Parabolic SAR for stop loss and take profit?
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Evening all, help needed. Is there any way to capture the pip distance between the open price of a trade and the first dot of the parabolic SAR and utilise 2 X this distance to set a take profit. I do believe this question was asked a few years ago, but the answer was emailed to someone so unfortunately I'm none the wiser. I don't have a project to share because I simply don't know where to start. Thanks all in advance.
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@wol3003 Well, that is not a trivial calculation to do. I guess you need the PSAR value below for a buy and above for a sell, right? You need the EA to do some calculations.
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Thanks for the reply, love your video's BTW. your the reason i'm here.
Absolutely, I've managed to open 1 buy trade when the PSAR swaps below and when it swaps above I take 1 sell. I'm currently manually setting the stop loss and tape profit once the trades have opened using MT4/5, however i'd love to have the EA auto calculate the distance from the open price to the PSAR and have the stop loss set to ≤ PSAR value, and the take profit target set to double this calculated pip distance.
I've tried to utilise the check distance block but I don't know how to get a value out of this block, Ive also tried to set the take profit criteria as custom price level and PSAR indicator x2 in the adjust box, however i'm not getting the desired results.
any help would be much appreciated. thanks again.
love your work. big fan.
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@wol3003 Can you please share the link to your project? I'll take a look at it.
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Thanks again.
heres a link to the project so far.
The EA takes 1 buy once the first pip of an 0.03 PSAR passes below the price action, and a down fractal indicator is visible with pip ID2. The stop loss is the PSAR itself. I would like to have the TP double this open and PSAR value.
The short positions are exactly the opposite to the above. PSAR above price action and fractal with ID2.
I don't know how to go about calculating the pip distance between the open price and PSAR price level to calculate a new TP.
any assistance would be greatly appreciated .
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@wol3003 You can calculate that distance this way for a buy:
You should reverse the upper/lower levels to be measured for a sell, obviously.
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Awesome, thanks the reply. I have played around with the check distance box and I’ll have another go now you’re also talking about it, my issue was how to get the data out of this box. Unlike a formula that gives you an output box to put the sum of the calculation, there is no such box with the check distance. How do I get any information from this box?
Thanks again.
G
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under stop loss go to indicator select par sar,,
for sl tp
TP 200%of SL all in buy or sell blocks -
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Max you beautiful angel..what a hero. thank you a million times over. I cant believe i didn't see that. This answer will help a lot of people i'm sure.
Thank you again, and to L'andorrà
Great work.
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@wol3003 You're welcome.
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omg, it works perfectly ...amazing, better than I ever imagined because its a percentage I can fine tune it within MT to 97/98% to capture the trades. Thanks again. This is so awesome. best news, since loosing my job, career, house and catching covid. Once i make my first million i'm coming back for you.
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@wol3003 hhaaha too easy
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@wol3003 in the buy block
where its sais indicator par sar for your stop if u go to market properties then youll find lowest candle and can also place stops below the low of x amount of previous bars.
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Thanks Max, Very useful, ill look into this as well, much appreciated.
Thanks again.
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@wol3003 Thank you man! Please don't forget me when you get rich!
