Frustrated with Stop Limit Orders by Pierre Pohly

Pierre Pohly INVESTOR

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Hello everyone,

Sorry for asking about such stupid questions but i am getting frustrated with the Stop Limit Order Function.

I expected that the Order is submitted to the ticker and closes automatically when it reaches the stop loss or take profit limit.

I thought that this simple Line of Code do the job but as u can see in the backtest it wont...

var stopLimitTicket = StopLimitOrder(contract.Symbol, 10, (decimal)stopPrice, (decimal)limitPrice);Can someone please fix my code that the open Position close automatically when it reaches the limits? I don't want to destroy my computer today because I'm angry... Thanks in forward.

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Pierre Pohly

Accepted Answer

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Rahul Chowdhury

39.9k Pro ,

Hey Pierre,

Sorry it has been so frustrating. I think the problem may be a misunderstanding of how StopLimitOrder works. StopLimitOrder doesn't set both a stop loss and a take profit, it only sets 1 order. A long StopLimitOrder waits until the price has fallen below the stop price and then sets 1 limit order at the limit price.

To implement a stop loss and a take profit, you must set 2 separate exit orders, along with your entry order.

// entry

var marketOrderTicket = MarketOrder(contract.Symbol, 10)

// stop loss

var stopLossTicket = StopMarketOrder(contract.Symbol, -10, stopPrice)

// take profit

var takeProfitTicket = LimitOrder(contract.Symbol, -10, limitPrice)

Keep in mind if either your stop loss or your take profit is filled, you must cancel the other exit order or you may end up in a net short position if both are filled. You can handle order cancellations with the order tickets.

Pierre Pohly INVESTOR

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