Development of Automated Strategy with a SL at Previous Candle Low

[NorwegianCat92]

Hello,

I hope my message finds you well. I am trying to develop a new strategy in the strategy builder, that if all of my conditions are true it enters a long position.
In regards to risk management, I would like to set a SL at the Previous Candle Low.
So basically, if my entry Long is at Close Candle 0, the Stop Loss would be set at Low Candle 1.
Would you be able to help me?

Thank you very much

[NinjaTrader_ChelseaB]

Hello NorwegianCat92,

Welcome to the NinjaTrader forums!

To do this, you will need to use exit orders in the conditions and actions page of the Strategy Builder.

Add a double variable on the Inputs and variables page to store the price for the order, and when the position is long set the variable to Price -> Low, with Bars ago set to 1.

Below is a link to an example script that sets a stop market order based on a calculated value, and also demonstrates breakeven and trailing behavior.

https://ninjatrader.com/support/forum/forum/suggestions-and-feedback/suggestions-and-feedback-aa/103992-request-breakeven-functions-in-strategy-builder?p=806596#post806596

I am also including a link to a forum post with helpful resources such as training videos on getting started with C# and NinjaScript.

https://ninjatrader.com/support/forum/forum/ninjatrader-8/indicator-development/97575-sample-scripts#post786040

[NorwegianCat92]

Hello Chelsea,

Thank you very much for your response. Is this the area where I have to add the double variable? And is it correct?
Thank you

[NinjaTrader_ChelseaB]

Hello NorwegianCat92,

Yes, the variable you have named Long is in the correct place and is the correct type.

In the Condition Builder you will see this in the User variables, in the Actions you will see this in the Misc section.

[NorwegianCat92]

Hello Chelsea,

Thank you very much for your help yesterday. However, I feel a bit lost... after having added the Long double variable (In Input and Variable Section), as I showed you yesterday, I don't know what I have to do in the Conditions and Actions section.
Would you be able to help me?

Thank you a lot for your availability.

[NinjaTrader_ChelseaB]

Hello NorwegianCat92,

Have a look at Set 3 in the BreakEvenBuilderExample.

The StopPrice variable used for the stop price of the order, is set when the position is long, and is set to the position average price (entry price) plus the number of ticks for the distance (which defaults to -10).

You would be assigning this to Price -> Low with Bars ago set to 1 instead.
(You likely need additional logic in another condition set to ensure that Low[1] is a valid price and is less than the Price -> Current bid to prevent the order from be rejected due to an invalid stop price.)

Then in Set 5 the order is submitted using the StopPrice variable in the Stop price parameter of the order.