Strategy.setStop

[gpfx19]

I see in Chris' help file:

Strategy.setStop(30);
Set a stop order to sell all shares if high of any bar at or after the current bar >= 30.

I was wondering if anyone knows of a comparable command if attempting to exit from a short position?

TIA,
Greg

[ACM]

Greg
Unless I am misunderstanding your question Strategy.setStop() can close out any active position.
Alex

[gpfx19]

Alex,

Implicitly per the wording in the help file, as I read it, once the price reaches 30 or above in the example, any LONG position will be closed (~Strategy.doSell). What I am inquiring about is there an analogous command if am in a SHORT position, essentially doing a Strategy.doCover.

Thanks,
Greg

[ACM]

Greg
If you look above that example where the various strategy functions are explained you should find
Strategy.setStop(dStop) -- sets a stop order; this will close out the active position if the stop order price is reached or exceeded
Run the enclosed efs on a 5 minute chart for $INDU and you should see that on 8/27 at 11:50 EST it will go short at the close of that bar as per the condition. It will then close out the trade at 13:15 when the price reaches the defined stop price ie entry price+5. While short the background will be colored in yellow (see image)
Alex

function preMain() {
    setPriceStudy(true);
    setStudyTitle("setStop");
}

var vStopPrice;

function main() {
   
    if(!Strategy.isShort()&&(getHour()*100)+getMinute()>1130&&getDay()==27&&close()<10189){
        Strategy.doShort("Short",Strategy.CLOSE,Strategy.THISBAR);
        vStopPrice = close()+5;
    }

    if(Strategy.isShort()) 
        Strategy.setStop(vStopPrice);

    if(Strategy.isShort())
        setBarBgColor(Color.yellow);

    return ;
} 

[gpfx19]

Alex,

You've even gone to the trouble of adding an illustration this time. Thanks, as always,

Greg