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Forums>StrategyQuant>Application Support>Enter market at 1 pip above previous candle close

  • #113465 |
    Participant
    5 Posts

    I’m struggling to figure out how to achieve this.  Can anyone provide assistance?

    #129368
    Mark Fric
    Administrator
    1182 Posts

    do you want to use stop or limit order for this, or simple market order?

     

    The problem with stop/limit orders is that brokers don’t allow stop/limit orders so close to the actual price, the difference must be 5-20 pips, depending on broker.

     

    So one possibility is to use condition

    IF

    Bid > Close(1) + ConvertToRealPips(1)

    THEN

    Enter at market

     

    This doesn’t guarantee you’ll enter exactly 1 pip above close, you could get some slippage.

    Mark
    StrategyQuant architect

    #129424
    Customer
    432 Posts

    Serious brokers don´t have a limit for stop / limit orders anymore nowadays (0 pips). Go with a serious non-market-maker broker. Global Prime Australia for example has 0 stop level.

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