Topic: Custom Stop Loss and Take Profit

Hello Traders,

I'm considering possibilities for implementing custom Stop Loss and Take Profit indicators.

Can you share you ideas for expanding the functionality of these indicators?

Here is the working frame that we have to consider:
- Stop Loss and Take Profit (as all indicators do) use the historical data for its calculations.
- SL and TP do not have access to the Account info (positions, volumes, trading stats...)
- SL and TP values represents price deviation in points.
- SL and TP have one value for each bar.
- Long and Short values are equal.
- FSB sets SL and TP automatically to new open positions and reset the values on add or reverse.

Currently we can set SL and TP as constant values only.

My idea is to add capabilities to the indicators to use formulas for calculating the values.

Some possible examples are:
- previous bar high / low
- previous day high / low
- TP = 30% of the bar range from previous 3 bars.

There are two possible implementations of this idea:
- To add a new type of indicator slots - Strategy Protections
- To add some options fields in the Strategy Properties panel.

http://s2.postimg.org/gx12scgs5/screenshot_1276.jpg

The first option will allow us to add even more protection indicators as:
  - Day Close ...
  - Friday Evening Close...

Re: Custom Stop Loss and Take Profit

I prefer option one...... so that we can develop several strategies for protection

My 'secret' goal is to push EA Studio until I can net 3000 pips per day....

Re: Custom Stop Loss and Take Profit

The Strategy Protections is better and more flexible solution. Easy expandability is also very important. I have been waiting these kind of features for a long time.

Re: Custom Stop Loss and Take Profit

we need some votes. people.......

It will be too bad if the work gets done and people want the other option

My 'secret' goal is to push EA Studio until I can net 3000 pips per day....

5

Re: Custom Stop Loss and Take Profit

option one

Re: Custom Stop Loss and Take Profit

I also prefer option one.

7 (edited by hannahis 2015-11-29 08:34:40)

Re: Custom Stop Loss and Take Profit

1)  We can consider Pivot Points (PP) calculation as another method to determine the TP for the day.  Currently, PP if used in closing logical, one can't add your own closing conditions.  So if TP can be calculated based on the various options of PP S1, S2, or R3 etc. as a separate TP options in addition to your own closing conditions, not either, or option (like now).  Using PP is a more dynamic way to set TP that are based on market conditions instead of static calculation with pre fixed value.

2) Moving BE, SL and TP.  If I set my BE to be 150, at every 150 incremental pips movement, the SL and TP move accordingly.  So for example, if BE is 150, SL500 and TP500.

at position entry, BE is 150, SL500 TP500

at 150 pips above open position, SL is at 0 pip (i.e. BE activated and no lost, at opening price) and TP is still 500

at 300 pips floating profit, SL has moved upward (Long position) to 150 pips (becomes 150 profit protection) and TP moved upward 500 + 300 = 800 from the opening price.

at 450 floating profit, SL is now with 300 profit protection and TP is at 950 pips.

at 600 floating profit, SL is with 450 profit protection (which is very close to the original TP500) and TP is at 1100, but the position is kept open and keep going according to market strengthen without putting you to further risk but open up for additional potential profit.

Note: I use very small BE and SL as an example above as my personal preference because most of the time, my EA is able to enter near or before Breakout and hence, high entry accuracy and thus small BE and SL suitable for my EA, I tolerate less margin of error (entry) for my EAs.  Furthermore, I'm using 1min which is suitable for scalper and intra day trading methods and hence need "tighter" control over BE, SL and TP. 

Currently, the BE feature moved the SL to BE level (i.e. opening price or 0 pips lost) but leave the TP static with every last trade entry that reached BE level, i.e. 150. (when I use additional entry Winner mode, I like this feature very much and currently I'm using this method as my profit protection by using BE to move my SL upward but I wished the TP would move too with every 150 pips movement.  In this way, I can have the freedom to set lower TP and let the TP move according to market strength and fluctuation, more dynamic).   Right now, If I set TP too low, I would missed out large profit whenever there is a breakout and if I set it higher, I lack the profit protection that I need when things take a sudden change.

3) TP set at various options according to hourly, daily or weekly previous high etc so that it's suitable to various trading style.

