Trailing Stop based on Price not Profit?

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fatgecko
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Trailing Stop based on Price not Profit?

Postby fatgecko » 02 Dec 2021

Is there any way in MC to have a trailing stop based solely on price movement rather than profit?

As far as I understand, SetPercentTrailing will close a position if the profit drops by the specified %. So for example, if entry price = $10 and current price = $15, then profit = $5; a 20% trailing stop will be triggered at a drop of 20% of $5, i.e. at $14.

However, trailing stops for most brokers operate on price not profit. So a 20% trailing stop in the above example would trigger at 20% drop from $15, i.e. at $12.

I'm using MC in backtesting, and for consistency with other models need to have a trailing stop in my signals based on price, not on profit. Is this available?

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Tammy MultiCharts
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Re: Trailing Stop based on Price not Profit?

Postby Tammy MultiCharts » 03 Dec 2021

Hello fatgecko,

Please have a look at SetDollarTrailing keyword.
That one may be close to what you are trying to achieve.


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