setting a price stop

there is a question posted here:
http://www.elitetrader.com/vb/showthrea ... did=151193

How to set a price stop (instead of a $dollar amount or a trailing stop).

I would like to know the answer as well.

can someone help?

if Marketpositoin=1 then Value1=H[BarsSinceEntry +1];
if Marketposition=1 then sell next bar at Value1 stop;

if Marketposition=-1 then Value1=L[BarsSinceEntry +1];
if Marketposition=-1 then buytocover next bar at Value1 stop;

Hope it works

Regards
Super

there is a question posted here:
http://www.elitetrader.com/vb/showthrea ... did=151193

How to set a price stop (instead of a $dollar amount or a trailing stop).

I would like to know the answer as well.

can someone help?

Hi TJ,

If you are talking abour a regular stop order, the syntax should be as follows:

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sell next bar at <price> stop;
---------------------------------

or you can also use a setstoploss:

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setstoploss(5*pointvalue);
---------------------------------

As for the question posted on EliteTrader, it's not quite clear what the trader wants to do exactly. He is talking about a stoploss for a short position. But the entry can be higher than 'high of the bar previous to the bar i sold'.

Finally, if there is a specific price (in his case 'high of the bar previous to the bar i sold) and this price has been remembered in var, a stoploss for a short position can be set using the following command:

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setstopcontract;
setstoploss(var-entryprice);
----------------------------------

Hope the above helps.

Regards.