Only move Stop if it is going to be at a better Price than Previous Stop

[Michael1111]

Hi,

I am moving my stop up to 5 pips below the Low of the last 3 bars.
This seems to all be fine but I only want my stop to be moved when the new stop position will be better than the last Stop position.

Below is my code: (Current.StopLoss in Red is what I need help with - I need this part of the script to get the current StopLoss so it can check to see if the new Stop is going to reduce the loss and not increase it):

// Followup Stop 1 - Moves Stop to 3 Bar Stop


if (Position.MarketPosition == MarketPosition.Long
&& LowestBar(Low, 2) + -5 * TickSize > Current.StopLoss)

{
SetStopLoss(CalculationMode.Price, LowestBar(Low, 2) + -5 * TickSize);
}



Thanks for your help,


Michael

[NinjaTrader_Bertrand]

Michael, you would then need to store your stop value to a variable and compare this each bar if the newly calculated value is more favorable than the last one and only then call SetStopLoss with the new value to move the stop. As an alternative you could also work with the parabolic stop for example, it's also coded to move the stop closer with each bar...

[Michael1111]

Thanks for your reply,

My Stop Value is determined by the setup candle,
How would I go about storing this stop value?
Can you please give me an example with a bit of code


Many Thanks,

Michael

[NinjaTrader_JoshP]

Michael,

You would somehow know which one of your candles was the setup candle. When you are there, just store whatever value you need.

For instance.
someVariable = Close[0];

Then you can use someVariable at a later point in time.

[Michael1111]

Great, Thanks for that, makes sense . I was over complicating it.

Michael