Trailing Stop % of Stop Loss
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Hi, I am trying to build a simple trailing stop that is 150% of the Stop loss. For example, if the stop loss is 10 pips, the trailing stop should be 15 pips.
I know I can accomplish this by using pips as the value, but the issue is that my stop loss value (pips) fluctuates each trade based on the size of the candle 1 close .
Does anyone know how to implement a trailing stop like this?
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@tfulls12 Do you mean the SL value is modified ever time a new candle is closed? That means you're using a dynamic distance. What's the point of using a % of stop loss then?
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I'andorra thanks for the reply. I'll explain a bit more and hopefully, that will help you understand what I'm trying to accomplish.
Say candle one closes and it produces a long order signal. My ea is set up to take the order right above the close of candle 1. I want my stop to be at the candle low of candle 1. As you can see the size of candle 1 dictates the size of the stop. Now, what I want is for the trail to be 1.5 times bigger than the stop. So if the Ea produces an order with a 10 pip stop loss, I want the trail to be 15 pips with a 1 pip step. So if the trade goes 15 pip in profit, I will be at break even. Or if the trade only goes 10 pips in profit and reverses, the trade will close with a half loss. The issue is the next trade might only have a stop loss of 6 pips, and in this case, would need a trail for 9 pips. Therefore each trade is different, but the one constant is that the trail is 1.5 times larger than the size of the stop loss
I DON'T want the trail or stop to change, once the order has been placed.
I have tried everything I can think of using the trailing stop box but haven't been able to configure anything that has worked properly.
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Let me know if that makes sense.
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@tfulls12 I think I catch it now but could you please upload some images with a few examples just to be complete sure?
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Hi guys. I'm also looking for how to setup this trailing % stoploss.
Can anyone guide me how to setup this please. Thanks.
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@biztet what does this percentage refer to? % from maximum profitable swing during the trade? There is a ready-made option for "% of profit":
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I'm not really sure about that. But if % from price i guess it's quite huge.
I read about it here, http://www.quant-investing.com/blogs/general/2015/02/16/truths-about-stop-losses-that-nobody-wants-to-believe#:~:text=The best trailing stop-loss,while the market loses 50%25
.....but don't really understand it. And i also didn't see any sentence about % from current price.
