Close position based on Stop Loss and Elapsed Time (or number of candles)

[TMB70]

Hello,
I am trying to set up an order to close based on the EntryPrice, a stop loss value, and the amount of time that has passed since entering the position.

For example, suppose I added an order based on the following...

#### OPEN POSITION

#### LONG Bull
AddOrder(OrderType.BUY_TO_OPEN, Bull1 and Bull2 and Bull3, tickcolor = Color.GREEN, arrowcolor = Color.GREEN, name = "Long_Bull_Open");

#### SHORT Bear
AddOrder(OrderType.SELL_TO_OPEN, Bear1 and Bear2 and Bear3, tickcolor = Color.CYAN, arrowcolor = Color.CYAN, name = "Short_Bear_Open");

The following works for using a Stop Loss Order, but doesn't include the criteria for the amount of time that has passed.

#### CLOSE POSITION DUE TO STOPLOSS

#### LONG CLOSE
input stoplossLONG = 1.50;
def stopLONG = EntryPrice() - stoplossLONG;
AddOrder(OrderType.SELL_TO_CLOSE, close < stopLONG, tickcolor = Color.RED, arrowcolor = Color.RED, name = "Long_Close_Stop");

#### SHORT CLOSE
input stoplossSHORT = 1.50;
def stopSHORT = EntryPrice() + stoplossSHORT;
AddOrder(OrderType.BUY_TO_CLOSE, close > stopSHORT , tickcolor = Color.RED, arrowcolor = Color.RED, name = "Short_Close_Stop");

I am not sure how to count minutes or candlesticks after opening the position and add it to the code above. If I am using a "1 minute" chart and see that my stop loss has been exceeded AND ten minutes have passed, I would then exit the trade. Here is a hypothetical code below.

#### CLOSE POSITION DUE TO STOPLOSS AND TIME CONDITION IS MET

#### LONG CLOSE AFTER TBD MINUTES
input stoplossLONG = 1.00;
def stopLONG = EntryPrice() - stoplossLONG;
AddOrder(OrderType.SELL_TO_CLOSE, close < stoplong and TIME_CONDITION_MET, tickcolor = Color.RED, arrowcolor = Color.RED, name = "Long_Close_Stop");

#### SHORT CLOSE AFTER TBD MINUTES
input stoplossSHORT = 1.00;
def stopSHORT = EntryPrice() + stoplossSHORT;
AddOrder(OrderType.BUY_TO_CLOSE, close > stopSHORT and TIME_CONDITION_MET, tickcolor = Color.RED, arrowcolor = Color.RED, name = "Short_Close_Stop");

Any help on how to count the elapsed time (or the number of candles) after entering a position would be greatly appreciated. Also, the counter will need to be reset after exiting the trade.

I am thinking there may be some clues in this thread, but am not sure how to pick the starting candle when the position is opened in the strategy.
https://usethinkscript.com/threads/consecutive-bar-count-indicator-for-thinkorswim.324/

Thanks,
TMB_70

Pretty please? Thank you.

 

[TMB70]

@BenTen @MerryDay @rad14733 @tomsk @horserider ...
Still looking for some help here.
It would be very much appreciated.
Thank you.

 

[halcyonguy]

Hello,
I am trying to set up an order to close based on the EntryPrice, a stop loss value, and the amount of time that has passed since entering the position.

For example, suppose I added an order based on the following...

#### OPEN POSITION

#### LONG Bull
AddOrder(OrderType.BUY_TO_OPEN, Bull1 and Bull2 and Bull3, tickcolor = Color.GREEN, arrowcolor = Color.GREEN, name = "Long_Bull_Open");

#### SHORT Bear
AddOrder(OrderType.SELL_TO_OPEN, Bear1 and Bear2 and Bear3, tickcolor = Color.CYAN, arrowcolor = Color.CYAN, name = "Short_Bear_Open");

The following works for using a Stop Loss Order, but doesn't include the criteria for the amount of time that has passed.

#### CLOSE POSITION DUE TO STOPLOSS

#### LONG CLOSE
input stoplossLONG = 1.50;
def stopLONG = EntryPrice() - stoplossLONG;
AddOrder(OrderType.SELL_TO_CLOSE, close < stopLONG, tickcolor = Color.RED, arrowcolor = Color.RED, name = "Long_Close_Stop");

#### SHORT CLOSE
input stoplossSHORT = 1.50;
def stopSHORT = EntryPrice() + stoplossSHORT;
AddOrder(OrderType.BUY_TO_CLOSE, close > stopSHORT , tickcolor = Color.RED, arrowcolor = Color.RED, name = "Short_Close_Stop");

I am not sure how to count minutes or candlesticks after opening the position and add it to the code above. If I am using a "1 minute" chart and see that my stop loss has been exceeded AND ten minutes have passed, I would then exit the trade. Here is a hypothetical code below.

