CODEWITHSUNDEEP
pine-script
abhishek rathi
abhishek rathi

Reputation: 11

How to trail stop loss in pine scrpit strategy?

My buying conditions for taking long position are

  1. Place order between 09:15 to 13:30

  2. opening price of recent candle greater than EMA(20)

I will go for long postion when price crosses the high of last 7 candles

After placing a buy order with strategy.entry, I have three targets (+20, +40, +60) and one stop loss price (-20). I would like to exit order with following conditions

  1. Sell whole quantity at Stop Loss (-20) or Sell 25% at Target 1 (+20) and Trail SL to buy price (0)
  2. Sell remaining 75% at buy price (trailed SL) (0) or Sell another 25% at Target 2 (+40) and Trail SL to Target 1 (+20)
  3. Sell final 50% at Target 1 (trailed SL) (+20) or Target 3 (+60)

In view of the above please review the code and tell me the what is going on wrong here?

//@version=4
strategy("BreakOutStrategy", overlay=true)
length = input(title="Length", type=input.integer, minval=1, maxval=1000, defval=7)
upBound = highest(high, length)
downBound = lowest(low, length)
timeFilter = (year == 2019) and (time > 0915 and time < 1330)
c1 = (open>ema(hl2,20))
buy_entry = (c1==true) and (timeFilter==true)
strategy.entry("buy", strategy.long, 4, stop=upBound + syminfo.mintick, when=buy_entry and strategy.position_size <= 0, comment="BUY")
strategy.exit("bracket1", "buy", stop=20, when=strategy.position_size==4)
strategy.exit("bracket2", "buy",  1, profit=20, when=strategy.position_size==4)
strategy.exit("bracket3", "buy", stop=0, when=strategy.position_size==3)
strategy.exit("bracket4", "buy",  1, profit=40, when=strategy.position_size==3)
strategy.exit("bracket5", "buy",  2, profit=60, stop=-20, when=strategy.position_size==2)

Upvotes: 0

Views: 891

Answers (1)

Michel_T.
Michel_T.

Reputation: 2821

Let my make some clarification by your code. First of all, time returns amount of milliseconds elapsed from Unix epoch, so from 1 January 1970 and your code time > 0915 says, that you expect time be greater than 915 ms from 1970. Thereby it won't work as you want. If you want time from 9:15, then you should do it as you did with year:

timeFilter = (year == 2019) and (hour > 9 or (hour == 9 and minute > 15)) and (hour < 13 or (hour == 13 and minute < 30))

Next, for trailing stop and part exit, I've made a little example:

//@version=4
strategy("BreakOutStrategy", overlay=true)
if close < ema(close, 20)
    strategy.entry("buy", strategy.long, qty = 4)

strategy.exit("exitId", "buy", trail_offset=200, trail_price=strategy.position_avg_price, profit=2000, qty_percent=25)
strategy.exit("exitId2", "buy", trail_offset=400, trail_price=strategy.position_avg_price, profit=4000, qty_percent=25)
strategy.exit("exitId3", "buy", trail_offset=800, trail_price=strategy.position_avg_price, profit=6000, qty_percent=50)

That's not exactly what you want, but I think that's enough to start with.

Upvotes: 1

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