how to set protfit target and stop lose based on percentage

davidlaw_mc · Jul 10 2024

thanks for letting me know the format in posting! for easy reading here is my question again -

im trying to write a script with follow logic

when MA1 cross over MA2 - put a buy order
when MA1 cross under MA2 - put a sell order (at moment no sellshort)

once there is an open position (ie buy order executed), i want to set a profit target and stop lose based on percentage as well

for example - when it makes a 20% profit of the value in the buy order, then sell
when it makes a 10% lose of the value in the buy order, then also sell

i had written the first part of the MA1 cross MA2 but no clue how to write the second part (set profit target n stop lose). will much appreciate if you guys can advice!

fyi here is the script i wrote for the first part

Code: Select all

inputs: Price( Close ), FastLength( 9 ), SlowLength( 18 );
variables: var0( 0 ), var1( 0 );

var0 = AverageFC( Price, FastLength ) ;
var1 = AverageFC( Price, SlowLength ) ;

condition11 = CurrentBar > 1 and var0 crosses over var1 ;
if condition11 then
Buy ( "MA2CrossLE" ) next bar at market ;

condition12 = CurrentBar > 1 and var0 crosses below var1 ;
if condition12 then
sell ( "MA2CrossSE" ) next bar at market ;

HellGhostEvocatorX · Jul 11 2024

They probably wanted to post this in multicharts and not in the multicharts.net forum

BB123 · Jul 15 2024

I just coded this up and not tested-- but this is how id go about it. With that said, someone else might have a MUCH better/cleaner solution.

Code: Select all

Inputs: TpPctToUse(20),SlPctToUse(10);
Vars:    TpPct(0.0),SlPct(0.0);

TpPct= (close * (TpPctToUse* .01)); 
SlPct= (close * (SlPctToUse* .01)); 

condition11 = CurrentBar > 1 and var0 crosses over var1 ;
if condition11 then begin
Buy ( "MA2CrossLE" ) next bar at market ;
SetProfitTarget(TpPct);
SetStopLoss(SlPct);
end;

The example used is using reserved words.. Another way you could do it is assigning a tp value using pct to a var and then check each tick if price is above the tp value

Code: Select all

[IntrabarOrderGeneration = true];
Inputs: TpPctToUse(20),SlPctToUse(10);
Vars:    TpPct(0.0),SlPct(0.0),lastbarnumber (0);


if (barnumber <> lastbarnumber ) then begin
lastbarnumber = barnumber;
TpPct= (close +(close * (TpPctToUse* .01))); 
SlPct= (close-(close * (SlPctToUse* .01))); 

condition11 = CurrentBar > 1 and var0 crosses over var1 ;
if condition11 then begin
Buy ( "MA2CrossLE" ) 1 contract next bar at market ;
SetProfitTarget(TpPct);
SetStopLoss(SlPct);
end;end;
END;

//this will check if price is greater
if close > tpPct then Sell 1 contract next bar at market;

davidlaw_mc · Jul 18 2024

i think i hv found the way to do it -

Code: Select all

inputs: Price( Close ), FastLength( 9 ), SlowLength( 18 ), SL(0.1), SPT(0.2);
variables: var0( 0 ), var1( 0 ), START_PRICE(0);

var0 = AverageFC( Price, FastLength ) ;
var1 = AverageFC( Price, SlowLength ) ;

condition11 = CurrentBar > 1 and var0 crosses over var1 ;
if condition11 then
Buy ( "MA2CrossLE" ) next bar at market ;
START_PRICE = CLOSE;
end;

setprofittarget(START_PRICE*SPT);
SETSTOPLOSS(START_PRICE*SL);


condition12 = CurrentBar > 1 and var0 crosses below var1 ;
if condition12 then
sell ( "MA2CrossSE" ) next bar at market ;

boup09 · Jul 28 2024

You can use Avgentryprice, to get the correct price of your trade.

Example for a 5% take profit from opening price=>

TP = Avgentryprice*Bigpointvalue*0.05;
SetStopShare;
Setprofittarget(TP);