Set Stop Loss based on Trigger Price

[EverGratefulMoneyMagnet]

I have a buy / sell condition based on MACD, RSI and ADX. They all need to be in alignment and meet their individual conditions for the buy/sell to trigger. That trigger can happen at anytime during a candle formation - at open, at close or somewhere in between. I want to set and show a stop loss based on trigger price plus/minus 1 ATR. Is it possible to do so?

I have seen it being done in TV, but am not able to figure it out in TOS.

 

[XeoNoX]

this is mostly basic usage of thinkorswim that can be done without any special coding. that can all be done with the thinkorswim wizard and setting up conditional orders. youtube videos on how to use the condition wizard and how to use the conditional orders.

 

[useThinkScript]

FYI,

close

on the ToS platform refers to the most recent tick.
So yes, if your buy/sell condition references

close

the trigger will happen at anytime during a candle formation - at open, at close, or somewhere in between.

However, if you are drawing signals on your chart AND the signal no longer exists when the bar closes;
Nothing will be drawn on your chart. There is no way in ToS to track inter-candle activity.

As @XeoNoX stated above, you can put your trigger into a conditional order.
Here is how to set up and test your conditional order:
https://usethinkscript.com/threads/answers-to-commonly-asked-questions.6006/#post-80482
ToS does not provide automated buying and selling. A Conditional Order is set up manually and only executes once.


As @XeoNoX stated above, no special coding is required for your ATR stop loss; it is standard in ToS.
Google / YouTube will provide you a plethora of examples.

@EverGratefulMoneyMagnet