Reset EL SetBreakeven

[deadloss 10]

Hi,

I want to set a breakeven stoploss after each new trade has made the appropriate market movement i.e. in the market & 50% towards price target.

If Condition13 = True

and Condition14 =True

Then Begin

SetStopContract;

SetBreakeven(1);

End;End;

However once set for the first trade it stays set for all subsequent trades, is there a way to close it when the trade closes or do I have to go about it a different way?

Lowly 2000i code only and out of ideas.

[EasyTrader_I 10]

Hi DeadLoss,

 

If you want the Setbreakeven to execute only for the first trade, then you could write something like,

 

if Totaltrades < 1 then setbreakeven(1);

 

Else if you are trying to execute the setbreakeven for all trades But only on condition then you can try this..

if condition99 then setbreakeven(1); //where condition99 is your's

 

Cheers,

EasyTrader_I.

[deadloss 10]

Thanks for that but I don't see that anything has changed. I do want a Breakeven stop on every trade but only after the market has moved in the right direction, say 50% towards my target price. The problem with the built in stop is that one it has been set by the first trade reaching the trigger value the breakeven stop stays in force for all subsiquent trades without them triggering the stop. I think I might have to write my own stop but I have writters block so am looking for inspiration, all ideas welcome.

[statsign 10]

ifintrade = marketposition <> 0;

 

if ifintrade and Condition13 and Condition14

Then Begin

SetStopContract;

SetBreakeven(1);

End;End;

 

but it may have been as simple as resetting conditions

 

if marketposition = 0 then condition-that-kicks-in-breakeven = false;

[Tams 20]

ifintrade = marketposition <> 0;

 

if ifintrade and Condition13 and Condition14

Then Begin

SetStopContract;

SetBreakeven(1);

End;End;

 

but it may have been as simple as resetting conditions

 

if marketposition = 0 then condition-that-kicks-in-breakeven = false;

 

do not put stoploss/breakeven/profit target in a condition.

it might not execute.

[statsign 10]

I've always had in conditions - is that a multicharts thing?

[Tams 20]

I've always had in conditions - is that a multicharts thing?

 

not just multicharts... tradestation as well.

 

ppl often get carried away when tweaking their codes,

they adding conditions upon conditions to their strategies as an after thought

and forgotten that IF one of the condition does not meet the criteria,

the stoploss will not be in place anymore.

[EasyTrader_I 10]

Hi Tams,

You may be correct sometimes, But if you expertise in Tradestaion Programming or any with any other platform, then it doesn't effect though..right?

 

So stoploss/breakeven/profit target will work in a condition only if you code it such a way...

 

Please correct me if I am wrong..

 

EasyTrader_I

[Tams 20]

Hi Tams,

You may be correct sometimes, But if you expertise in Tradestaion Programming or any with any other platform, then it doesn't effect though..right?

 

So stoploss/breakeven/profit target will work in a condition only if you code it such a way...

 

Please correct me if I am wrong..

 

EasyTrader_I

 

Rread my wording carefully, you will get my point.

if you try to add meaning to it, you are on your own.

Edited January 21, 2011 by Tams

[deadloss 10]

ifintrade = marketposition <> 0;

 

if ifintrade and Condition13 and Condition14

Then Begin

SetStopContract;

SetBreakeven(1);

End;End;

 

but it may have been as simple as resetting conditions

 

if marketposition = 0 then condition-that-kicks-in-breakeven = false;

 

Hi statsign,

Thanks for your interest I think you are one the right track, I have been trawling the Tradestation site for inspiration and have found some code similar to yours. Pretty basic really I don't know what my problem is, I shall probably find some time in the next few days to put it all together. Regarding conditions and stops etc...... in general terms it is true that it is not good practice to enclose a universal stop in conditions however this is a secondary stop which only kicks in after the trade has moved into partial profit, the universal stop stays in place all the time but is placed in a position which allows for some losses, this gives the trade room to breath in the early stages, just a little swing trading nothing fancy. I'll post code when I have some.

Thanks to all who have had a little think.

deadloss

[crossbones 10]

Hello. Tams is absolutely correct about using condition or value statements in a strategy in trade station. They will eventually fail. I know -4K in one day.

[statsign 10]

It takes more code to really figure out.

I did the if in a trade only in case your code was calculating price changes for a stop outside of trades but really figured that the problem was not resetting conditions to false.

Tams hit a good point - getting snarled in conditions, though I don't see how much of anyone wouldn't have things in at least a marketposition condition.

I am against using functions at all for strategy code, but I do use functions for indicators.

Use that output bar - it is your best friend for figuring out what your code is doing.

[Tams 20]

Hi statsign,

Thanks for your interest I think you are one the right track, I have been trawling the Tradestation site for inspiration and have found some code similar to yours. Pretty basic really I don't know what my problem is, I shall probably find some time in the next few days to put it all together. Regarding conditions and stops etc...... in general terms it is true that it is not good practice to enclose a universal stop in conditions however this is a secondary stop which only kicks in after the trade has moved into partial profit, the universal stop stays in place all the time but is placed in a position which allows for some losses, this gives the trade room to breath in the early stages, just a little swing trading nothing fancy. I'll post code when I have some.