4) all time essential option, Trailing SL.

Ideally, I wish we can have all the above 4 options and let users choose accordingly to their trading preference.

I would like to have your suggested 2 options.  Put dynamic/moving BE, SL and TP (2nd suggestion above) in Strategy Properties Panel.  And suggestions 1 and 3 above in Closing logical section in addition to our own closing conditions.

Hannah

Re: Custom Stop Loss and Take Profit

Option one smile

Re: Custom Stop Loss and Take Profit

Ideally, I wish there is an automatic profit protection feature that protects my profit eg 50 pips at every 150 pips increment, or 100 pips protection at every 350 increment etc.

Hannah

Re: Custom Stop Loss and Take Profit

I'm prototyping the dynamic protections design.

http://s2.postimg.org/uxq3h71f9/screenshot_1314.jpg


http://s2.postimg.org/brcwe0kxh/screenshot_1313.jpg

Do  you think it is too cumbersome?

Re: Custom Stop Loss and Take Profit

I think that looks like it offers a lot of flexibility, therefore not too cumbersome.

Everyone has an opinion as to what may be best...., offering multiple choices will suit many people.

daveM

My 'secret' goal is to push EA Studio until I can net 3000 pips per day....

Re: Custom Stop Loss and Take Profit

great idea and great choice many possibilities of intervention.


thank you smile

"Luck is when preparation meets opportunity"

13 (edited by hannahis 2015-12-30 04:55:31)

Re: Custom Stop Loss and Take Profit

More Choices are good and no one would complain cumbersome.

It's when it's restricted and limited, people find it troublesome.

I love the BE with the guaranteed profit protection features smile

Would look forward to see the other TP and SL options you have installed for us...so that we can have more dynamic closing.

Would you consider to add in also Pv. Point with different S1, S2, R1 etc too in addition to our own closing conditions?

Thanks so much for you kind efforts to add in these much anticipated features, making FSB ever more powerful tool.  Now just eager to have it when it's released.  Maybe should open this features to only paid subscribers/Licensed members....who truly appreciate your work.

Hannah

Re: Custom Stop Loss and Take Profit

hannahis

You mentioned pivot point to add and then said "in addition to our own closing conditions?"

Probably you have a good idea in that - is it possible that you can expand on that and simplify it so Popov gets a good idea as to what you think to be good.?

You might have a couple ideas that would benefit many and now is the time as he is working on that area.

Thanks


daveM

My 'secret' goal is to push EA Studio until I can net 3000 pips per day....

15 (edited by hannahis 2015-12-31 03:18:49)

Re: Custom Stop Loss and Take Profit

For Pv Pt

The layout can be the same as the Take Profit new format with the scroll down bar to choose S1, S2, S3, R1, R2, R3.

We can also consider Price Volume exit whereby exit on Bullish price when volume change direction down or Bearish bar with climate volume like the Sonic indicator. 

Ideally and basically, what we hope, is to have a dynamic way of calculating the best closing according to market strength/trend and volatility, in this way it is less "rigid" than our usual closing conditions that respond slower to sudden market changes.

Actually, there are many options to add...but it's too much.  And hence, the next best solution would be (as I've mentioned before), allow users to choose both groups of closing menu.  Group 1 menu indicators are found in those without Bar closing options and Group 2 indicator menu are those under Bar closing menu.  If users can combine both groups indicators...we actually having many closing options by utilizing closing by group a, b etc.  We can have our own closing conditions as group a, trailing as group B, Pv pt as group C, Sonic as group D, and the list go on and on.  We can then have "endless" combination of closing options.

Next option if can't combine both sets/groups of indicator menu. 
To allow using more than 1 options for closing (without Bar closing).  Currently, if I choose Pv Point (instead of Bar closing as my closing condition), I can't add in Trailing Stop as my 2nd closing.
So if we can add Pv Point as group A closing, and Trailing as group B and Previous High Low group C closing, etc. then we have a larger number of alternative closing available besides what Popov is trying to create now in the other panel (except BE isn't in this menu).





