OrderType.SELL_TO_CLOSE after a certain profit/loss is hit?

hashy

Member
Hi. I'm working on my first Strategy to hopefully do some back testing. I have everything pretty much working except for the very end. I have what I'm calling signal1 defined and a order to buy:
AddOrder(OrderType.BUY_TO_OPEN, signal1, tickColor = GetColor(0), arrowColor = GetColor(0), name = "Long");

What I can't figure out is how to code a sell to close order after price hits my target or stop. For simplicity's sake let's say I want to sell to close once price is $1.00 (up or down) from my entry price.

AddOrder(OrderType.SELL_TO_CLOSE ???

I assume it's going to be something with entryprice, close, and/or ohlc, but I'm new to ThinkScript and can't figure it out. Any help is greatly appreciated. Thank you.
 

tomsk

Well-known member
VIP
Assuming you have a variable called entryPrice that calculates your entry price
You now define your sell condition in the variable sellCond as well as your sell order.
I prefer using BUY_AUTO and SELL_AUTO as it reverses each other

Code:
def sellCond = close crosses above entryPrice + 1;
AddOrder(OrderType.SELL_AUTO, sellCond, tickcolor = GetColor(1), arrowcolor = GetColor(1), name = "Sell");
 

tomsk

Well-known member
VIP
Unfortunately no.
The strategy signal will always be on the bar following the condition regardless of what you do.
You're aware that the strategy is just simulated trade, it does not turn into a live trade.
 

hashy

Member
Okay, thanks. And yes I realize it's not a live trade. I'm just trying to automate some backtesting instead of manually crawling through charts for hours on end. Thanks again
 

Raphaell22

New member
Thanks tomsk. I will check that. Do you know if there is a way to get the barnumber() of the last entryprice(). Could we than reference from the barnumber from a different study?
 

tomsk

Well-known member
VIP
Presumably your entryPrice must be based on some condition, so one way of doing so is that once that condition is triggered you capture the bar number. That should theoretically work. Note that you cannot reference a custom study from another custom study, I suppose the same would apply for strategies.
 

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.
Top