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Open Feature request MC-1497 » Open Feature request MC-724

Allow to give a specific price to orders from code (Orders)

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Once my stratgy order is sent, i want to automatically send a stop loss and target profit at the same time on the same bar but not in dollar value. I want it to be based on price....multicharts shoult have this option available.
Please update this

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Comments (1)
user-offline.png  GB (Id2)
Oct 06, 2014 - 21:30

Following coding style is a workaround and will work fine for end of bar strategies.
I code such that after the line "buy next bar at EnterPr stop" On the next bar, I confirm if the price has breached the condition to enter into an order and if it has then I send stop and limit orders. So, I code something like
if H >=EnterPr then sell next bar at EnterPr + 20 limit;

if H >=EnterPr then sell next bar at EnterPr - 30 stop;

Above style of coding works when it is ok to set a limit/stop price on next bar, after the entry has happened. An example would be : if you are trading ES using a 5 minute bar and can afford to set stop and limit beyond 7-8 points, then this strategy will work. Because ES seldom makes a 7-8 point move within a 5-minute bar. However, this will not work with tight stops and targets like 1-3 points.
Hope above helps someone.

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