# calculation the stop loss and take profit

Hi guys

After the order is placed I calculate the stop loss and take profit relative to that price , so I use PositionGetDouble(POSITION_PRICE_OPEN) .

now my question   : is it alright to get the above function or better to use SymbolInfoDouble(_Symbol,SYMBOL_ASK) as the price?

thanks

saeed Golshenas:

Hi guys

After the order is placed I calculate the stop loss and take profit relative to that price , so I use PositionGetDouble(POSITION_PRICE_OPEN) .

now my question   : is it alright to get the above function or better to use SymbolInfoDouble(_Symbol,SYMBOL_ASK) as the price?

thanks

Well, they're different things. The first one is the price you used for the position - it will never change, and that's why you calculate the SL and TP based on it. The second one is the CURRENT Ask. It keeps moving up and down and has nothing to do with the open price of the position. Usually, unless you're doing something special, you never calculate the SL and TP of a position based on the current price but based on the position open price. Or am I misunderstanding your question?

Carlos Moreno Gonzalez #:

Well, they're different things. The first one is the price you used for the position - it will never change, and that's why you calculate the SL and TP based on it. The second one is the CURRENT Ask. It keeps moving up and down and has nothing to do with the open price of the position. Usually, unless you're doing something special, you never calculate the SL and TP of a position based on the current price but based on the position open price. Or am I misunderstanding your question?

So, what I realized is : if I want to modify my SL and TP , I must use PositionGetDouble(POSITION_PRICE_OPEN) (the price of the position) for my "Price" variable not the current price. Am I right?

my function to set Stop loss :

double ProfitLossClass::BuySL(string pSymbol, int pStopPoint, double pOpenPrice=0)

{
if(pStopPoint <=0)
{
return(0);
}
double Price;
if(pOpenPrice>0)  Price = pOpenPrice;
else
{

}
double point = SymbolInfoDouble(_Symbol,SYMBOL_POINT);
double SLPoint = pStopPoint * point;
double Stop_Loss = Price - SLPoint;

long digits = SymbolInfoInteger(pSymbol,SYMBOL_DIGITS);

Stop_Loss = NormalizeDouble(Stop_Loss,(int)digits);//casts the value of digits into the int type.

return(Stop_Loss);

saeed Golshenas: After the order is placed I calculate the stop loss and take profit relative to that price

You can't calculate your risk that way.

Risk depends on your initial stop loss, lot size, and the value of the symbol. It does not depend on margin and leverage. No SL means you have infinite risk (on leveraged symbols). Never risk more than a small percentage of your trading funds, certainly less than 2% per trade, 6% total.

1. You place the stop where it needs to be — where the reason for the trade is no longer valid. E.g. trading a support bounce, the stop goes below the support.

2. AccountBalance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the spread, and DeltaPerLot is usually around \$10/PIP, but it takes account of the exchange rates of the pair vs. your account currency.)

3. Do NOT use TickValue by itself - DeltaPerLot and verify that MODE_TICKVALUE is returning a value in your deposit currency, as promised by the documentation, or whether it is returning a value in the instrument's base currency.
MODE_TICKVALUE is not reliable on non-fx instruments with many brokers - MQL4 programming forum (2017)
Is there an universal solution for Tick value? - Currency Pairs - General - MQL5 programming forum (2018)
Lot value calculation off by a factor of 100 - MQL5 programming forum (2019)

4. You must normalize lots properly and check against min and max.

5. You must also check Free Margin to avoid stop out

6. For MT5, see 'Money Fixed Risk' - MQL5 Code Base (2017)

Most pairs are worth about \$10 per PIP. A \$5 risk with a (very small) 5 PIP SL is \$5/\$10/5 or 0.1 Lots maximum.

William Roeder #:

You can't calculate your risk that way.

Risk depends on your initial stop loss, lot size, and the value of the symbol. It does not depend on margin and leverage. No SL means you have infinite risk (on leveraged symbols). Never risk more than a small percentage of your trading funds, certainly less than 2% per trade, 6% total.

1. You place the stop where it needs to be — where the reason for the trade is no longer valid. E.g. trading a support bounce, the stop goes below the support.

2. AccountBalance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the spread, and DeltaPerLot is usually around \$10/PIP, but it takes account of the exchange rates of the pair vs. your account currency.)

3. Do NOT use TickValue by itself - DeltaPerLot and verify that MODE_TICKVALUE is returning a value in your deposit currency, as promised by the documentation, or whether it is returning a value in the instrument's base currency.
MODE_TICKVALUE is not reliable on non-fx instruments with many brokers - MQL4 programming forum (2017)
Is there an universal solution for Tick value? - Currency Pairs - General - MQL5 programming forum (2018)
Lot value calculation off by a factor of 100 - MQL5 programming forum (2019)

4. You must normalize lots properly and check against min and max.

5. You must also check Free Margin to avoid stop out

6. For MT5, see 'Money Fixed Risk' - MQL5 Code Base (2017)

Most pairs are worth about \$10 per PIP. A \$5 risk with a (very small) 5 PIP SL is \$5/\$10/5 or 0.1 Lots maximum.

Thanks a lot , I'm working on it .
Reason: