Support Board
Date/Time: Wed, 27 Nov 2024 07:27:07 +0000
Automated Breakeven Stop Losses and Re-entries
View Count: 439
| [2023-09-08 18:05:17] |
| User128695 - Posts: 10 |
|
Hello, I am looking (and can't seem to find the right wording to find my answer) for a way to automate breakeven and re-entry positions based on a precise level when taking a trade. What behavior I am looking for is as follows: 1- I notice a long trading opportunity on the NQ at (for example) 15,000 points. I setup my trade and manually place my target and stop loss at the desired levels. 2- As soon as I enter the trade, and the price moves up for more than x ticks, my stop loss moves at the breakeven level (entry level + x ticks). 3- If the price retraces beyond my stop loss, my position is closed at breakeven. But I want SierraChart to retake the trade if it comes back to my entry level (15,000). 4- After my breakeven stop loss is triggered, the price retraces below 15,000 for a while. SierraChart keeps on monitoring the trade and price action, and every time the price reaches 15,000 points, it re-enters the trade automatically, and repeats the logic starting from Point 2 by moving my stop loss at breakeven when price goes over x ticks. 5- This BE/re-entry logic remains in place until the price either reaches my target or my initial stop loss (assuming a position is taken but never reaches the x ticks required to move at breakeven), or until I tell SierraChart to stop monitoring the opportunity. I already know how to automate the breakeven stop loss, what I'm looking for is how to automate re-entries at the same entry price AFTER a breakeven stop loss is triggered. Thanks for the help, and hopefully I was clear enough to make sense. |
| [2023-09-08 18:15:27] |
| John - SC Support - Posts: 36309 |
|
You would need to either create this with the "Spreadsheet System for Trading" or a custom study. We are not sure you can do it with the Spreadsheet System for Trading since it sounds like you want to automate the particular first entry price point, so you would have to figure out a way to do this. The documentation for the Spreadsheet System for Trading is here: Spreadsheet Systems, Alerts and Automated Trading For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2023-09-08 18:19:45] |
| User128695 - Posts: 10 |
|
Ah, I was hoping for a more built-in solution, although I believe it may indeed be done that way with a bit of manual tinkering with the formulas. Thanks, will play with it this weekend! |
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