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Date/Time: Wed, 28 Feb 2024 12:03:47 +0000



I need to know where the 'Break even' price is during multiple entries/exits!

View Count: 612

[2023-01-29 00:02:25]
J DIDDY - Posts: 97
I need to know where the 'Break even' price is on the DOM as I enter and exits positions during a trade - this is essential!

Obviously the average price (which I see the indicator for) moves away from my B/E when i add and take off trades so I cant use this anymore - and B/E is essential to know if at any time I wanna scratch part of my trade by going to break even but keep another part of it running as I add orders in and out, but obviously I need to make an informed decision on how close B/E is to price to make that call.

I am set up so that the BE button moves the closest to BE which is what I want.

If there isn't one we NEED a BE indicator for the DOM asap.

Thx
[2023-01-29 14:39:57]
Rui S - Posts: 168
I need to know where the 'Break even' price is on the DOM as I enter and exits positions during a trade - this is essential!

Obviously the average price (which I see the indicator for) moves away from my B/E when i add and take off trades so I cant use this anymore - and B/E is essential to know if at any time I wanna scratch part of my trade by going to break even but keep another part of it running as I add orders in and out, but obviously I need to make an informed decision on how close B/E is to price to make that call.

I am set up so that the BE button moves the closest to BE which is what I want.

If there isn't one we NEED a BE indicator for the DOM asap.

Thx


Hi J DIDDY,

I have had the same problem that you are experiencing now.

If you use the option "Use Theoretical Position Average Price" on your DOM and charts, your average price will be always correct even when you have multiple entries and exits within the same position. This is a fantastic feature for traders that have multiple entries and exits. Just bear in mind that the trade commissions will not be included in that average price.

To achieve that go to every chart and Trade DOM you want set this way and do the following:

"Chart Settings / Trading / Open Position Average Price" and select "Use Theoretical Position Average Price" from the dropdown menu.

Then, in order to make your BE orders to always go to your "theoretical average price", you need to do the following in the main SC window:

"Global Settings / Chart Trade Settings / "Always Use Position Average for Reference Price for Breakeven Command" - set it to "YES".

Those are great features that SC has, among many others.

I hope this helps you.
[2023-01-29 19:36:45]
J DIDDY - Posts: 97
Hey Rui S

Thanks a lot this worked perfectly!

I knew there had to be a way!

Much appreciated!
[2023-01-29 20:39:32]
Rui S - Posts: 168
Hey Rui S

Thanks a lot this worked perfectly!

I knew there had to be a way!

Much appreciated!

You are welcome. I'm glad I could help.
[2023-01-30 00:03:56]
Sierra_Chart Engineering - Posts: 13002
Regarding the first post, the breakeven price is given in the Order Action Source field at the time it changes in the Trade Activity Log. So you can refer to that:
Trade Activity Log
Sierra Chart Support - Engineering Level

Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy:
https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation

For the most reliable, advanced, and zero cost futures order routing, use the Teton service:
Sierra Chart Teton Futures Order Routing
[2023-01-30 01:04:21]
J DIDDY - Posts: 97
Thx SC engineering,

But Rui S's answer is much better and works for now - but you must understand that we NEED to see the BE point visually on the Dom in order to trade effectively - not in a 'list' type external window, where space is at a premium.

It's not intuitive to keep checking that list each time we enter or exit a trade and then referring back to the DOM to move positions to B/E.

There should be an option for 'ALL' B/E settings to show a 'B/E position indicator' that moves up and down from the 'entry position indicator' on the DOM as trades are entered and exited.

This is essential and urgent.

Thx
[2023-01-30 20:34:48]
User90125 - Posts: 715
+1 for this enhancement.
[2023-01-30 21:38:42]
Rui S - Posts: 168
There should be an option for 'ALL' B/E settings to show a 'B/E position indicator' that moves up and down from the 'entry position indicator' on the DOM as trades are entered and exited.

J DIDDY,

I'm not sure if you completely understood what I wrote above.

Every time you make a partial entry or exit, your position price will adjust the average price. Then you will just need to hit the BE button (or keyboard shortcut) and your Stop will adjust again to that new price position. You can do it as many times as you need.

