I have raised this issue several years ago, but I have to reiterate it, because MCs handling of auto-attached SLs after adding to a position just creates too much unnecessary workload.
I do not want to be too blunt, but the logic behind it is just flawed and makes no sense from a trader's perspective.
Here's an example:
NQ, auto-attached SL, offset 8 ticks (= 2 points).
02:30:53.457: Entry @ 18584.75, auto-attached SL @ 18582.75, as expected
02:35:13.883: I move SL to 18596.75 by chart drag
02:38:18.102: I add to position @ 18603.25. MC logic determines an average price of 18594.00 and moves SL to 18606.00 (!) where of course it gets filled immediately. Makes no sense at all.
I understand the reasoning behind this: When the SL of an existing position is set to above break even, this profit should be preserved for the entire position after the add, even when this means moving the SL BEYOND the current price. Again, makes no sense, sorry.
I have to manually drag the SL far enough away to prevent this before each add, which creates just unnecessary workload. I understand there's a ton of feature requests or bug reports to be taken care of, but please MC team, acknowledge this is NOT ideal behavior and indicate if this can be changed for future releases.
Thanks.
MC moves auto-attached SLs beyond market after add to position, gets filled immediately
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TJ
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Is this a coding problem? or a logic problem?
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Mark Brown
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I have also experienced same thing when mixing auto trading and manual trading together. It will not work and it's either noted somewhere or I was told by MC it was not possible don't remember which.
What I do is send my orders out to a text file / read that with python / send hot keys to execute the initial trade / use the built in brackets and manually trade it from there if I want to add on etc. If I just leave it alone it will auto trade in the same way MC auto trades but much better.
What I do is send my orders out to a text file / read that with python / send hot keys to execute the initial trade / use the built in brackets and manually trade it from there if I want to add on etc. If I just leave it alone it will auto trade in the same way MC auto trades but much better.
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Kate MultiCharts
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Hello seneca,
We'd recommend trying the Trailing Stop exit.
For example, you could see it in action with a Paper Trader broker profile or in Simulated Trading mode in MultiCharts 15.
We'd recommend trying the Trailing Stop exit.
For example, you could see it in action with a Paper Trader broker profile or in Simulated Trading mode in MultiCharts 15.
Hello Kate,
When I use Trailing Stop exit as suggested, how can I make it to behave like Stop Loss exit, so that it does NOT automatically trail the price? Is there a registry hack for that? Because per design, Trailing Stop will always trail the price by the preset stop loss amount, once one of the preset profit levels is reached, correct?
When I use Trailing Stop exit as suggested, how can I make it to behave like Stop Loss exit, so that it does NOT automatically trail the price? Is there a registry hack for that? Because per design, Trailing Stop will always trail the price by the preset stop loss amount, once one of the preset profit levels is reached, correct?
Can we get some more input from MC team about this please? Is Stop Loss exit really intended to behave like that? Would you agree that for most traders it might be unexpected to get kicked out of a position by the stop loss logic right after you add to that position?
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Kate MultiCharts
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seneca,
The behavior you're describing is not achievable in MultiCharts.
Exit strategies do not change the order price as the average position price updates; they only monitor the contract quantity.
The behavior you're describing is not achievable in MultiCharts.
Exit strategies do not change the order price as the average position price updates; they only monitor the contract quantity.
Kate,
So for example, Stop Loss exit is set to -2 points, initial long entry @ 300, SL is auto attached @ 298. Then add to position @ 306, the SL for the add is auto attached @ 304, the SL for the initial position stays where it was initially placed or where it has been dragged by the user.
I believe this is what most traders would prefer. Or is there a technical reason not to implement it in this way, not even as an option?
OK, I understand that's the way it is implemented, but I suggest it might be worth thinking about an option for a Stop Loss exit strat that is set by a fixed amount (Pips, %, $ etc. ) which applies both to the entry point of the initial entry and to the entry points of subsequent adds to the position.Exit strategies do not change the order price as the average position price updates; they only monitor the contract quantity.
So for example, Stop Loss exit is set to -2 points, initial long entry @ 300, SL is auto attached @ 298. Then add to position @ 306, the SL for the add is auto attached @ 304, the SL for the initial position stays where it was initially placed or where it has been dragged by the user.
I believe this is what most traders would prefer. Or is there a technical reason not to implement it in this way, not even as an option?
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Kate MultiCharts
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- Joined: Oct 21 2020
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Could you please specify which Exit strategies mode you are using?I have raised this issue several years ago, but I have to reiterate it, because MCs handling of auto-attached SLs after adding to a position just creates too much unnecessary workload.
I do not want to be too blunt, but the logic behind it is just flawed and makes no sense from a trader's perspective.
Here's an example:
NQ, auto-attached SL, offset 8 ticks (= 2 points).
02:30:53.457: Entry @ 18584.75, auto-attached SL @ 18582.75, as expected
02:35:13.883: I move SL to 18596.75 by chart drag
02:38:18.102: I add to position @ 18603.25. MC logic determines an average price of 18594.00 and moves SL to 18606.00 (!) where of course it gets filled immediately. Makes no sense at all.
I understand the reasoning behind this: When the SL of an existing position is set to above break even, this profit should be preserved for the entire position after the add, even when this means moving the SL BEYOND the current price. Again, makes no sense, sorry.
I have to manually drag the SL far enough away to prevent this before each add, which creates just unnecessary workload. I understand there's a ton of feature requests or bug reports to be taken care of, but please MC team, acknowledge this is NOT ideal behavior and indicate if this can be changed for future releases.
Thanks.
File → Preferences → Trading tab.