Group 1 Indicator Menu
http://s17.postimg.org/nxf9hlf5n/Group_1_Menu_Indicators.jpg



Group 2 Indicator Menu
http://s7.postimg.org/a6c9c6993/Group_2_Menu_Indicators.jpg

Hannah

Re: Custom Stop Loss and Take Profit

I have no idea if he can incorporate your ideas, but I thank you for spelling them out so he can study them.

daveM

My 'secret' goal is to push EA Studio until I can net 3000 pips per day....

Re: Custom Stop Loss and Take Profit

It is an interesting idea, but I think it will be difficult for implementation.
You can have unlimited variants for each type of protection but I don't see a variant of adding multiply protections of one type.

We can have these protection groups: Stop Loss, Trailing Stop Loss, Take Profit, Break Even, Fixed Exit
where each group can have various variants, but we cannot have for example 3 different trailing stops.

It looks like I have to make a separate slots for each protection group in the strategy layout. Also I have to find a way to make it possible loading of custom (vs hard coded) code for the protections.

Re: Custom Stop Loss and Take Profit

I think that what you are proposing will change the game dramatically, a huge improvement.

daveM

My 'secret' goal is to push EA Studio until I can net 3000 pips per day....

19 (edited by GD 2015-12-31 07:02:35)

Re: Custom Stop Loss and Take Profit

Dear Mr. Popov just keep in mind to permit to add or subtract TIME for Pivot
+- number of minutes in one parameter is fine

Re: Custom Stop Loss and Take Profit

Actually, we can have several protections of one group but only one will be activated - the most strict one.

Something like that:
  * Stop Loss - Lowest Low of the latest 10 bars.
  * Stop Loss - 1000 points.
In that case, the Lowest Low will be active if it is less than 1000 points. On the other case, the SL will be set to 1000 points.

So the rule can be:
Stop Loss - the nearest win
Take Profit - the nearest win
Trailing Stop - the nearest Stop Loss or Trailing SL win. If the market develops in our favor and the Trailing SL goues above the SL, the trailing stop win.
Break Even - the nearest activation level win.

21 (edited by hannahis 2015-12-31 08:08:07)

Re: Custom Stop Loss and Take Profit

Wonderful...now can't wait to lay my hands on this new features and start testing out on my EA smile  Can it be our New Year Eve's present?

What do you mean by the nearest win for Take Profit (determine by?)

Hannah

Re: Custom Stop Loss and Take Profit

What do you mean by the nearest win for Take Profit (determine by?)

If you have two Take Profit protections, the program will activate the one with the nearest target.

Can it be our New Year Eve's present?

I think a 4 months term is more realistic. These new features require a major redesign of the strategy structure, the backtesting model and the EA code. It also requires changes in many tools (Generator, Optimizer, ...) and changes in the user interface.

Let say that:
- January - prototyping of the user interface and strategy structure,
- February - designing and implementing the custom code and basic backtetsing model,
- March - implementing the dynamic protections in the EA code. Releasing a Beta version.
- April - fixing all reported bugs. Releasing a final version.

Re: Custom Stop Loss and Take Profit

Thanks and I appreciate your update in time line....have a bless New Year ahead smile

Hannah

24 (edited by NicholasK 2015-12-31 20:48:03)

Re: Custom Stop Loss and Take Profit

It will be great if the idea of "Break Even Type - guaranteed profit" of Mr Popov can be developed into several steps according to each user's choice.

For example, let's say your final target is 800, and you set the lower targets.
Final Target 800
2nd Target 400
3rd Target 200
4th Break Even

Then if your floating profit reaches 200, trailing begins. If it does not reach 400 and falls down, then Break Even.
If it reaches 400 but it does not reach 600 then take profit at 200.
If it reaches 600 but it does not reach 600 then take profit at 400.
If it reaches 800 fortunately, take profit there.

And as for the exit point, I think it is good idea to utilize previous fractal high (which is higher than current fractal high) and previous fractal low (which is lower than current fractal low) with vertical shift. (This feature can be made by indicator, I think. But I don't know how to code it.)

Happy new year

Re: Custom Stop Loss and Take Profit

Finally I decided to add a new type of slots to the strategy - Position Protection.

http://s2.postimg.org/5qjsuonp1/screenshot_1320.jpg

They will be located at the bottom of the strategy and colored in blue. The protections will be normal indicators available for customization.