SetProfitTarget: Difference between revisions
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Closes out the entire position or the entry if profit reaches the specified currency value; generates the appropriate Limit exit order depending on whether the position is long or short. | Closes out the entire position or the entry if profit reaches the specified currency value; generates the appropriate [[Limit]] exit order depending on whether the position is long or short. | ||
[[SetStopPosition]] and [[SetStopContract]] or [[SetStopShare]] functions determine whether the profit target will be applied to the entire position or to each contract or share | [[SetStopPosition]] and [[SetStopContract]] or [[SetStopShare]] functions determine whether the profit target will be applied to the entire position or to each contract or share individually; by default, profit target is applied to the '''entire''' position. | ||
SetProfitTarget function is evaluated intra-bar and not only on close of a bar, and can exit within the same bar as the entry. | <div style="background-color: #E3FBE5;margin-bottom:10px;">The SetProfitTarget 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 == | |||
<syntaxhighlight>SetProfitTarget(Amount)</syntaxhighlight> | <syntaxhighlight>SetProfitTarget(Amount)</syntaxhighlight> | ||
Where: | Where: | ||
:'''Amount''' - a numerical expression, specifying the profit target amount. | |||
== Notes == | |||
This function can only be used in signals. | * This function can only be used in signals. | ||
* Use [[SetStopLoss]] to set a stop-loss for a position. | |||
* Use [[SetPercentTrailing]] to set a percentage trailing stop loss, or use [[SetDollarTrailing]] for a fixed-amount currency trailing stop. | |||
== | == Examples == | ||
Generate an exit order for the entire position if the position profit reaches $100: | |||
<syntaxhighlight>SetStopPosition; | |||
SetProfitTarget(100);</syntaxhighlight> | |||
Generate an exit order for the entry if the profit per contract reaches $10: | Generate an exit order for the entry if the profit per contract reaches $10: | ||
SetStopContract; | <syntaxhighlight>SetStopContract; | ||
SetProfitTarget(10);</syntaxhighlight> | SetProfitTarget(10);</syntaxhighlight> | ||
[[Category:Strategy Orders]] | [[Category:Strategy Orders]] |