Stop Level for StopLoss

[shanmugapradeep]

Hello,

Which one of the following statements is correct regarding the calculation of stop loss?

1. Stop Loss should be a distance from the Order Open Price/Order Entry Price by Stop Level.

Or

2. Stop Loss should be a distance from the Bid/Ask Price by Stop Level?

Or

3. Stop Loss should be a distance from the Bid/Ask price as well as the Order Open Price?

Thank you.

 

[Enivid]

This depends on what kind of order you are submitting. For pending orders, #1 is true. For market orders, #2 is true.

 

[shanmugapradeep]

This depends on what kind of order you are submitting. For pending orders, #1 is true. For market orders, #2 is true.

And for Trailing Market order StopLoss?

 

[Enivid]

And for Trailing Market order StopLoss?

You mean when you are using OrderModify to update an existing market order? It's the distance from the current Bid/Ask that counts. Think about it, if it were the Open Price that counted, you wouldn't be able to set the SL to breakeven.

 

[shanmugapradeep]

You mean when you are using OrderModify to update an existing market order?

Yes, correct.

I am trying something like this

void TrailingStopLoss(int TrailingStopLoss_magic)
  {
   int StopLevel_TrailingGap = Trailing_Gap < gStopLevel_OnTick ? gStopLevel_OnTick + 5 : Trailing_Gap;
   int StopLevel_TrailingTP = gStopLevel_OnTick > 0 ? gStopLevel_OnTick + 5 : 10;
// Loop through all open orders
   for(int i = OrdersTotal() - 1; i >= 0; i--)
     {
      if(OrderSelect(i, SELECT_BY_POS, MODE_TRADES))
        {
         double TrailingStopLoss_entryPrice = OrderOpenPrice();
         // Check if the order is a buy order with magic number 1
         if(OrderSymbol() == Symbol() && OrderMagicNumber() == TrailingStopLoss_magic && OrderType() == OP_BUY)
           {
            if(Bid - (TrailingStopLoss_entryPrice + StopLevel_TrailingTP * gPips) > gPips * StopLevel_TrailingGap)
              {
               if(OrderStopLoss() < Bid - gPips * StopLevel_TrailingGap || OrderStopLoss() == 0)
                 {
                  ResetLastError();
                  RefreshRates();
                  gModify = OrderModify(OrderTicket(), OrderOpenPrice(), Bid - gPips * StopLevel_TrailingGap, OrderTakeProfit(), 0, clrNONE);
                  if((_LastError != ERR_NO_ERROR && _LastError != ERR_NO_MQLERROR) || !gModify)
                     Print(__FUNCTION__ + " => Buy Order Error Code : " + GetLastError());
                 }
              }
           }
 
         // Check if the order is a sell order with magic number 2
         if(OrderSymbol() == Symbol() && OrderMagicNumber() == TrailingStopLoss_magic && OrderType() == OP_SELL)
           {
            if((TrailingStopLoss_entryPrice - StopLevel_TrailingTP * gPips) - Ask > gPips * StopLevel_TrailingGap)
              {
               if(OrderStopLoss() > Ask + gPips * StopLevel_TrailingGap || OrderStopLoss() == 0)
                 {
                  ResetLastError();
                  RefreshRates();
                  gModify = OrderModify(OrderTicket(), OrderOpenPrice(), Ask + gPips * StopLevel_TrailingGap, OrderTakeProfit(), 0, clrNONE);
                  if((_LastError != ERR_NO_ERROR && _LastError != ERR_NO_MQLERROR) || !gModify)
                     Print(__FUNCTION__ + " => Sell Order Error Code : " + GetLastError());
                 }
              }
           }
        }
     }
  }

 

[NatureGirl]

jus set Ur stop loss a bit away from the entry price