Placing stoploss above or below a reversal candle, eg doji or shooting star

[clinteas2]

Hi, I'm new to this and just wondering what functions in MQL4 I could use to make an EA place a stop loss above/below a reversal candle before the entry order is placed? Does anyone have some example code maybe? All help much appreciated, thank you!

[Flavio Javier Jarabeck]

clinteas2:
Hi, I'm new to this and just wondering what functions in MQL4 I could use to make an EA place a stop loss above/below a reversal candle before the entry order is placed? Does anyone have some example code maybe? All help much appreciated, thank you!

Why do you want to place a SL if there is no order in place yet?

[clinteas2]

Minions Labs:
Why do you want to place a SL if there is no order in place yet?

Hi, I figured logically the stop placement would come before the order is placed. As in:

1. Criteria for "candle pattern" met

2. Place S/L x pips above/below "candle pattern" 

3. Place order

Is that wrong?

[Flavio Javier Jarabeck]

clinteas2:

Hi, I figured logically the stop placement would come before the order is placed. As in:

1. Criteria for "candle pattern" met

2. Place S/L x pips above/below "candle pattern" 

3. Place order

Is that wrong?

Yes, you cannot have a SL with no opened order... Just send the whole bunch (Order/SL/TP) in one call...

;)

[clinteas2]

Flavio Jarabeck:

Yes, you cannot have a SL with no opened order... Just send the whole bunch (Order/SL/TP) in one call...

;)

thanks for that! So my question is, how do I capture the pattern candle upper/lower shadow price, so I know what the stop loss price has to be that I pass on to the order function?

[Flavio Javier Jarabeck]

clinteas2:
thanks for that! So my question is, how do I capture the pattern candle upper/lower shadow price, so I know what the stop loss price has to be that I pass on to the order function?

In the first place you have to know to how to program in MQL4. If it is not your EA I strongly suggest you to find some MQL4 programmer...

identifying candlesticks patter is easy, so you can include the code inside your EA, you need just to identify the diferences bewteen OPEN/CLOSE/HIGH/LOW of the previous candle...

So you just need to prepare your order with,  let's say, 1 or 2 ticks below/above the LOW/HIGH of the last (reversal) candle...

;)

[[Deleted]]

You can place a SL order before an entry order is placed, by using a pending order with a SL. I wonder if this is a joke..

Reference: https://www.metatrader4.com/en/trading-platform/help/positions/orders