I am developing a Bollinger Band strategy. I am trying to get the stop loss and take profit orders set correctly. I started in Strategy Builder and have it working pretty well. But I ran into a hiccup. I have the stop loss set at the end of the candle that signals the trade. I do that by creating a variable for a long stop loss and a variable for a short stop loss. I set those variables in Set 1 of Conditions and Actions. I then call those variables in later sets where I set the stop loss and take profit orders after the entry order is triggered. My problem is that the stop loss does not set immediately after the order is placed. It waits for the next candle to close. If the next candle reverses hard and closes beyond my stop loss level, then the stop loss order does not get set and leads to huge losses. I will try to explain to make this clearer:
Here is how I built it in Strategy Builder:
Calculate on bar close
Created variables for long stop loss and short stop loss
Conditions and Actions Set 1: market position = flat. set the long stop loss as the low of current candle. Set short stop loss as high of current candle.
Set 2: Long entry conditions creating long entry order
Set 3: Market position = long. Create stop loss order using long stop loss variable for price. Create take profit order using middle bollinger band as target.
Set 4: Short entry conditions creating short entry order
Set 5: Market position = short. Create stop loss order using short stop loss variable for price. Create take profit order using middle bollinger band as target.
This generally works well, except for the situation identified above. For example, a long order is set to enter at 1.02. That order gets filled early in next candle. Stop loss order should be set at 1.01, but isn't set until the next candle closes. The candle reverses hard and closes at 1.005 preventing a stop loss order from being set.
The solution to this would be for stop loss and take profit to be set immediately after the entry order fills. I have tried to use the Stops and Targets section of Strategy Builder for this (which does set them immediately), but that did not work either.
Does anyone know how I can fix this? I imagine it is probably a pretty simple fix, but I just can't figure it out. I expect that I will probably need to make a manual change to the code. I am not an experienced coder, but do have some working knowledge of ninjascript.
Any help would be greatly appreciated!
Here is how I built it in Strategy Builder:
Calculate on bar close
Created variables for long stop loss and short stop loss
Conditions and Actions Set 1: market position = flat. set the long stop loss as the low of current candle. Set short stop loss as high of current candle.
Set 2: Long entry conditions creating long entry order
Set 3: Market position = long. Create stop loss order using long stop loss variable for price. Create take profit order using middle bollinger band as target.
Set 4: Short entry conditions creating short entry order
Set 5: Market position = short. Create stop loss order using short stop loss variable for price. Create take profit order using middle bollinger band as target.
This generally works well, except for the situation identified above. For example, a long order is set to enter at 1.02. That order gets filled early in next candle. Stop loss order should be set at 1.01, but isn't set until the next candle closes. The candle reverses hard and closes at 1.005 preventing a stop loss order from being set.
The solution to this would be for stop loss and take profit to be set immediately after the entry order fills. I have tried to use the Stops and Targets section of Strategy Builder for this (which does set them immediately), but that did not work either.
Does anyone know how I can fix this? I imagine it is probably a pretty simple fix, but I just can't figure it out. I expect that I will probably need to make a manual change to the code. I am not an experienced coder, but do have some working knowledge of ninjascript.
Any help would be greatly appreciated!
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