There's a few different things to know about how stops work in Trading Blox.

 

How do I enter an order with a stop?

Use a broker order like the following:

 

broker.EnterLongOnOpen( exitStop ) - Buy on the open with an optional stop price

broker.EnterShortOnOpen( exitStop ) - Sell on the open with an optional stop price

broker.EnterLongOnStop( entryStop, exitStop ) - Buy on a stop with an optional exit stop price

broker.EnterShortOnStop( entryStop, exitStop  ) - Sell on a stop with an optional exit stop price

broker.EnterLongAtLimit( entryLimit, exitStop ) - Buy at the limit with an optional stop price

broker.EnterShortAtLimit( entryLimit, exitStop  ) - Sell at the given limit with an optional stop price

 

The entryStop or entryLimit (where applicable) is the basic stop or limit order.  The exitStop, which is available to all these orders, is a protective stop.  Let's say the broker enters long at $11 with an exitStop of $10.  If the prices drops below $10 on the day of entry, the position will automatically be exited. But check the Entry Day Retracement Percent for details on whether an entry day stop will be exited based on the low or the close of the day. Note that stops placed in this manner are for the day of entry only. Be sure to place the stops in the Exit Script each day to hold the stop for the duration of the trade.

 

 

Do I have to set stops?

No, exitStop is optional for all broker orders.  Some reversal systems are always in the market and don't use stops  However, remember that risk calculations are done using these stops.  If you have no stops, Trading Blox assumes undefined risk.  Using Blocks like the Fixed Fractional Money Manager, which is calculated using the entryRisk, will result in no trades.

 

 

I set a protective stop for my order and the price went below it on the next bar.  My position was not exited.

The protective stop as placed with an entry order is saved with the instrument, but only placed for the day of entry. See the following question.

 

 

Can I keep my protective stop "active" during the duration of my position?

Yes!  The protective stop is stored as instrument.unitExitStop.  You must enter a broker order every day to "hold" this stop.  You could use an order like the following:

 

broker.ExitAllUnitsOnStop( instrument.unitExitStop )

 

Many of our built-in systems use this method of "holding" stops.

 

 

Can I change my stop once it is set?

The function instrument.setExitStop( ) will set a new stop.  

 

instrument.SetExitStop( unitNumber, stopPrice ) - Sets a new stop price for a particular unit.  This value is used to calculate risk at the end of the day.  If you just have one unit on, you do not need to enter a unitNumber.

 

instrument.SetExitStop( newStopPrice )

broker.ExitAllUnitsOnStop( instrument.unitExitStop )

 

 

What script should I change my stops in?

The "Adjust Stops" script is the best place.  The stops are then used in the days risk and other calculations.

We usually place all entry broker orders in the entry script, and exit broker orders in the exit script. But you can 'set' the stop in the Adjust Stops script.

 

 

What if I have multiple units?

Use the same function - you can enter a different stop for each unit:

 

instrument.SetExitStop( unitNumber, stopPrice )

 


Edit Time: 4/6/2017 02:16:46 PM


Topic ID#: 374

 

 

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