Stop loss based on Previous X Number of candles high/low

Trading Systems Expert Advisors and Automated Trading
1

Hello,

Any expert advisor or script out there that when I open a trade it automatically places stop loss based on Previous X Number of candles high/low (Buy order the stop loss will be on previous X number of candles low and vise versa) . And not tied to any pair (open for all pairs and markets) on MT5 please ?

2

Im sure you can find one on the forum to ask about. There are lots of EAs/Trade managers that can be manipulated

3

Hi, how you want to manage risk? each transaction will have different value. Regards Greg

1 Like
4

Thanks for your reply Greg. Yes each transaction stop loss will have different value based on the High (in case of a sell transaction) or Low (in case of buy transaction) of X amount of previous candles. As for the take profit we can make it as X amount of risk/reward (Like 1:1, 2:1, 3:1, 4:1 ). Just a very simple EA or script. For MT5 and not tied to any pair as decimal related ( Like it can work on any pair FX, Metals, Cryptos ). Thanks

5

Why do you think, I will write this solution for you? you don’t answer my question

6

I thought you are asking about managing the risk. It is good in scalping or high frequency trading. Helps a lot when you open lots of trades. And I’m sorry if I didn’t understand your question correctly.

7

I was thinking of how you will set the profitability boundaries of your system to know when the strategy ceased to be profitable.

8

I think he is asking about “lotsizing”.

9

This can be implemented to any strategy breakout mainly. But the thing is I would like it to after I open the trade with any amount and any direction sell or buy, it instantly modifies the SL and TP as I explained above (stop loss will have different value based on the High (in case of a sell transaction) or Low (in case of buy transaction) of X amount of previous candles. As for the take profit we can make it as X amount of risk/reward (Like 1:1, 2:1, 3:1, 4:1 )). I don’t know if it can be an EA or Script that I can attach to any chart.

10

Do you want trading this strategy on live account right now?

11

I will try it on demo first to see if it puts the SL and TP correctly

12

Try to use some kind of trade manager.