Multiple Trailing Stops
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Is it possible to place multiple trailing stops?
As mentioned in another post I am having issues with getting my original stop loss to work. I also trail my stop differently depending on how many pips a trade is in profit. So what I would like to do is have 3 trailing stops as follows (example is for a buy trade):
- At my original stop loss that doesn't move. This might be say at the low of the previous candle to the one where the trade is taken, less a number of pips. This then is my risk (R).
- A stop that moves up 1 pip for every 2 pips that the trade goes in profit. i.e. if my R was 70 pips and my trade is 40 pips in profit the stop would have moved up 20 pips. So my potential risk from the high is now 90 pips but from the entry point it is now 50 pips. This allows my trades that move in my favour to expand the amount of room that I give them but still moves the stop loss up so that my overall risk on the trade reduces. This is only done until my trade is 2R in profit. i.e. at this point my stop loss would have moved up 1R or in other words be at break even.
- Once a trade is up 2R the stop moves up 1 pip for every further pip thye trade moves in profit. i.e. the stop will now be 2R from the highest price the trade has achieved.
If possible how do I code it?
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Anyone have any suggestions? I have modified my original query as I have sorted out my placing the original stop loss issue.
Is it possible to place multiple trailing stops?
I trail my stop differently depending on how many pips a trade is in profit. What I would like to do is have 2 trailing stops as follows (example is for a buy trade):
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A stop that moves up 1 pip for every 2 pips that the trade goes in profit. i.e. if my R was 70 pips and my trade is 40 pips in profit the stop would have moved up 20 pips. So my potential risk from the high is now 90 pips but from the entry point it is now 50 pips. This allows my trades that move in my favour to expand the amount of room that I give them but still moves the stop loss up so that my overall risk on the trade reduces. This is only done until my trade is 2R in profit. i.e. at this point my stop loss would have moved up 1R or in other words be at break even.
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Once a trade is up 2R the stop moves up 1 pip for every further pip thye trade moves in profit. i.e. the stop will now be 2R from the highest price the trade has achieved.
If possible how do I code it?
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Trailing stop (each trade) can work only after certain profit is gained. But only between profit A and profit B... I was never thinking about this actually, but I think that it's not possible with this block.
Here is how to make trailing stop with pink blocks https://fxdreema.com/demo/mt4-loop-trailing-stop. With few "pips away from open-price" it would be probably possible to make such thing -
Like this? https://fxdreema.com/shared/JAibZKYU
Is there anything you would do to simplify?
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This is the option for such levels: http://prntscr.com/cr40f9 Well, not is %, in pips
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I can see that would work if you had a fixed pips stop loss. But as this uses a stop based on the prior bars range it changes every trade. Looks like I'll have to use the one I developed.
Thanks for showing me that option though. It might be handy with other strategies.
