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Direct MessagesDate/Time: Thu, 25 Apr 2024 22:01:53 +0000
How to add a trailing stop to an open position?
View Count: 2085
| [2020-11-25 17:18:18] |
| User854802 - Posts: 41 |
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Hi I am aware how to set up trailing stops in the chart trade windows so that when my order is triggered then a trailing stop is automatically added and triggered. However I want to know if it is possible if I have a position open with a stop loss, but then I will need to be away from the computer, how could I cancel my regular stop loss and add an active trailing stop to my open trade? I've searched you tube and the board and have not seen a specific response for this, thanks. |
| [2020-11-28 17:43:52] |
| User292180 - Posts: 14 |
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The Trailing Stop feature is what you will need, https://www.sierrachart.com/index.php?page=doc/OrderTypes.html#TrailingStop. You will need to be sure to unselect Use Attached Orders. Once you place the order, it will maintain the same number of ticks from your entry until it is hit. For instance, if you enter at 3600 then added the Trailing Stop at 3590, it will keep this 10pt difference until it hits Profit Target or the Trailing Stop. I hope this helps. |
| [2020-11-28 19:49:48] |
| User854802 - Posts: 41 |
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Thanks for the reply. This works when you already have a position open?
Date Time Of Last Edit: 2020-11-28 19:51:36
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| [2020-11-28 20:22:28] |
| bradh - Posts: 854 |
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This works when you already have a position open?
You need to do one more thing to add the attached order when in a position: Order Types: Sending Attached Orders from a Chart or Trade DOM |
| [2023-07-03 13:51:33] |
| Hopeman - Posts: 156 |
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Ok! Thank you i Will try I was wondering if it is possible to keep a stop order at the opening of the candle where the order is executed 4 tiks below or above the open depending on whether it is long or short and to make a trail stop following the open of the previous candle always 4 tiks below do you think this is possible? |
| [2023-07-03 15:04:21] |
| bradh - Posts: 854 |
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I was wondering if it is possible to keep a stop order at the opening of the candle where the order is executed 4 tiks below or above the open depending on whether it is long or short and to make a trail stop following the open of the previous candle always 4 tiks below do you think this is possible?
You can do this with the "Trade Management by Study" (TMBS) study and a Spreadsheet Formula Study. (For both longs and shorts you need two of each.) The spreadsheet formula for longs would be =O[-1]-4*TICKSIZE and for shorts: =O[-1]+4*TICKSIZE One TMBS will be set to control Shorts using the Shorts formula, and the other TMBS will be similarly set for Longs. You then use these formulas as the Controlling Subgraph References for the TMBS studies to manage the stops. |
| [2023-07-03 15:15:31] |
| Hopeman - Posts: 156 |
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I have written the same formula in the box t for longs and U for shorts in the spreadsheet and the formula gives a syntax error
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| [2023-07-03 15:20:05] |
| bradh - Posts: 854 |
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Make sure you are using the letter O, not zero (0). Or just do a copy/paste.
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| [2023-07-03 15:27:09] |
| Hopeman - Posts: 156 |
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It keeps giving syntax error, is it possible that you are not placing it in the corresponding box?
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| Attachment Deleted. |
STOP.png| [2023-07-03 15:31:14] |
| bradh - Posts: 854 |
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You are using the wrong study. You need the "Spreadsheet Formula" study.
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| [2023-07-03 15:48:17] |
| Hopeman - Posts: 156 |
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Okay! I have opened two spreadsheet formula study, one for long and the other for short, I have written the formula in its corresponding box and with two TMBS, one for short and the other for long, I have sent them the corresponding shipment, Now I have put the stop or long line on the main chart in DASH mode to be able to appreciate where I want the stop to be, I need it to always be a candle or two before, Apparently the sop does not work, it must jump at the indicated bar and it has exceeded the entry price Date Time Of Last Edit: 2023-07-03 15:53:08
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| [2023-07-03 15:54:35] |
| bradh - Posts: 854 |
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Start with an OCO and a large initial stop, and the TMBS will adjust it based on the Order Adjustment Timing.
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| [2023-07-03 16:03:29] |
| Hopeman - Posts: 156 |
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Does the OCO configuration have to be in the TMBS?
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| Attachment Deleted. |
| [2023-07-03 16:08:05] |
| bradh - Posts: 854 |
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It doesn't hurt, but you can leave it on Nearest if you are only doing one trade at a time.
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