I'm trying to incorporate a trailing stop into my strategy that always sits at the open of the previous candle, so long as it closes further into profit, if it doesn't I want the trail function to ignore it until the next profit candle.
so for example:
Trade enter Long -- stop loss @ low of entry candle
Next bar closes higher -- stop loss moves from entry candle low to new bar open
Third bar closes lower (but doesn't hit SL) -- stop loss is unaffected (because candle didn't close in the trade direction)
My question is, is it possible to program something like this in the strategy builder? if not, how would this be coded manually?
Thanks for any help you can offer.
Below is a visual representation of this from the entry to where the trade was stopped out.
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