#### CLOSE POSITION DUE TO STOPLOSS AND TIME CONDITION IS MET

#### LONG CLOSE AFTER TBD MINUTES
input stoplossLONG = 1.00;
def stopLONG = EntryPrice() - stoplossLONG;
AddOrder(OrderType.SELL_TO_CLOSE, close < stoplong and TIME_CONDITION_MET, tickcolor = Color.RED, arrowcolor = Color.RED, name = "Long_Close_Stop");

#### SHORT CLOSE AFTER TBD MINUTES
input stoplossSHORT = 1.00;
def stopSHORT = EntryPrice() + stoplossSHORT;
AddOrder(OrderType.BUY_TO_CLOSE, close > stopSHORT and TIME_CONDITION_MET, tickcolor = Color.RED, arrowcolor = Color.RED, name = "Short_Close_Stop");

Any help on how to count the elapsed time (or the number of candles) after entering a position would be greatly appreciated. Also, the counter will need to be reset after exiting the trade.

I am thinking there may be some clues in this thread, but am not sure how to pick the starting candle when the position is opened in the strategy.
https://usethinkscript.com/threads/consecutive-bar-count-indicator-for-thinkorswim.324/

Thanks,
TMB_70

Pretty please? Thank you.

here is a study to experiment with

# sell_xbars_afterbuy_00
#-------------------------------------
def bn = barnumber();
def na = double.nan;

input trade_max_duration_bars = 12;

#-------------------------------------
# test trigger , short avg crossing above long avg
input avg1_len = 10;
input avg1_type =  AverageType.simple;
def ma1 = MovingAverage(avg1_type, close, avg1_len);

input avg2_len = 80;
input avg2_type =  AverageType.simple;
def ma2 = MovingAverage(avg2_type, close, avg2_len);

def buy1 = if ma1 crosses above ma2 then 1 else 0;

plot buy1z = if buy1 then low else na;
buy1z.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
# x.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
buy1z.SetDefaultColor(Color.green);
buy1z.setlineweight(3);
buy1z.hidebubble();

def buy2 = 1;

#-------------------------------------
input show_lines = no;
plot z1 = if show_lines then ma1 else na;
z1.setdefaultcolor(color.cyan);
plot z2 = if show_lines then ma2 else na;
z2.setdefaultcolor(color.yellow);

#-------------------------------------
def buy = buy1 and buy2;
def buybn = if bn ==1 then na else if buy then bn else buybn[1];
def barsafterbuy = if isnan(buybn) then 0 else bn - buybn;
def sell_xbars_after_buy = if isnan(buybn) then 0 else if barsafterbuy == trade_max_duration_bars then 1 else 0;

#-------------------------------------
addchartbubble(1, ma2*0.998,
buy + " buy\n" +
barsafterbuy + " bars\n" +
trade_max_duration_bars + " max\n" +
sell_xbars_after_buy + " sell\n"
, ( if buy then color.green else if sell_xbars_after_buy then color.red else color.gray), no);

#-------------------------------------
#

when buy is true, it draws a green arrow and a green bubble
max bars after a buy is set to 12. after 12 bars , a red bubble is drawn.

 

[TMB70]

here is a study to experiment with

# sell_xbars_afterbuy_00
#-------------------------------------
def bn = barnumber();
def na = double.nan;

input trade_max_duration_bars = 12;

#-------------------------------------
# test trigger , short avg crossing above long avg
input avg1_len = 10;
input avg1_type =  AverageType.simple;
def ma1 = MovingAverage(avg1_type, close, avg1_len);

input avg2_len = 80;
input avg2_type =  AverageType.simple;
def ma2 = MovingAverage(avg2_type, close, avg2_len);

def buy1 = if ma1 crosses above ma2 then 1 else 0;

plot buy1z = if buy1 then low else na;
buy1z.SetPaintingStrategy(PaintingStrategy.ARROW_UP);
# x.SetPaintingStrategy(PaintingStrategy.ARROW_DOWN);
buy1z.SetDefaultColor(Color.green);
buy1z.setlineweight(3);
buy1z.hidebubble();

def buy2 = 1;

#-------------------------------------
input show_lines = no;
plot z1 = if show_lines then ma1 else na;
z1.setdefaultcolor(color.cyan);
plot z2 = if show_lines then ma2 else na;
z2.setdefaultcolor(color.yellow);

#-------------------------------------
def buy = buy1 and buy2;
def buybn = if bn ==1 then na else if buy then bn else buybn[1];
def barsafterbuy = if isnan(buybn) then 0 else bn - buybn;
def sell_xbars_after_buy = if isnan(buybn) then 0 else if barsafterbuy == trade_max_duration_bars then 1 else 0;

#-------------------------------------
addchartbubble(1, ma2*0.998,
buy + " buy\n" +
barsafterbuy + " bars\n" +
trade_max_duration_bars + " max\n" +
sell_xbars_after_buy + " sell\n"
, ( if buy then color.green else if sell_xbars_after_buy then color.red else color.gray), no);

#-------------------------------------
#

when buy is true, it draws a green arrow and a green bubble
max bars after a buy is set to 12. after 12 bars , a red bubble is drawn.

Thank you! I will have a look and see it helps with my strategy.