Difference between revisions of "SetDollarTrailing"

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Closes out the entire position or the entry if the current profit is less than the maximum profit by the specified amount; generates the appropriate Stop order depending on whether the position is long or short.
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Closes out the entire position or the entry if the current profit is less than the maximum profit by the specified amount; generates the appropriate [[Stop]] order depending on whether the position is [[Long]] or [[Short]].  
For example, if the specified ammount is $50 and the profit has reached the maximum of $120, the position will be closed once the profit drops to $70.  
 
  
[[SetStopPosition]] and [[SetStopContract]] or [[SetStopShare]] functions determine whether SetDollarTrailing will be applied to the entire position or to each contract or share individually; by default, SetDollarTrailing is applied to the entire position.
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For example, if the specified amount is $50 and the profit has reached the maximum of $120, the position will be closed once the profit drops to $70.  
  
SetDollarTrailing function is evaluated intra-bar and not only on close of a bar, and can exit within the same bar as the entry.  
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[[SetStopPosition]] and [[SetStopContract]] or [[SetStopShare]] functions determine whether '''SetDollarTrailing''' will be applied to the entire position or to each contract or share individually; by default, '''SetDollarTrailing''' is applied to the entire position.
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<div style="background-color: #E3FBE5;margin-bottom:10px;">SetDollarTrailing function is evaluated intra-bar and not only on close of a bar, and can exit within the same bar as the entry.</div>
 
   
 
   
==== Usage ====
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== Usage ==
 
<syntaxhighlight>SetDollarTrailing(Amount)</syntaxhighlight>  
 
<syntaxhighlight>SetDollarTrailing(Amount)</syntaxhighlight>  
  
Where: [[Amount]] - a numerical expression, specifying the currency value of the maximum loss of profit  
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Where:  
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:'''Amount''' - a numerical expression, specifying the currency value of the maximum loss of profit.
 
   
 
   
==== Notes ====  
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== Notes ==
This function can only be used in signals.  
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* This function can only be used in signals.
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* Use [[SetPercentTrailing]] to set a percentage trailing stop loss.
 
   
 
   
==== Example ====
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== Examples ==
 
Generate an exit order for the entire position if position profit drops by $50:  
 
Generate an exit order for the entire position if position profit drops by $50:  
  

Revision as of 16:43, 19 February 2012

Closes out the entire position or the entry if the current profit is less than the maximum profit by the specified amount; generates the appropriate Stop order depending on whether the position is Long or Short.

For example, if the specified amount is $50 and the profit has reached the maximum of $120, the position will be closed once the profit drops to $70.

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

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

Usage

SetDollarTrailing(Amount)

Where:

Amount - a numerical expression, specifying the currency value of the maximum loss of profit.

Notes

  • This function can only be used in signals.
  • Use SetPercentTrailing to set a percentage trailing stop loss.

Examples

Generate an exit order for the entire position if position profit drops by $50:

SetStopPosition; 

SetDollarTrailing(50);

Generate an exit order for the entry if per contract profit drops by $10:

SetStopContract; 

SetDollarTrailing(10);