Stop below low of previous candle

Hi

 

Can anyone help with how I tell EA Wizard to place a stop loss below the low of the 2nd candle back?

 

Thanks

 

 

So how do you learn this stuff without a manual or forum replies?

Hello,

 

this is relatively simple.

You only have to set SL to be at specific price level (in Stop Loss dialog) and choose Low with Shift=2.

 

Low[2] means low of candle 2 bars ago.

 

I’m attaching a sample strategy, I added also configurable offset in pips to set SL few pips below the Low.

 

For that I used variable SLOffsetInPips and function ConvertToRealPips that will convert pip value to “real” pips according to the symbol traded.

Thats great thanks.

 

How can I set the Take profit to be a multiple of the size of the stop loss?

in a similar way, but you have to use formula to compute the actual SL (Ask – SL level).

 

 

Thanks, can you tell me briefly what the settings mean in the variables..

 

1.  Int

2.  Double

3.  Boolean

4.  String

 

Thanks.

Int – integer number, for example 1 – 100000

Double – decimal number – 0.23, 4.67, 10234.56

Boolean – true/false value

String – text string

Very helpful, thanks.

 

Im trying to get my head around the Take profit multiplier.  is it like this:

 

1.  Assign variable to  get Stop loss in pips   (open ask – low shift 3)

2.  Assign variable to get the take profit in pips  ( stop loss in pips  *  e.g 2)

3.  Set TP to Ask price + take profit in pips.

 

Is that right?

 

And, do I need to convert 2 into real pips?

 

Thanks.

Hello,

 

in my example it was like this:

 

1. compute the correct Stop Loss level: Low with shift=2 – X pips offset and storing it to value SLLevel

 

2. Create order, set SL to 

 

You should realize that SL computed in step 1 is a price level, for example 1.6432.

To get SL in real pips you should deduct it from the price at trade open, hence Ask – SL.

For example  let’s say Ask price is 1.6510, then Ask – SL will be 0.0078. This is in “real” pips.

 

 

I realized that I made one mistake – for PT I had to use function ConvertToPips() that converts value from real pips to pips.

 

ConvertToPips(0.0078) = 78 pips

 

Then you can set PT = 2 * this value = 2 * 78

 

I’m attaching corrected strategy.

Can you explain

 

 

….   – X pips offset.

 

what does that mean?

 

Thanks

How do you attach a file here?  I can’t see it!

Found the attach, you have to use the reply button.

 

Please could you have a look at the attached strategy and tell me what I’m doing wrong with the TP being a multiple of the SL.

 

Thanks

 

Its ok, ive cracked it.  Just done it.  Thanks for your help.

one more on this topic..

 

 

If my stop is below the low of shift 2.  How can I make it e.g 3 pips below that low?

If my stop is below the low of shift 2.  How can I make it e.g 3 pips below that low?

 

I made this in my example – you can use functions +, -, *, / in EA Wizard.

So to get price level at 3 pips below the Low you can use formula: Low[2] – ConvertToRealPips(3)

 

You should use function ConvertToRealPips() so that your pips value is converted to the correct price value that can be deducted from Low.

Thanks Mark,

 

Im not sure if im getting it right. Could you have a look at the attached strategy.  It doesn’t take any trades, and I think the problem may be around this pip value issue.