Strange Stop-Loss Query

[ndeacon]

Hi folks,

I wish to set a stop loss which will set a stop for a long at a certain number of points ABOVE the level at which a trade is entered.

I know that sounds silly, but I have a good degree of confidence that when my system enters a long, it will not immediately fall below it, (but could do four or five bars later). I thus want to set a stop loss above the entry price (to cover transaction costs etc).

I guess the way to do this is to get the trade entry price and add x points to it and then trigger the stop loss close once the index trades ABOVE the stop loss number and then falls back below it ( but NOT to trigger a close if if it never trades above it - I have another way of dealing with that).

I do not want the stop loss to move - it should remain at a static level.

Can anyone help me with the code for that?

Many thanks advance.

Deax

[ACM]

Deax
The enclosed efs is a revision of an example I set up for you some time ago.
In this case the Stop does not get triggered until the low of a bar clears the Stop level.
Alex

var vMA = new MAStudy(34, 0, "Close", MAStudy.EXPONENTIAL);

function preMain() {
    setPriceStudy(true);
    setStudyTitle("Sample");
    setCursorLabelName("Target", 0);
    setCursorLabelName("MA", 1);
    setCursorLabelName("Stop", 2);
    setDefaultBarFgColor(Color.lime, 0);
    setPlotType(PLOTTYPE_FLATLINES,0);
    setDefaultBarFgColor(Color.blue, 1);
    setDefaultBarFgColor(Color.red, 2);
    setPlotType(PLOTTYPE_FLATLINES,2);
    setColorPriceBars(true)
    setDefaultPriceBarColor(Color.black);
}

//global variables
var Target = null;
var Stop  =null;
var vFlag = 0;

function main() {
   
    if(getBarState()==BARSTATE_NEWBAR){
        if(close(-2)<vMA.getValue(MAStudy.MA,-2)&&
           close(-1)>vMA.getValue(MAStudy.MA,-1)&&
           Strategy.isLong()==false){
               Target = open(0)+3.5;
               Stop = open(0)+1.5;
               vFlag = 1;
               Strategy.doLong("Long",Strategy.MARKET,Strategy.THISBAR);
        }
    }
    
    if(Strategy.isLong()==true){
        if(high(0)>=Target){
                setPriceBarColor(Color.lime);
                Strategy.doSell("Sell",Strategy.STOP,Strategy.THISBAR,null,Target);
        }
        if(low(0)>Stop){
            vFlag = 0;
        }
        if(vFlag==0&&low(0)<=Stop){
            setPriceBarColor(Color.red)
            Strategy.doSell("Sell",Strategy.STOP,Strategy.THISBAR,null,Stop);
        }
        
    }
            
    if(Strategy.isLong()==true){
        setPriceBarColor(Color.blue);
    }

    return new Array (Target,vMA.getValue(MAStudy.MA),Stop);
} 

[ndeacon]

Alexis,

That looks just perfect - many thanks as ever.

Deax.