Percent Trailing SX
Definition
The Percent Trailing SX signal uses a built-in PowerLanguage stop keyword SetPercentTrailing to place an order to exit all shares or contracts in all positions, once the position has retraced a specified percentage amount of the position's highest profit value, once a profit floor amount in dollars has been reached. The retracement 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 Percent Trailing SX indicates what percent of the maximum position profit one is willing to give back before the position is automatically closed out. It also requires a minimum profit level which must be reached by the position before the stop will take effect. This value is specified in the FloorAmnt input parameter. The lowest low from the entry point is used to calculate the maximum profit. The percent of this risk amount per contract is then added and the trailing stop is placed at that point.
The trailing stop does not take effect if the maximum open position profit for the trade does not exceed the floor level. This signal does not exit a position if the floor level is never reached.
This signal generates only short exit orders. Use Percent Trailing LX for exiting from a long position.
Default Inputs
FloorAmt sets the profit amount (in USD) that must be exceeded before the order is placed, 1 by default.
TrailingPct sets the loss amount as a percentage of profit at which point the position will be closed, 20 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.
