Support Board
Date/Time: Mon, 25 Nov 2024 22:50:10 +0000
Auto place stop loss based on the low/high of last X candles
View Count: 342
| [2024-01-26 05:56:47] |
| user8222 - Posts: 21 |
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I trade divergences where my stop loss will be 1 tick below the low (for a long position) of the candle. You can look back say 5 candles, and my stop loss will always be 1 tick below the low of those candles. Is it possible for me to setup a command to buy and automatically place my attached order stop loss at that exact level? 1 tick below the recent low of the last X candles or X minutes. I could then see exactly what my risk is on the position as well, and decide how many contracts to purchase. Or even better if I could somehow calculate the risk in $ so that it detects the stop loss, and then buys the corresponding amount of contracts to closest match that stop loss. I.e. stop loss is detected as 1 tick below the low, buy order sends X contracts to have my risk be as close to $250 as possible. Whether that is 1, or 10 contracts, etc.
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| [2024-01-26 15:56:17] |
| John - SC Support - Posts: 36286 |
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There is not a way to setup a Stop order to be 1 tick below the low of the last 5 bars when you are opening a position, but you can use the "Trade Management by Study" to have it move to that position fairly quickly after you put in the order. Refer to the following: Attached Orders: Study Controlled Targets and Stops In order to do what you are wanting with regards to the rest, there is no built-in support for this. You would have to create a custom study to do this. Refer to the following: Automated Trading From an Advanced Custom Study List of Third Party Sierra Chart Study and System Programmers For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
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