SetDollarTrailing

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);