How to Add Breakeven Stop in Strategy Wizard

[jimmythesuit]

stops to even

Hey gang,

Here's the coding to set stops to zero after a certain number of ticks gained.
Example: this trader wants stops to breakeven when he is up 20 ticks or more.

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// If a short position is open, allow for sl modification to breakeven
else if (Position.MarketPosition == MarketPosition.Short
&& Low[0] <= Position.AvgPrice +- (20) * TickSize)
{
SetStopLoss("", CalculationMode.Price, Position.AvgPrice),false);
}

// If a long position is open, allow for sl modification to breakeven3
else if (Position.MarketPosition == MarketPosition.Long
&& High[0] >= Position.AvgPrice + (20) * TickSize)
{
SetStopLoss("", CalculationMode.Price, Position.AvgPrice),false);
}

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I've been using this for a while. Works great.

As an added suggestion, when backtesting your strategy, it's best to use a variable reference for the number of ticks gained before setting stops to zero. That way, you can optimize this number based on profit. Hint, do not use max profit ratio as optimized criteria, it will always use a low number that will be too tight for gaining profit. Use either max profit, or min drawdown as your criteria. Hope this helps!

Jimmythesuit.