Profit Range EA
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Hi there guys, I'm new to all this and I've been doing okay recently but I always been thinking of something exists (if it doesn't then I'd be willing to pay for it to make it a thing at some point) but basically I want an EA that has a range for profit so imagine if I want whatever currency to hit x.90 but it just goes shy of it and starts to reverse so then on the way out of the range like x.50 it'll take the profit from there. Is it a thing because I've been looking for it and I've not found anything!
basically, you need a trailing-stop feature.
E.g :
Current price 1.50000
your prediction : 1.20000 (so enter a short position)
10 minutes later : 1.24000 (your prediction was correct for downward movement of 0.26000)
2 minutes later : price jumps back up to 1.28000
So you take profit there (total profit made : 0.22000)
your position closes by hitting a StopLoss (but with profit.)
the stop-loss line followed price when it was moving in your favor.
basically, you need a trailing-stop feature.
E.g :
Current price 1.50000
your prediction : 1.20000 (so enter a short position)
10 minutes later : 1.24000 (your prediction was correct for downward movement of 0.26000)
2 minutes later : price jumps back up to 1.28000
So you take profit there (total profit made : 0.22000)
your position closes by hitting a StopLoss (but with profit.)
the stop-loss line followed price when it was moving in your favor.
Edit: I'm an idiot, so I did more research and I found out it doesn't work the way I though it does and it has an extra stop loss but with a distance from the current price, extremely useful but not what I'm still looking for, I'm looking for it to reach a range of values because its something I can do while I'm away from my terminal from the begininng if I'm at uni. But if I started a trade in the morning and then go to uni for a whole day and away from my laptop then I can't set a trailing stop loss when I'm happy with a certain profit
Thank you for responding! I'm looking for something that won't move my stop loss value. I know it might seem silly but I usually give myself a huge range for stop loss because I trade on pairs that usually swing a lot so I like to give myself room for the reverse swing. For example GBPNOK now imagine if the current price was at 10.7 and I've done a short position where I want to close it at 10.65 and wouldn't mind for it to close the trade as it comes back to 10.67, But I'll have a stop loss at 10.75. So will I have to set the trailing stop loss at 0.08 (8000 points)? If so then if it moves towards my target of 10.65 and reverses at 10.66 wouldn't it close the trade if the value went up to 10.74? Sorry if I'm confusing :)
You actually are confusing :)
here's some points :
if you close a position and gain profit that's good. whether that closure happened by hitting a SL,TP, or Closing-Position by market orders. (manually or programmatically)
if a position is closed while in loss, what's the different ? (hitting SL or Closing directly)
After opening a position, one of these 3 situations happens :
- When price moves in your favor you can either :
- adjust the SL line (again manually or using a program) : which is called trailing stop.
- leave the SL and see how the trade goes (and of course, giving room for swings as you mentioned.)
- When price moves against you from the first moment of position-opening toward SL :
- you hit the first SL set to that position, no questions :)
- When price goes in your favor for a while and then against your predictions
- that's when you wish you had a Trailing-Stop, or could close position when it was in good profit :)
- if it goes in your favor, then against you (hitting your Trailed-SL line), then again in your favor for a good profit , that's when you wish you hadn't adjusted the SL.
this just emphasizes on how a trailing stop system should be set to adjust SL. (not to be too far or too close to current price, considering its usual fluctuations)
So to sum it up :
having a trailing stop is never bad, if tuned properly.
your initial SL is irrelevant to trailing stop operations. (you can avoid stop-loss hunts and let your position breath when you open it and expect swing/noise in charts.)
if you don't use a trailing stop (programmatically), then you can gain some good profits by inspecting your open positions, and close them manually if you see fit.
[ which is boring and risky (connection-wise and emotion-wise) ]
EIDT : Think of it this way : a trailing stop-loss , is a floating Take-Profit when price has already moved in your favor.
You actually are confusing :)
here's some points :
if you close a position and gain profit that's good. whether that closure happened by hitting a SL,TP, or Closing-Position by market orders. (manually or programmatically)
if a position is closed while in loss, what's the different ? (hitting SL or Closing directly)
After opening a position, one of these 3 situations happens :
- When price moves in your favor you can either :
- adjust the SL line (again manually or using a program) : which is called trailing stop.
- leave the SL and see how the trade goes (and of course, giving room for swings as you mentioned.)
- When price moves against you from the first moment of position-opening toward SL :
- you hit the first SL set to that position, no questions :)
- When price goes in your favor for a while and then against your predictions
- that's when you wish you had a Trailing-Stop, or could close position when it was in good profit :)
- if it goes in your favor, then against you (hitting your Trailed-SL line), then again in your favor for a good profit , that's when you wish you hadn't adjusted the SL.
this just emphasizes on how a trailing stop system should be set to adjust SL. (not to be too far or too close to current price, considering its usual fluctuations)
So to sum it up :
having a trailing stop is never bad, if tuned properly.
your initial SL is irrelevant to trailing stop operations. (you can avoid stop-loss hunts and let your position breath when you open it and expect swing/noise in charts.)
if you don't use a trailing stop (programmatically), then you can gain some good profits by inspecting your open positions, and close them manually if you see fit.
[ which is boring and risky (connection-wise and emotion-wise) ]
EIDT : Think of it this way : a trailing stop-loss , is a floating Take-Profit when price has already moved in your favor.
This is brilliant because it puts it into perspective because you're right, its all the same at the end of the day and now it all makes so much sense!!! I've been in so many situations where I just wish I did close it at a certain point and that definitely did take an emotional toll like you said.I just wish there was a way to automatically start a trailing stop loss at a certain price value like if it was already predetermined like I know at what point I would be happy with a profit even if it was smaller but then when it reaches there then there is an automatic float created with a distance of my choosing
read this : about TS
Using ATR with a higher than usual period (i.e ATR(50) or ATR(100) or so) is a good choice. e.g. : in a long position, new SL = Current Bid - (3 * value of ATR50)
the start of trailing stop system is also important. (i prefer BreakEven, which means if setting new SL would lead to no-profi & no-loss, or better, then set the new SL.)
i.e. new SL should always be higher than OpenPrice of position and always lower than OpenPrice of position in Long and Short positions, respectively.
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