Support Board
Date/Time: Thu, 31 Oct 2024 10:13:02 +0000
Multi Trailing Stop Setup
View Count: 98
| [2024-09-16 03:50:34] |
| User273277 - Posts: 53 |
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How can I set a trailing stop to tighten as a trade goes further into profit? For example 1 contract, no profit target, 1 regular stop and 2 trailing stop limits: Start with a regular 10 point stop. When trade hits 20 points profit, set trail stop to 15 points. When trade hits 30 points profit, change trail to 10 points. I tried creating multiple Stop: Trailing Stop, or Trailing Stop Limit, or Triggered Trail Stop Limit targets, but I get an error "Qty:2 Target/Stops NoMatch" probably due to using the same OCO Group making the stop quantities mismatched with the order entry quantity. Is this a simple config thing I need to set properly, or does this require a feature request or using a third party study of some kind? Date Time Of Last Edit: 2024-09-16 03:53:45
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| [2024-09-16 17:08:46] |
| John - SC Support - Posts: 35639 |
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The built-in order types do not allow for different trailing amounts. So you can not do it with these. It could be done with the "Spreadsheet System for Trading" along with the "Trade Management by Study" where you are using the "Spreadsheet System for Trading" to establish the trailing position and the "Trade Management by Study" will adjust the Stop to that position. Note that you are only using the "Spreadsheet System for Trading" since it has the information for the "Last Entry Trade Date Time" within it - you will not actually use this study for trading. The tricky thing in this is that you will have to use the "Last Entry Trade Date Time" in order to capture the highest price for the bars from that time so that your trailing line does not move back down. Refer to the following: Spreadsheet Systems, Alerts and Automated Trading Trade Management by Study 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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