SetStopLoss/SetProfitTarget in forex

[arbuthnot]

Hi everyone

I'm trying to set a simple stop loss in a strategy on a spot forex ($EURUSD) chart.

In Variables, I've put:

private int stop1 = 20;
private int target1 = 40;

In Initialize:

SetStopLoss("LongStopLoss", CalculationMode.Ticks, Stop1, false);
SetProfitTarget("LongProfitTarget1", CalculationMode.Ticks, Target1);

My strategy compiles but it doesn't seem to be working right on the chart.

I'd be very grateful for an explanation of how to set these properly on a forex chart.

[NinjaTrader_PatrickH]

Hello arbuthnot,

Thank you for your post.

Can you provide further details on what is not occurring?

I look forward to your response.

[arbuthnot]

Thanks very much for your reply, Patrick.

I was convinced there was a syntax error in the code I quoted, but from your reply, I realised this wasn't the case so I looked further for the problem and I'm sure I've found it. I hadn't linked the tags in SetStopLoss and SetProfitTarget with the order entries.

However, I do have a somewhat related question from the same strategy I'm working on in relation to a breakeven condition..

Part of my amended code in Initialize is now:

SetStopLoss("Long1", CalculationMode.Ticks, Stop1, false);
SetProfitTarget("Long1", CalculationMode.Ticks, Target1);
SetProfitTarget("Long1", CalculationMode.Ticks, Target2);

SetStopLoss("Long2", CalculationMode.Ticks, Stop1, false);
SetProfitTarget("Long2", CalculationMode.Ticks, Target1);
SetProfitTarget("Long2", CalculationMode.Ticks, Target2);

In OnBarUpdate:

if( ...conditions... )

{
EnterLong(Quantity1, "Long1");
EnterLong(Quantity2, "Long2");
}

if (
Position.MarketPosition == MarketPosition.Long
&& Close[0] >= Position.AvgPrice + ProfitTrigger1 * TickSize
)

SetStopLoss(CalculationMode.Price, (Position.AvgPrice + BreakEvenPlus1) * TickSize);

My questions are:

a) Do the conditions in blue work as a 'breakeven'?

b) with the strategy entering two profit targets, there's a problem with this breakeven condition applying to both orders. Is there a way of adding a line to the condition so that it applies only to, say, the first order 'tag'? If so, I can repeat these lines with a reference to the other tag.

If not, would the solution be to set up two strategies, each one referring to separate profit targets?

I hope I've expressed the situation well.

Much obliged in advance for your further assistance, Patrick.

[NinjaTrader_PatrickH]

Hello arbuthnot,

Thank you for your response.

For A, yes this would effectively be a breakeven.
For B, you would use the fromEntrySignalName. Below is the syntax you would use:

SetStopLoss(string fromEntrySignal, CalculationMode mode, double value, bool simulated)

Please let me know if I may be of further assistance.