Stop loss based on closing price

[ayzee]

I like to set a stop loss related to my stock purchase price, i.e., sell the stock if it closed 2% less than what I paid for it.
The stop loss should be based on the "close" of the previous day (and not intra-day price).
This thinkscript condition sold the stock during the trading day I bought:
close[1] is less than EntryPrice() * 0.98

I entered above in: Order Entry (STOP) -> Order Rules -> Conditions (I did not use AddOrder(..)).

Thanks in advance.

 

[rad14733]

@ayzee Welcome to the usethinkscript forums... So which is it, 2% less than entry price or 2% less than previous days close...??? A simple % based stoploss is built into Thinkorswim... As you have discovered, if you want stoploss based on yesterdays close you would need a Conditional Order which may have less chance of executing based on recent comments... You could always manually calculate the 2% from yesterdays close and enter that as your stoploss, unless you are talking about a trailingstop... Perhaps a bit more clarification would help us help you...

 

[ayzee]

@rad14733, thanks for response and for your suggestion to manually alter the stoploss.
However, I do not want to have to adjust the stop manually/frequently. Rather, I like to programatically sell at stoploss. E.g., if today it closes at a price less than 2% of its entry price, then I must sell it. How should I modify the following condition: "close[1] is less than EntryPrice()*0.98", or is there a better command?

(PS: I have good programming experience in languages other than thinkscript).

 

[rad14733]

Unfortunately, from experience, EntryPrice() doesn't work in Conditional Orders... A better method is to manually edit the Conditional Order and adjust your entry price... From there you can continually monitor close[1] with the exception that secondary aggregations aren't allowed in Conditional Orders either... Lots of roadblocks within Thinkscript, as you have no doubt encountered... After programming in other languages it feels that our hands are tied behind our backs...