How to determine tp and sl levels according to some specific candles sizes'
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Hello guys,
I’d like to determine my tp snd sl levels according to some specific candle sizes… For instance, as you can see attached there are 3 consecutive bullish candles, and I want my tp level exactly as the distance between the low of the first bullish candle and the high of the third bullish candle. Additionally, I’d like to set my sl level exactly as the 50% of the tp. Is it possibe on fxdreema? If yes can you please show how?
Regards…
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You can use standard condition blocks but the problem is what happens when the high of candle 2 is higher that those of candles 1 and 3. Would you use that higher high instead? And what if there is a bearish candles between candles 1 and 3?
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Thank you for your feedback l'andorrà. I'm only intereseted in consecutive bullish or cosecutive bearish candles. So, If there is an opposite candle between them bot shouldn't open an order. Besides, that's a good point that mentioned if, for instance, high of candle 2 is higher that those of candles 1 and 3 then bot can use that higher instead of high of the third candle. As you can see below blocks 12-13-14 for the long and 33-34-35 for the short positions show consecutive candles but I don't know how to write the rest. Is it possible?
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@l-andorrà So do you know how to determine tp snd sl levels according to specific candle sizes?
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Anyone can help me guys in order to determine tp snd sl levels according to specific candle sizes like above statement of mine?
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@allstarengin You need to move the 'once par bar' block on top of both block trees. Then you need to create 2 variables for buys and another 2 for sells. Then, below your conditions blocks you need to do this (for buys only):
You will have to modify it for sells accordingly.
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@l-andorrà thank you very very much, I’m going to write it first thing tomorrow
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@allstarengin You're welcome.
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@l-andorrà hello bro. What if bot opens the position when price hits the 50% level of the distance between highest of the 1. bull candle and the lowest of the 3. bull candle as
attached? (without drawing fibonacci! because, I don't know why but fido backtests last days on mt5)So, I'm looking for an easier way... I've tried draw line, check distance etc. blocks however couldn't manage it.
How can I write it?
Best Regards...
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You can use variables to store those values and then use simple math to find the 50% distance. You need to draw any fibo at all. However, before doing that you need to establish cristal clear conditions to define what combination of candles you need to consider a valid calculation. For example, what if candle 1's high (not its body size) is higher than candles 2 and 3's?
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@l-andorrà thank you once again
I will study it...Best regards...
