SetPercentTrailing

From MultiCharts
Jump to: navigation, search

Closes out the entire position or the entry if the specified percentage of the maximum profit is lost after the profit has reached the specified value; generates the appropriate Stop order depending on whether the position is Long or Short.

For example, if the specified profit is $100 and the specified percentage is 50, and the profit has reached the maximum of $120, the position will be closed once the profit falls back to $60.

SetStopPosition and SetStopContract or SetStopShare functions determine whether SetPercentTrailing will be applied to the entire position or each contract or share individually; by default, SetPercentTrailing is applied to the entire position.

The SetPercentTrailing function is evaluated intra-bar and not only on close of a bar, and can exit within the same bar as the entry.

Usage

SetPercentTrailing(Profit, Percentage)

Where:

Profit - a numerical expression, specifying the currency value of the profit that must be reached first.
Percentage - a numerical expression, specifying the maximum loss of profit in percent.

Notes

Examples

Generate an exit order for the entire position if 50 percent of maximum position profit is lost after the profit has reached $25:

SetStopPosition; 
 
SetPercentTrailing(25, 50);

Generate an exit order for the entry if 25 percent of maximum per share profit is lost after the profit has reached $5:

SetStopShare; 
 
SetPercentTrailing(5, 25);