cancel order if condition on this bar is true

Hey,

I am trying to set up the following simple idea, but it seems there is no way to set a condition on the current bar.

The idea is a breakout entry with a stop buy order conditional on that the current close does not break below a certain level.

More specifically, say I am working on 5 min chart and the breakout level is the previous high, but the price should not fall below the previous low.

The code would be:
This code would submit the order immediately. But how do I integrate the condition "if the current price < previous low" then cancel the order?

Kind regards
Domenico

First, there is no such thing as a "Simple" idea.

Your description is muddy.
You have a complex idea, with multiple conditions. (If-then-else).
You need to rewrite your logic in step-by-step instructions.
Because the computer can only do one thing at a time, and you need to write out your logic in a manner the computer can understand.

Do this:
Write one analysis/condition per line. Only ONE per line.
Start a new line on the next condition/logic.

If you can do this, you can see your strategy more clearly. And allow people to help you more easily.

Ideally the logic would be like this:

I need some alternative, i.e.

Let's start with some logic basics:

Let's look at "Now".
We are at the current bar.
When performing an analysis, we can only be at the current bar.
When performing an analysis, we can only compare the current situation with what has happened in the past.
Anything in the future is not analysis, it is wishful thinking.

When you are saying
condition1 = low next bar > low

You need to shift your time orientation one bar forward to "Now".
What you actually want to do is
condition1 = if the current price is LOWER than the previous low . . . then do something.

Hello bluepillrobot,

But how do I integrate the condition "if the current price < previous low" then cancel the order?

There’re no special commands to cancel an order on the broker. An order gets cancelled by the strategy as soon the conditions for order generation stop being met.

You need to keep this in mind when creating a strategy.
For example, you need your order to be cancelled under the following condition:
You need to reverse the code so that is places an order in all other situations:
So when this condition is not met, it will exactly the case when the order needs to be canceled:
And the order will be cancelled.