Main photo Virtual pending buy stop order

Virtual pending buy stop order

  • By Chris Moris

The script is intended for automatic placing of Buy Stop pending orders, Stop Losses and Take Profits on the user specified levels.

Main Purposes:

  1. Avoiding unwanted entering a long position in case of false hitting the level as a result of widening of the spread by a dealing center.
  2. Avoiding unwanted triggering of a Stop Loss in case a quote pierces a significant level (fractal) without further confirmation with the close price.
  3. Setting a necessary virtual order and entering the market in case the dealing center has prohibited placing orders closer than 'n' points from the current price.
  4. Setting Take Profit levels.

The goals are reached by the following means. The script doesn't place a real pending order for buying. It places a market order once the Bid price reaches the level specified by the trader. Thus, brokers can widen the spread as much as they want. You will be safe and you'll enter a long position as the price reaches a really significant level. In addition, the script includes the so called "tracking" Stop Loss that will close an unprofitable position only when the price closes below the STOPLOSS level, not when it just hits this level. Take Profit is not virtual, it is actually placed.

Script Settings:

  • LOT - lot size, 0.1 on default.
  • DEVIATION - price deviation, 10 on default.
  • LEVEL - the trigger level for the virtual "waiting" Buy Stop order in units of the price chart. 1.10 on default.
  • STOPLOSS - the Stop Loss level in units of the price chart. 1.00 on default.
  • TAKEPROFIT - the Take Profit level in units of the price chart. 1.30 on default.
  • NEWCHECK - a restriction on setting a stop after restart (allows setting/modifying the Stop Loss after entering a position). False on default.

The specified level for entering a position, the Stop Loss and Take Profit levels are marked with lines of different colors on the chart.

Chris Moris
Chris Moris

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