Peter_O

Moving Stop-Loss mechanism + alerts to MT4/MT5

"How to code moving stop-loss mechanism", is one of the most often repeating questions in private messages I receive, so just to focus on this mechanism, I made a spin-off from my previous script: TradingView-Alerts-to-MT4-MT5-dynamic-variables-NON-REPAINTING.

The logic here moves the stop-loss each time a trade is running and a new pivot high/low is detected. When such event occurs (UpdateLongStopLoss or UpdateShortStopLoss), stoploss_long or stoploss_short mutable variable is modified. And it needs to be coded inside strategy.exit() line as "stop=stoploss_long" or "stop=stoploss_short". Entries are pretty straightforward - on Stoch crosses.

Last lines of the script show how to wrap information about such updates and send send alerts to MetaTrader via TradingConnector for execution in Forex/indices/ commodities /crypto markets via MetaTrader. Please note that "tradeid=" variable must be passed with each alert, to let MetaTrader know which trade to modify. SLMOD, TPMOD are recently added commands, along with BE (as in "move stop-loss to breakeven" - but that's another topic).

Please disregard strategy backtest results, as this script is for coding education purposes only. However, it seems with the stop-loss mechanism enabled, the results are even better, than in original version of the script :)
Catatan Pelepasan: Thanks to the recent update of TradingConnectorEA to version 1.35, some functionalities and syntax of TradingConnector got simplified, and that's why I'm posting this update. To be exact:

If you're using Moving StopLoss mechanism ('slmod' command) and trading only 1 position at a time (no pyramiding), you don't need to use tradeid= parameter anymore. So it was removed from this script. Tradeid= functionality still exists and performs well - used to point which position exactly has to modified or closed - but is unnecessary coding overhead in single-position-trading. Previously it was required.

P.S. There are further new features, like multiple take-profit levels, breakeven exit, delay or separating from TradingConnector-dedicated alerts from all the others - these features will be covered in other publications soon.

I auto-execute TradingView Alerts into MT4/MT5 using this: https://www.tradingconnector.com 1-second delivery. Ping me if you need support with installation.
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Penafian

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