Setting a Hard Stop/Target in Pips

ClarkFX · Postby **ClarkFX** » 07 Jul 2012

Hi,

I'm new to using MultiCharts, and have been starting to program my own systems. One of the things I am not sure on is how to set a hard stoploss or take profit in pips (Forex) rather than in % or $ value.

I'm also having troubles finding out to set trailing stops in pips as well.

I tried looking at the manual and searching, but all I can find is how to set up $ or % stops/targets.

Any help would be appreciated.

JoshM · Postby **JoshM** » 08 Jul 2012

One of the things I am not sure on is how to set a hard stoploss or take profit in pips (Forex) rather than in % or $ value.

You have to manually code this yourself instead of SetDollarTrailing or SetPercentTrailing.

To do so, you'll need to do the following:
* Calculate the highest price reached during a trade (for long),
* Submit a stop-loss order for that trailed price,
* And reset the variable with the highest price reached when the position is closed.

For example:

Code: Select all


Variables:

	highestPriceReached(0);



// Code for long positions

if (MarketPosition(0) = 1) then begin 



	// Stop-loss is trailed 10 pips here

	highestPriceReached = MaxList(highestPriceReached, High - 0.0010);

	

	// Submit trailing stoploss

	Sell ("XL Trail") all contracts next bar at highestPriceReached stop; 



end; //: Long position



// Reset variable

if (MarketPosition(0) = 0) then 

	highestPriceReached = 0;

ClarkFX · Postby **ClarkFX** » 08 Jul 2012

Awesome, thank you Josh. I appreciate it.

Is there a way to trail orders by the more recent swing high/low formed?

Based off of your code, I would assume it would look something like this:

Code: Select all

Vars: s_high (0);



If MarketPosition = 1 then begin

s_low = SwingLow(1, low, 2, 50);

Sell ("LE Stop") 1 contract next bar at s_low stop;

End;

Thanks again,
Clark

Setting a Hard Stop/Target in Pips

Setting a Hard Stop/Target in Pips

Re: Setting a Hard Stop/Target in Pips

Re: Setting a Hard Stop/Target in Pips