Stop loss for LESS of a loss

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I have a simple EA that will close orders based on take profit and stop loss.

(TotalProfit<=0-stoploss_dollars || percentProfit<=0-stoploss_percent)

How would the math work if you wanted to have an order close out when it's LESS of a loss, for example, if you have -100 and you want it to close when it's -20.

 

Something like . . .

extern double AcceptableLoss = 20; 

 
OrderSelect( . . .  );

if(OrderProfit() <=  -1 * AcceptableLoss )
   {
   if(!CloseOrder(OrderTicket(), OrderLots(), OrderCloseProiice(), etc, etc))
      Print("Order close failed, ticket: ", OrderTicket());     
   }
 
eliteeservices:

How would the math work if you wanted to have an order close out when it's LESS of a loss, for example, if you have -100 and you want it to close when it's -20.

Or maybe you want to keep the Order open until the situation improves ?
 
I want to have a static number, for example -20, that when the loss DECREASES from let's say -100 to -20, positions are closed. There is a particular reason i want to do this.
 
eliteeservices:
I want to have a static number, for example -20, that when the loss DECREASES from let's say -100 to -20, positions are closed. There is a particular reason i want to do this.
The complication you are going to have is that you need to know that the profit has first gone to -100 before you can then close it when it recovers to -20 . . . if you just close at -20 it will also close on the way down from -10 to -20 . . .
 

set a flag to true if OrderProfit() is -100 or lower

if the flag is true and OrderProfit() is -20 or higher, close.

 
eliteeservices:
I want to have a static number, for example -20, that when the loss DECREASES from let's say -100 to -20, positions are closed. There is a particular reason i want to do this.

Static numbers for TP and SL are bad. They may backtest ok under current market conditiions but will fail when an instrument has a huge range. Look at the AUDUSD for example that has had a range of .65 to 1.10 over the last couple of years. 100 points means something totally different when the AUDUSD is at .65 vs 1.10. I have moved all my TP and SL to be factors of average bar lengths over time and do not trade when volatility gets too extreme. BTW, I only look at high timeframes (4h) and am trying to be a trend trader with limited success, so you may not want to take my advice :-)
 

Raptor, thank you. I believe we need to reverse the sign as well:

else if (TotalProfit>=(-1*lessloss_dollars) || percentProfit>=(-1*lessloss_percent))

Because this way, if loss is greater than value, such as -100, it will not trigger until -20. correct?

This assumes that loss is already -100 when EA is loaded. This is acceptable since our strategy is hybrid (manual / auto).

 

you can check each order and calculate the range from openprice to highest, lowest and currentprice.


hint:

bool OrderSelect(       int index, int select, int pool=MODE_TRADES);

OrderOpenTime();

OrderOpenPrice();

OrderClosePrice();

int iBarShift(  string symbol, int timeframe, datetime time, bool exact=false);

int iHighest(   string symbol, int timeframe, int type, int count=WHOLE_ARRAY, int start=0);

int iLowest(    string symbol, int timeframe, int type, int count=WHOLE_ARRAY, int start=0);


in correct way this will give you amount of pips.


the calculation to get it in USD or wathever currency you prefer, is somewere here in the forum. search.


Happy coding!

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