Hi,
i was reading your post here and got surprised by the standard MC stoploss function:

inputs: StopLossPct( .05 ) ;

SetStopShare ;
if MarketPosition = -1 then
SetStopLoss( EntryPrice * StopLossPct )
else
Buy To Cover ( "PctStopSX-eb" ) next bar at Close * ( 1 + StopLossPct ) stop ;

Basically it looks the function sens a BUY to cover even if no position is open and when a position is open it changes it with a setstoploss.

I am confused.

My target is to have a stop loss that acts on the same bar of the entry but at the same time i can't use barmagnifier (i use a continuos future and it is not allowed in MC).

What's the best way to achieve this?

If write this generic stoploss function does it make sense?

inputs:
LXStopLossPct(0.05),
SXStopLossPct(0.05),
Futures(true);

vars:
mlt(1);

If Futures then mlt = bigpointvalue;

SetStopShare;
if (MarketPosition = 1) and (LXStopLossPct > 0) then SetStopLoss(EntryPrice * LXStopLossPct * mlt);
if (MarketPosition = -1) and (SXStopLossPct > 0) then SetStopLoss(EntryPrice * SXStopLossPct * mlt);

if (MarketPosition = 0) and (LXStopLossPct > 0) then Sell ( "PctStopLX-eb" ) next bar at EntryPrice * ( 1 - (LXStopLossPct * mlt)) stop;
if (MarketPosition = 0) and (SXStopLossPct > 0) then Buy To Cover ( "PctStopSX-eb" ) next bar at EntryPrice * ( 1 + (SXStopLossPct * mlt)) stop;


In my view this make not much sense but the standard MC function looks similar to this.

lbottan,

you should try your code on a simulation account to see how it works. I would slightly rewrite it to this (note that I didn't check/test your code, it's just a modification of what you wrote). There is a difference in both codes in that yours does only send the buy to cover or sell order for Marketposition = 0.
Without the BarMagnifier and depending on the resolution you work with, the results shouldn't be trusted and carefully checked with simulted (at least, live would be better) forward testing! There is simply too much information missing in bar and the program tends to make wrong assumptions then - for example was a stop hit first before the target was reached or vice versa.

 

Code

inputs: LXStopLossPct(0.05), SXStopLossPct(0.05), Futures(true); vars: mlt(1); If Futures then mlt = bigpointvalue; SetStopShare; if (LXStopLossPct > 0) then begin if (MarketPosition = 1) then SetStopLoss(EntryPrice * LXStopLossPct * mlt) else Sell ( "PctStopLX-eb" ) next bar at EntryPrice * ( 1 - (LXStopLossPct * mlt)) stop; end ; if (SXStopLossPct > 0) then begin if (MarketPosition = -1) then SetStopLoss(EntryPrice * SXStopLossPct * mlt) else Buy To Cover ( "PctStopSX-eb" ) next bar at EntryPrice * ( 1 + (SXStopLossPct * mlt)) stop; end ;

Regards,
ABCTG

lbottan 

Hi, i was reading your post here and got surprised by the standard MC stoploss function: inputs: StopLossPct( .05 ) ; SetStopShare ; if MarketPosition = -1 then SetStopLoss( EntryPrice * StopLossPct ) else Buy To Cover ( "PctStopSX-eb" ) next bar at Close * ( 1 + StopLossPct ) stop ; Basically it looks the function sens a BUY to cover even if no position is open and when a position is open it changes it with a setstoploss. I am confused. My target is to have a stop loss that acts on the same bar of the entry but at the same time i can't use barmagnifier (i use a continuos future and it is not allowed in MC). What's the best way to achieve this? If write this generic stoploss function does it make sense? inputs: LXStopLossPct(0.05), SXStopLossPct(0.05), Futures(true); vars: mlt(1); If Futures then mlt = bigpointvalue; SetStopShare; if (MarketPosition = 1) and (LXStopLossPct > 0) then SetStopLoss(EntryPrice * LXStopLossPct * mlt); if (MarketPosition = -1) and (SXStopLossPct > 0) then SetStopLoss(EntryPrice * SXStopLossPct * mlt); if (MarketPosition = 0) and (LXStopLossPct > 0) then Sell ( "PctStopLX-eb" ) next bar at EntryPrice * ( 1 - (LXStopLossPct * mlt)) stop; if (MarketPosition = 0) and (SXStopLossPct > 0) then Buy To Cover ( "PctStopSX-eb" ) next bar at EntryPrice * ( 1 + (SXStopLossPct * mlt)) stop; In my view this make not much sense but the standard MC function looks similar to this.

Nicolas11 

I have thought again about this issue... My rephrased question is the following: After having entered "at market" (= at the open), is it possible to have a stop loss triggered on the same bar as the said entry? My conclusion is: it depends on the way the stop loss is coded. 1. With a manual stop loss, answer is NO. ..... 2. With a built-in stop loss (SetStopLoss), answer is YES. [CODE]Variables: TickSize ( MinMove / PriceScale ); if MarketPosition = 0 and H < H[1] and L > L[1] {inside bar} then begin Buy ("Entry LONG") next bar at market; SetStopLoss(5 * TickSize * BigPointValue); end;

Thanks for sharing this. That was easy for me to implement and adjust in my code (even several years after you posted this!)

I have been struggling around this issue for years and in one swift moment this thread just solved it for me.

"When the student is ready the master will appear" haha. Thanks!!!