I have a strategy builder problem that has so far eluded me - would appreciate some advice!
I’m trying to implement an idea using the strategy builder. It will take profit while in a trade based upon the unrealized profit.
An logic example of my problem would be: I enter a trade, and my trade exit strategy exits far below the highest price or majority of the profit that the trade was in – leaving it on the table, which is very frustrating.
A numerical example of the problem would be this: I enter a trade and the trade goes to $1000, then pulls back to $400 before my exit conditions close the trade in profit.
What I would like to do is take profit based on the pullback from the highest price of the last price change minus X percent. For example, if the price went to $1000, but then pulled back to $800 – or 20% from the high, I would like to then have the strategy automatically take profit and close the trade.
I would use an input variable, so I could experiment with different values to take profit from the high. If the strategy could do some sort of average math calculation to determine the best place to take profit from the high during a pull back, that would also be amazing but I’m not sure how wants to describe it, other than to say, I know, there’s some calculable number, based upon the previous candles, which is mathematically, the best place to take profit during a pull back. Fun!
Doing this would ensure that even I am able to maximize most of the profit in a trade rather than waiting for an exit conditions, which seems to leave a lot on the table.
Appreciate the support and any feedback or ideas.
Thanks in advance!
Chris
Comment