Thanks to all who have had a little think.

deadloss

 

It takes more code to really figure out.

I did the if in a trade only in case your code was calculating price changes for a stop outside of trades but really figured that the problem was not resetting conditions to false.

Tams hit a good point - getting snarled in conditions, though I don't see how much of anyone wouldn't have things in at least a marketposition condition.

I am against using functions at all for strategy code, but I do use functions for indicators.

Use that output bar - it is your best friend for figuring out what your code is doing.

 

you have to understand one thing...

those exit orders (including stoploss, profittarget, etc.,) are NOT regular orders (ie BUY and SELL).

they are part of the "Strategy Engine".

Look up "Strategy Engine" in the EasyLanguage manual, read it in detail, understand its purpose and behaviors... then use them accordingly.

Edited January 21, 2011 by Tams

[statsign 10]

right, which is why I don't use functions at all in strategies - thus all orders are buy or sell or short or cover

[deadloss 10]

Well I better write my own BreakEven Exit then, I don't quite know if I can write a condition switch for a one time event but who knows...............................

[deadloss 10]

What was all the fuss about. provisional testing looks good, thanks for the feedback.

Also, on the subject of square pegs, I have to tell you that all the best furniture is jointed with square pegs in round holes. Of course not every one likes strong joints.

 

Inputs:ProfitSaver(.5), Costs(1);{ProfitSaver: 0.50 = 50% Percent of Tgt-1 to lower stop to breakeven.

Costs: Amount to cover chages/slippage}

{Inputs:Tgt1(2.5);Remove when intergrated}

 

Variables:PS_LTrigger(False);

 

Condition14 = High > ( EntryPrice(0) * (1 + ( ProfitSaver * Tgt1 * 0.01)));{Current High is above trigger level for stop loss}

 

 

If MarketPosition > 0 and Condition14 = True

Then

PS_LTrigger = True

Else

If MarketPosition <= 0

Then

PS_LTrigger = False;

 

If PS_LTrigger = True

Then ExitLong("T1+2 PSXT") all contracts from Entry("Tgt1+2 EB") at (EntryPrice + Costs) or Lower;

[statsign 10]

I have a preference for booleans, just how my mind works, but doesn't have to be

long example

 

input: targetv(2);

if marketposition = 1 then begin
   mytarget = entryprice + targetv;
   if C = (entryprice + targetv * .5) then mybreakeven = 1;
   if C = mytarget then sell next bar market;
   if mybreakeven = 1 and C = entryprice then sell next bar market;
end;

if marketposition = 0 then mybreakeven = 0;

[deadloss 10]

Hi statsign,

I posted this earlyer but it seems to have been withheld for asides regarding square pegs. Anyway I am placing trades manually so the code is for back testing and optimisation so your code is very usefull as an illustration for future use but think I am on the right track now as preliminary testing is looking good, though I may have to add a Bigpointvalue or something to stop it selling slightly below breakeven but it is basicly doing what it should with the added bonus that the exit is now tied to the entry.

The leap of understanding was in making the single rise in price above my trigger value activate an exit command that acts all subsiqent bars untill one of them breaches the breakeven price.

I had not previosly reolised that this was possible.

 

{xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx ProfitSaverLX xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx}

 

Inputs:ProfitSaver(.5), Costs(1);{ProfitSaver: 0.50 = 50% Percent of Tgt-1 to lower stop to breakeven.

Costs: Amount to cover charges/slippage}

{Inputs:Tgt1(2.5);Remove when intergrated}

 

Variables:PS_LTrigger(False);

 

Condition14 = High > ( EntryPrice(0) * (1 + ( ProfitSaver * Tgt1 * 0.01)));{Current High is above trigger level for stop loss}

 

 

If MarketPosition > 0 and Condition14 = True

Then

PS_LTrigger = True

Else

If MarketPosition <= 0

Then

PS_LTrigger = False;

 

If PS_LTrigger = True

Then ExitLong("T1+2 PSXT") all contracts from Entry("Tgt1+2 EB") at (EntryPrice + Costs) or Lower;

 

{-------------------------------------------------------------------------------------------------------------------}

[deadloss 10]

Thanks statsign, my posts don't seem to be getting through at present but I have been trying your approach with unpredictable results so far. I dare say I will stumble upon a solution eventually.

deadloss

[deadloss 10]

Post Script...................

I suddenly realised that in concentrating on this small area of code I was missing the big picture. The real problem is in the structure of the system, a full re-write will not be needed thank god, just a bit of structural rearrangement and then the addition of breakeven exit...................... should be easy enough?

Thanks for being a wall to bounce off, the end.

deadloss