Pyramiding out through stop loss?

I have a question concerning stop losses when there are multiple entry orders (i.e., I've pyramided into a position).

Let's say hypothetically that I'm currently long three shares of AAPL. One share was bought at $60, one share was bought at $65, and one share was bought at $70. Thus, my average entry price is $65.

I then set a stop loss order using: Since this is using SetStopShare (rather than SetStopPosition), I have a $10 stop loss per share, for a $30 total stop loss.

My understanding that this will generate a single stop order at my broker for all three shares. Is this correct? I.e., it will set a stop loss at my broker for all three shares for $55, which is $10 less than the average entry price of $65. If the stop is hit, then all three shares are sold together (for a total loss of $30), and I'll be flat.

I'd prefer instead to have a separate stop loss for each entry order. E.g., if I want a $10 stop loss per share, then there should be a first stop order for one share at $60 (for the $70 entry), a second stop order at $55 (for the $65 entry), and a third stop order at $50 (for the $60 entry).

Is there any way to do this efficiently using MultiCharts? I'm guessing that I could code this manually by iterating through the open orders, and then use "sell from entry ("...") at [stop price] stop". However, this seems like a chore. Is there any easier way to do this?

Hello Xyzzy,

If you use SetStopShare (or SetStopContract), your SetProfitTarget, SetStopLoss, SetBreakEven, SetPercentTrailing will generate separate exit order for each entry. In your example it will generate 3 exits instead of 1 to exit whole position. SetStopPosition is to exit the whole position with 1 order, no matter how many entries were there.