Or what you are asking for is SC to do it automatically? I mean the Stop to Breakeven chasing the average price position?
Date Time Of Last Edit: 2023-01-30 21:41:08
[2023-01-30 22:35:01]
J DIDDY - Posts: 97
Rui S

I completely understood what you meant and its worked fine 'for now' as a hack.

But what is really needed is for the B/E setup you mentioned PLUS the one I was using originally to have a B/E indicator (an arrow on the DOM lets say) so you can actually see where BE is for you're positions as you enter and exit them, so that you can decide if you wanna put your stops to B/E.

With the standard setup I was using before, when I had 10 trades entered and exited I had no idea where the BE position was and some times it was 'IN FRONT' of price, which meant when I hit the B/E button, it closed all my trades.

With your way, at least for now I know my BE point is at the entry point - BUT I still prefer my original method of BE positioning, but then I would need a way of seeing on the DOM where BE is - the way SC Support mentioned is useless as I would need to open the list window and check there, as I enter and exit each position which is impossible when trading.

Is that clear?
[2023-01-31 10:49:41]
Rui S - Posts: 168
Hi J DIDDY,

Yes, it is clear now. Hopefully SC Engineering will find a way to fulfill what you need.

It won't be soon for sure, as they are "up to the neck" with work all the time, so try to make the best you can in what regards to manage your BEs.

Sometimes, with some work and imagination, I managed to figure out ways to achieve several things that I needed and SC doesn't have "out of the box".

Unfortunately I don't know anything about programming. People who knows programing can achieve and add plenty of functionalities to SC.

If by any chance you come to find out anything about this BE issue, please post it here. That´s the best way for us users to learn new ways and custom created functionalities, from one each other.

Thanks and good luck.
[2023-01-31 11:14:19]
J DIDDY - Posts: 97
Rui S

I certainly will post anything more I find out.

Your hack has really helped me out in this instance - you are an asset to the SC community!

Thx again
[2023-01-31 13:02:42]
Rui S - Posts: 168
J DIDDY,

Thank you for your compliment, but I can't honestly take the credit for it.

The two features I indicated above are not a hack. They were in did asked from me in the past to SC Engineering, but they are the ones who implemented it. It took a while though.

The "Theoretical Average Price" was first asked and implemented a long time ago. The "Move Stop to BE" to wherever your Position Average Price is and not depending of the calculation method selected, was asked and implemented last year.

For me, both of these features are extremely important, specially the "Theoretical Average Price". I use it in all my trades.

Technically speaking, SC Engineering are a great team, but we must understand they always have a lot on their plate to fix and develop.

Have a good trading.
[2023-01-31 20:02:08]
J DIDDY - Posts: 97
Thx Rui

Well, your answer has really helped me a lot, like you say its extremely important.

Actually do you know with this setup if its possible to move the 'LAST' (Most recent) entry to BE instead of the first which seems to be happening.

I want to keep my first entry on for along as possible but enter disposable new trades and move them to BE asap.

Thx
Date Time Of Last Edit: 2023-01-31 20:04:14
[2023-01-31 20:42:12]
Rui S - Posts: 168
J DIDDY,

Sorry, I don't really know if that is possible or not.

Despite I scale in and out of a position, I always do it aggregated - meaning for me it works only as a single position with a single Stop. What changes in that single position is the average price, every time I scale in or out.

Try some tweaking around the SC settings, make some testing and hopefully you will achieve what you need.
[2023-01-31 21:03:45]
User90125 - Posts: 715
Actually do you know with this setup if its possible to move the 'LAST' (Most recent) entry to BE instead of the first which seems to be happening.

I want to keep my first entry on for along as possible but enter disposable new trades and move them to BE asap.

You might consider changing the Average Price to use LIFO instead.

Go to "Chart Settings / Trading / Open Position Average Price" and select "Use Last In First Out Fill Matching for Open Position Average Price" from the dropdown menu.

Hope this helps.
[2023-01-31 21:03:49]
J DIDDY - Posts: 97
Thx Rui

I'm not keen on the scale In, but I couldn't make this work yet!

I'll keep playing thx
[2023-01-31 21:12:02]
J DIDDY - Posts: 97
Hi User90125

I'm using the "theoretical position average price method' selected in that box - BUT I still want the LIFO method to move stops to B/E, as I enter and exit additional trades - so obviously I cant choose both from that list....if you have any other clever hacks please let me know!

Thx

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