Dollar Trailing LX

Definition

The Dollar Trailing strategy uses a built-in PowerLanguage stop keyword (SetStopPosition or SetStopShare) to place an order to exit all shares or contracts in all positions, once the position has retraced a specified dollar amount of the position's highest profit value. The retracement or trailing amount can be specified on a total position basis/one contract/one share basis. Whether the profit target amount is based on a position or per share/contract basis is determined by the PositionBasis input.

The Dollar Trailing LX strategy is used to set a trailing stop to exit a long position when prices move down a specified number of dollars (in terms of either a total position or share/contract amount) from the highest price since entry. This strategy uses a built-in stop that will exit within any bar (except the bar of entry) whenever the trailing stop amount is reached.

This strategy will only generate an exit on a long position. Use Dollar Trailing SX for exiting from a short position.

Commission or slippage are not taken into account for strategy calculation.

Default Inputs

Amount sets loss amount (in USD) from the highest entry price at which point the position will be closed, 1 by default.

PositionBasis sets whether the breakeven floor is calculated on a position or per share basis, false by default. To calculate profit per position, enter true.