How to force Take Profit when take profit is not executed by broker - page 2

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Alain Verleyen
38888
Alain Verleyen  
FinanceEngineer:

This suggestion is for MT4, I found this somewhere on the forum.

"Get an MA, set period to 1, set price to "ask" on your chart."

If there was a way to "set price to ask on your chart", you shouldn't need an MA.


Just curious if we can draw ask chart on Meta Trader 5 platform.

So I can clarify this take profit issue.

regards.

 

No you can't, unless saving the ask price your self and draw it on your chart with an indicator.

Ask prices are not saved in history.

Alain Verleyen
38888
Alain Verleyen  
Roszey:

Well for me i think

1. check the spread of the currency pair. as you know both ask price and bid price need to move above and below of the tp

2. Maybe you should consider reducing the size of your tp. Every currency pair has the number of pips it moves in the day.

3. Check the support and resistance. if the tp is close S/R then it is likely for it to bounce back at those levels.

4. Try add tailing stops to your robot to help reduce losses in profitable trades. 

:-) 

Off-topic.
Young Ho Seo
57950
Young Ho Seo  
angevoyageur:
If there was a way to "set price to ask on your chart", you shouldn't need an MA.


No you can't, unless saving the ask price your self and draw it on your chart with an indicator.

Ask prices are not saved in history.

Thanks for clarification. Then it just leave us programming challenge to deal with this issue. Regards.
Donny Febrian
123
Donny Febrian  
SPREAD?
Michele Lazzarini
436
Michele Lazzarini  
donnyf:
SPREAD?

Yes, if you are paranoid like me, you can check:

if( OrderType() == BUY  && Ask > TakeProfit ) OrderClose();
if( OrderType() == SELL && Bid < TakeProfit ) OrderClose();
so the order will be closed when touched by the spread.
Young Ho Seo
57950
Young Ho Seo  
oddpip:

Yes, if you are paranoid like me, you can check:

so the order will be closed when touched by the spread.

Very good my friend.

Buy Take profit at Ask and Sell take profit at bid.

:) :)

However, your profits might erode with time comparing to your original plan as you given up the spread bits in your profits.

Have you checked in backtesting how much profits or return you get less because of this giving up of spread? Is it significant or acceptable ?

If you are high frequency trader, this might be quite notable I guess. 

Kind regards.

Michele Lazzarini
436
Michele Lazzarini  

FinanceEngineer:

However, your profits might erode with time comparing to your original plan as you given up the spread bits in your profits.

Have you checked in backtesting how much profits or return you get less because of this giving up of spread?

Eroded but with a higher win/loss ratio.

Personally, I don't use TP at all, I close when there are the conditions.

Young Ho Seo
57950
Young Ho Seo  
oddpip:

Eroded but with a higher win/loss ratio.

Personally, I don't use TP at all, I close when there are the conditions.

Excellent answer!! Thanks.
adrianoferranti
7
adrianoferranti  
Guys, I believe I'm facing a similar issue and not look likes to be related to the spread. Anyone has some idea about this situation?
Files:
MT5.png 40 kb
rrocchi
163
rrocchi  
adrianoferranti:
Guys, I believe I'm facing a similar issue and not look likes to be related to the spread. Anyone has some idea about this situation? F8 for chart properties, Show tab then select "Show ask price line".



press F8 for chart properties, Show tab then select "Show ask price line". 

123
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