All pre-defined exits are customizable.
|
Exit name |
Money management (SL) |
|
Order type |
Stop |
|
Description |
Maximum acceptable loss per trade (classic stop loss). |
|
Parameter |
Amount of money for stop to be activated. |
|
Code (price) |
OpenPositionAverageEntryPrice(@,ThisTradeOnly) - Dollar2Price(@,1000) / OpenPositionEntrySize(@,ThisTradeOnly) |
•Customization example: replace $1000 with MM
Using MM instead of an amount makes it possible to change this value from a chart (parameters), which makes it easy to experiment with stop loss settings.
OpenPositionAverageEntryPrice(@,ThisTradeOnly) - Dollar2Price(@,MM) / OpenPositionEntrySize(@,ThisTradeOnly)
•Customization example: replace $1000 with MM2
You can also change the amount by using a variable. Add the variable to the code.
MM2= ATR(@,Smo, 10)
OpenPositionAverageEntryPrice(@,ThisTradeOnly) - Dollar2Price(@,MM2) / OpenPositionEntrySize(@,ThisTradeOnly)
|
Exit Name |
Break even (BE) |
|
Order type |
Stop |
|
Description |
Profit level for the stop to be activated. Once the profit level is reached, the stop order is activated at the entry price. In this way, the trade is break even (floor is reached). |
|
Parameter |
Amount of money for floor to be activated. |
|
Code (signal) |
BarsSinceEntry(@,0,OldestOpen,ThisTradeOnly) > 0 AND MaxPer(OpenPositionProfit(@,ThisTradeOnly)[-1],BarsSinceEntry(@,0,OldestOpen,ThisTradeOnly)) >= 1000 |
|
Exit Name |
Dollar risk trailing (DRT) |
|
Order type |
Stop |
|
Description |
Amount of the open position profit that the trader is prepared to forego (based on close). Because it is a trailing stop, as open position profits increase, the stop also increases. |
|
Parameter |
Amount of money from best close that triggers exit. |
|
Code (price) |
(Close(@)[-1] when (OpenPositionProfit(@,ThisTradeOnly)[-1] = MaxPer(OpenPositionProfit(@,ThisTradeOnly)[-1],BarsSinceEntry(@,0,OldestOpen,ThisTradeOnly)))) - Dollar2Price(@,1000) / OpenPositionEntrySize(@,ThisTradeOnly) |
|
Exit Name |
Percent risk trailing (PRT) |
|
Order type |
Stop |
|
Description |
Similar to DRT, but based on percentage. Minimum level of profit (floor) that activates the stop order and the retracement percentage level to set the stop. For example, with the default parameters of $1000 and 50%: the stop is activated once profits reach $1000, and the stop is set at 50% of that level ($500). |
|
Parameter |
Amount of money for floor to be activated. Percentage willing to give up. |
|
Code (price) |
((1 - 50 / 100) * (Close(@)[-1] when (OpenPositionProfit(@,ThisTradeOnly)[-1] = MaxPer(OpenPositionProfit(@,ThisTradeOnly)[-1],BarsSinceEntry(@,0,OldestOpen,ThisTradeOnly)))) + (50 / 100) * AverageEntryPrice(@,ThisTradeOnly)) |
|
Exit Name |
Profit target (PT) |
|
Order type |
Limit |
|
Description |
Profit amount. |
|
Parameter |
Target amount to win per trade. |
|
Code (price) |
OpenPositionAverageEntryPrice(@,ThisTradeOnly) + Dollar2Price(@,1000) / OpenPositionEntrySize(@,ThisTradeOnly) |
•Customization example: replace $1000 with Rang variable
Rang is defined as the thirteen period exponential moving average of custom study OCRange divided by the three period volatility and multiplied by a parameter MF. OCRange measures the absolute value of the open to close range of a price bar.
Rang := MA(OCRange.c1^@), Exp, 13.000/Volat(@,3)*MF;
OpenPositionAverageEntryPrice(@,ThisTradeOnly) + Dollar2Price(@,Rang) / OpenPositionEntrySize(@,ThisTradeOnly)
|
Exit Name |
Entry stop (ES) |
|
Order type |
Stop |
|
Description |
Places stop on the high or low of the entry bar. |
|
Parameter |
High and Low |
|
Code (price) |
High(@) when BarsSinceEntry(@,0,All,ThisTradeOnly) = 0 |