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profit target turns into trailing stop loss
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profit target turns into trailing stop loss

  #1 (permalink)
Trading Apprentice
Canada
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Stocks
 
Posts: 2 since Aug 2013
Thanks: 1 given, 0 received

profit target turns into trailing stop loss

Hey I am working an an automated strategy and hoping to become an Elite member on this site should the strategy work.

I am wondering if it is possible to write a piece of code that is a profit target like order that turns into a trailing stop should the price of the instrument meet the profit target. What I hope to do with this is maximize the profitability of each position. I have done some back tests and found that sometimes the price continues to fall after the profit target is met and the position is closed.

In other words instead of having the activated profit target close the position, it turns into a trailing stop where the initial profit target number becomes the top of the trailing stop.

Currently I have this code and I hope that its possible to simply switch the profit target line with the described action.

protected override void Initialize()
{
SetStopLoss ("", CalculationMode.Percent, 0, false);
SetProfitTarget ("", CalculationMode.Percent, 0);

CalculateOnBarClose = true;
}

Hope this makes sense, thanks for your time/ patience

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  #2 (permalink)
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  #3 (permalink)
Elite Member
McKinney, TX
 
Futures Experience: Intermediate
Platform: Think or Swim, NinjaTrade
Favorite Futures: The indexes, ES, YM, NQ & RTY
 
Posts: 152 since Aug 2012
Thanks: 213 given, 125 received



peaceNlove View Post
Hey I am working an an automated strategy and hoping to become an Elite member on this site should the strategy work.

I am wondering if it is possible to write a piece of code that is a profit target like order that turns into a trailing stop should the price of the instrument meet the profit target. What I hope to do with this is maximize the profitability of each position. I have done some back tests and found that sometimes the price continues to fall after the profit target is met and the position is closed.

In other words instead of having the activated profit target close the position, it turns into a trailing stop where the initial profit target number becomes the top of the trailing stop.

Currently I have this code and I hope that its possible to simply switch the profit target line with the described action.

protected override void Initialize()
{
SetStopLoss ("", CalculationMode.Percent, 0, false);
SetProfitTarget ("", CalculationMode.Percent, 0);

CalculateOnBarClose = true;
}

Hope this makes sense, thanks for your time/ patience

I'm not sure if I remember the correct combination but I believe that the SetStopLoss and the SetTrailingStop can't be used at the same time and I think that's what you're really wanting to do.

What you can do is to use code to inspect the price, if the target is reached, then change your trailing stop variable value to the target - x ticks (for a long) so it doesn't close immediately when hitting the target. Then on each tick update, check if the price hits the stop and exit your position. You will not be able to do this in the strategy back tester since it only triggers the on bar update at the close of the bar not on each tick, but you'll get a close approximation if your time frame or tick count is low.

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  #4 (permalink)
Trading Apprentice
Canada
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Stocks
 
Posts: 2 since Aug 2013
Thanks: 1 given, 0 received

Great! thanks for your input.

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