Trailing Stop Loss - Help needed

[beginner_in_need]

Hello,


I'm trying to do the following with no luck thus far:

A trailing stop loss that works in the following way -

Once the price is $2 above entry price, activate the trailing stop loss, and from therein it will increment by .01 as price increases accordingly. So if I buy at $10, the trailing SL will activate when price is at $12 and in theory, if the price continues up to $12.50, the trailing SL would be at a high of $10.50 due to the increments.

Any help with this would be greatly appreciated. Will come a long way to backtesting my strategy. Thanks.

 

[rad14733]

What you have described cannot be done using a standard TrailingStopLoss... The only way to come close would be by using a Conditional Order where you have more granular control over the criteria you want to utilize...

That being said, for a simple Strategy you can code this into your AddOrder() parameters but would require multiple lines of code to meet conditions - it's just with real orders that it wouldn't be possible without CO's... There would be little benefit in working up a Strategy if you aren't planning on using Conditional Orders for live trades...

 

[beginner_in_need]

What you have described cannot be done using a standard StopLoss... The only way to come close would be by using a Conditional Order where you have more granular control over the criteria you want to utilize...

That being said, for a simple Strategy you can code this into your AddOrder() parameters but would require multiple lines of code to meet conditions - it's just with real orders that it wouldn't be possible without CO's... There would be little benefit in working up a Strategy if you aren't planning on using Conditional Orders for live trades...

Hi, thanks for your message. My intention is to do it solely for testing within a strategy for backtesting purposes and not the real orders. In that case, what would you suggest?

 

[apdusp]

Hello,


I'm trying to do the following with no luck thus far:

A trailing stop loss that works in the following way -

Once the price is $2 above entry price, activate the trailing stop loss, and from therein it will increment by .01 as price increases accordingly. So if I buy at $10, the trailing SL will activate when price is at $12 and in theory, if the price continues up to $12.50, the trailing SL would be at a high of $10.50 due to the increments.

Any help with this would be greatly appreciated. Will come a long way to backtesting my strategy. Thanks.

just another approach would be to use parabolic SAR, maybe changing parameters from (0.02,0.2) => (0.036,0.2) if you are more aggressive or keep it as default for a more conservative style. what I like with pSAR is that it considers not just price movements but also time (time is $)

 

[halcyonguy]

Hello,


I'm trying to do the following with no luck thus far:

A trailing stop loss that works in the following way -

Once the price is $2 above entry price, activate the trailing stop loss, and from therein it will increment by .01 as price increases accordingly. So if I buy at $10, the trailing SL will activate when price is at $12 and in theory, if the price continues up to $12.50, the trailing SL would be at a high of $10.50 due to the increments.

Any help with this would be greatly appreciated. Will come a long way to backtesting my strategy. Thanks. hal_trail

this is a strategy, not a study. it has addorder() functions. Must be saved in the strategy tab to the right of the study tab.


this creates a trailing stop line

the stop line starts out at $2 below the buy price
input stop_price_offset = -2.00;

as price moves up, the stop line moves up. if price drops, the stop line stays the same.
the stop line will stay within stop_price_offset of price (close).
if close goes below the stop line, then the trade ends.

stop line is cyan
buy price is green
test signals, 2 averages, yellow and gray

# trail_stop_offset_inc_00c

#https://usethinkscript.com/threads/trailing-stop-loss-help-needed.16492/
#Trailing Stop Loss - Help needed
#Once the price is $2 above entry price, activate the trailing stop loss, and from therein it will increment by .01 as #price increases accordingly.

#------------------------------
# test data
# ma_cross

def na = double.nan;
def bn = barnumber();

def price = close;

input ma1_len = 21;
input ma1_type =  AverageType.EXPONENTIAL;
def ma1 = MovingAverage(ma1_type, price, ma1_len);

input ma2_len = 55;
input ma2_type =  AverageType.EXPONENTIAL;
def ma2 = Movingaverage(ma2_type, price, ma2_len);

input show_test_data_lines = yes;
plot z1 = if show_test_data_lines then ma1 else na;
#z1.setdefaultcolor(color.light_gray);
z1.setdefaultcolor(color.yellow);
#z1.setlineweight(1);
z1.hidebubble();

plot z2 = if show_test_data_lines then ma2 else na;
z2.setdefaultcolor(color.light_gray);
#z2.setlineweight(1);
z2.hidebubble();

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

# test signals
def buy1 = ma1 crosses above ma2;
def sell1 = ma1 crosses below ma2;

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

input stop_price_offset = -2.00;
#input cross_stop_amt = 0.3;

def big = 99999;

# horz buy level
def buy_pr = if bn == 1 or sell1 then big
 else if buy1 then close
 else buy_pr[1];

def y = (buy_pr + stop_price_offset);
def cls_diff1 = close - close[1];
def cls_diff2 = close - buy_pr;

def stop_lvl = if bn == 1 then 0
 else if sell1 then 0
 else if close < stop_lvl[1] then 0
 else if buy1 then y
 else if (stop_lvl[1] > 0 and cls_diff1 > 0) then max(stop_lvl[1], close + stop_price_offset)
 else stop_lvl[1];

# horz buy level
plot z3 = if buy_pr < big then buy_pr else na;
z3.setdefaultcolor(color.green);
z3.setlineweight(1);
#z3.hidebubble();

plot z4 = if stop_lvl > 0 and stop_lvl < big then stop_lvl else na;
z4.setdefaultcolor(color.cyan);
z4.setlineweight(2);
#z4.hidebubble();

def sell2 = if sell1 or (stop_lvl[1] > 0 and stop_lvl == 0) then 1 else 0;
def buy2 = if stop_lvl[1] == 0 then buy1 else 0;

input trade_size = 1;

AddOrder(OrderType.BUY_TO_OPEN, buy2, open[-1], tradeSize = trade_size, tickColor = Color.green, arrowColor = Color.green, name = "buy");
AddOrder(OrderType.SELL_TO_CLOSE, sell2, open[-1] , tradeSize = trade_size, tickcolor = Color.red, arrowcolor = Color.red, name = "sell");

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

input test1_bubble = no;
addchartbubble(test1_bubble, low*0.98,
buy1 + "\n" +
stop_lvl
, color.yellow, no);

#

MRK 15min