in advance.

Jeff

May 6th, 2014, 09:12 AM

Go to the multicharts download area and look for "NWT Exits"
This will do what you want and 500% more.
If your brave, have a look at the code

Sent from my SM-N9005 using Tapatalk

May 6th, 2014, 10:48 AM

Thanks for the responses so far.

ABCGT.... if the stop is not hit the next bar, it will ignore the new stop placement, and revert to the original setstoploss and settarget functions.

NW27..... I have downloaded "NWT Exits" and had a good look through the code, actually for inspiration for what I'm trying to do, and from what I was able to tell it didn't do what I'm trying to do. But I will have another hard look at it tonight and see what there is to see.

Regards,
Jeff

ABCTG · May 6th, 2014, 10:53 AM

Jeff,

you could prevent it from doing so by using a flag for example that blocks the code from resetting the stop to the original values when you have moved it.

Regards,
ABCTG

Speculationist

ABCGT.... if the stop is not hit the next bar, it will ignore the new stop placement, and revert to the original setstoploss and settarget functions.

May 6th, 2014, 06:14 PM

ABCTG

Jeff,

you could prevent it from doing so by using a flag for example that blocks the code from resetting the stop to the original values when you have moved it.

Regards,
ABCTG

I'm not familiar with flags, what would something like that look like?
Basically all I'm after is the ability to move my stop as the close of a bar reaches a new price level then have it stay there until it is hit or moved once again. It sounds simple enough don't you think?

Jeff

May 7th, 2014, 12:53 AM

Hey Guys

Thanks for your suggestions.
I finally cracked it.
Instead of using "If C > " blah blah blah, I used "If Highest( C , Barssinceentry_checked( 0 ) ) >" blah blah blah.
That way it is continually checking back to the entry candle the highest close on every bar, and then the sell at next bar stop is not a problem.

Thanks again.

Jeff

ABCTG · May 7th, 2014, 03:14 AM

Speculationist,

I am glad to hear that you got it working. A flag can be something simple like a boolean variable that you set to true when your condition is met. Something like this, which is just a very basic example and is not meant to be used:

Code

if HaveFirstStop = false and MarketPosition > 0 then //HaveFirstStop would be the flag
begin
    HaveFirstStop = true;
    StopValue = EntryPrice - 10;
end;

//update the stop when the bar is rising
if HaveFirstStop and Close > Open and MarketPosition > 0 then
   StopValue = Open - 1;
end;

You could set the flag to false again when you are flat. This way the code can only set the initial stop once at the beginning of the position and after that only updates would be possible.

Regards,
ABCTG

Speculationist

I'm not familiar with flags, what would something like that look like?
Basically all I'm after is the ability to move my stop as the close of a bar reaches a new price level then have it stay there until it is hit or moved once again. It sounds simple enough don't you think?

Jeff

May 8th, 2014, 01:42 AM

ABCTG

Speculationist,

I am glad to hear that you got it working. A flag can be something simple like a boolean variable that you set to true when your condition is met. Something like this, which is just a very basic example and is not meant to be used:

Code

if HaveFirstStop = false and MarketPosition > 0 then //HaveFirstStop would be the flag
begin
    HaveFirstStop = true;
    StopValue = EntryPrice - 10;
end;

//update the stop when the bar is rising
if HaveFirstStop and Close > Open and MarketPosition > 0 then
   StopValue = Open - 1;
end;

You could set the flag to false again when you are flat. This way the code can only set the initial stop once at the beginning of the position and after that only updates would be possible.

Regards,
ABCTG

This looks interesting. I will definitely play around with it. Might be simpler to implement into a strategy than what I cam up with too. Thanks

Jeff

Possible to relocate a stoploss after position open?

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Possible to relocate a stoploss after position open?