How to use Take Profit when you are hit by a stock-market trader? - General

hello.new 2023.10.31 04:04 #31

Is there an EA or script that converts a Take Profit to Stop Loss upon getting hit? I searched I don't know if I found something I was looking for.

Fernando Carreiro 2023.10.31 04:15 #32

hello.new #: Is there an EA or script that converts a Take Profit to Stop Loss upon getting hit? I searched I don't know if I found something I was looking for.

That makes absolutely no sense! How can a Take-profit be converted into a Stop-Loss when it is hit?

You seem to be going on about the same thing as before, about wanting to set a trailing-stop at the current quote price when a certain level is reached.

We have already explained that your reasoning is flawed.

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hello.new 2023.10.31 04:55 #33

Okay, a Stop Loss that only activates when a certain profit is reached. For instance, you buy at X, and as soon as you buy you activate this EA or script or whatever. The instruction for this EA is the following:

As soon as the number of points in profit is reached, place a Stop Loss at that point. It's not even trailing. So for instance, after 500 points in profit is reached, the EA places a Stop Loss there so if the price goes higher you can manually close it at a higher profit, but if it comes down, your initial 500 point profit is guaranteed because of the Stop Loss the EA placed in place.

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hello.new 2023.10.31 05:23 #34

Let me put it this way: A Stop Loss that is placed ABOVE the current buy level. I know you're going to say, it's called Take Profit. But I don't want it to be a Take Profit order. I want it to keep the trade open and if the price goes above it, from that moment on acts as a Stop Loss. A Stop Loss that is always closed with profit. Do you get it now?

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Fernando Carreiro 2023.10.31 11:22 #35

hello.new #: Okay, a Stop Loss that only activates when a certain profit is reached. For instance, you buy at X, and as soon as you buy you activate this EA or script or whatever. The instruction for this EA is the following:As soon as the number of points in profit is reached, place a Stop Loss at that point. It's not even trailing. So for instance, after 500 points in profit is reached, the EA places a Stop Loss there so if the price goes higher you can manually close it at a higher profit, but if it comes down, your initial 500 point profit is guaranteed because of the Stop Loss the EA placed in place.

hello.new #: Let me put it this way: A Stop Loss that is placed ABOVE the current buy level. I know you're going to say, it's called Take Profit. But I don't want it to be a Take Profit order. I want it to keep the trade open and if the price goes above it, from that moment on acts as a Stop Loss. A Stop Loss that is always closed with profit. Do you get it now?

I humbly ask you to do more research on some principles of trading. Some of the things you are asking for are simple not possible or allowed in trading.

It is not possible to set a Stop-Loss at or above the current buy level. And in fact, if there is a Stops Level in play, it may even have to be placed several points below the current quote price.

This is the same thing that was explained previously about setting the trailing-stop-loss.

Need help understand stop Stop loss must be Stop working, it's time

hello.new 2023.11.01 00:19 #36

When I say “place a Stop Loss at the current price”, I'm well aware that even if it was possible, it would get hit immediately. I might have been unclear on that though. What I really mean, is placing the Stop Loss a few points below the current price obviously. So the following scenario:

You buy at X price mark. When the price reaches X+500-point mark, the EA or script will automatically place a Stop Loss at X+490-point mark. Meaning, in the worst case scenario, your trade will close with 490 points of profit. I know it's not possible to place a Stop Loss at the exact current price.

Currently if you want to place a Stop Loss between your long position and the current price, you'd have to first drag your long position down to place a Stop Loss below it, then release the mouse, then drag the Stop Loss again and bring it up between your long position and the current price. Which is cumbersome. But the cumbersome part is not the problem necessarily, the fact that you may not be able to do it on time is the problem. Hence the question about automating this process.

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Fernando Carreiro 2023.11.01 00:46 #37

hello.new #:

When I say “place a Stop Loss at the current price”, I'm well aware that even if it was possible, it would get hit immediately. I might have been unclear on that though. What I really mean, is placing the Stop Loss a few points below the current price obviously. So the following scenario:

You buy at X price mark. When the price reaches X+500-point mark, the EA or script will automatically place a Stop Loss at X+490-point mark. Meaning, in the worst case scenario, your trade will close with 490 points of profit. I know it's not possible to place a Stop Loss at the exact current price.

Currently if you want to place a Stop Loss between your long position and the current price, you'd have to first drag your long position down to place a Stop Loss below it, then release the mouse, then drag the Stop Loss again and bring it up between your long position and the current price. Which is cumbersome. But the cumbersome part is not the problem necessarily, the fact that you may not be able to do it on time is the problem. Hence the question about automating this process.

Then as I have already stated, use one of the existing programs that apply a trailing stop that also provides a "step" parameter, (aka. a trailing-step).

But if it is not exactly to your liking, then hire someone to code it to your exact requirements.

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The Problem with Trailing Stop in MetaTrader 5 - Forcing Trailing Stop to Activate at a Certain Profit Level

Fernando Carreiro, 2023.10.26 01:24

In that case, then there are already implementations out there already, which implement a trailing-stop with a trailing-step, that will achieve what you want.

The choice of the "step" and "stop" parameter values will allow you to get what you want, with the "buffer".

Do some research and test out the various implementations. But, if even then, if it's not exactly what you want, consider the Freelance option.

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hello.new 2023.11.01 00:52 #38

Good idea. Thank you.

samy Salah 2023.11.22 23:10 #39

Fernando Carreiro #:

There are many "Trailing Stop" solutions (with various options), available in the CodeBase section and also available in the Market place, both free and paid options.

Please following the two links I provided in the previous sentence and do some research on your own, because recommendations or suggestions for products are not allowed on the forum.

EDIT: And if nothing is to your satisfaction, then you can always code your own or hire a programmer in the Freelance section to do it for you.

I can set trailing stop without setting initial stop loss?

Fernando Carreiro 2023.11.22 23:19 #40

@samy Salah #: I can set trailing stop without setting initial stop loss?

Yes!

The Problem with Trailing Stop in MetaTrader 5 - Forcing Trailing Stop to Activate at a Certain Profit Level - page 4