Triggering Limit/Stop orders on Candle closes instead of Ticks | Forex Factory

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Triggering Limit/Stop orders on Candle closes instead of Ticks

  • #1
  • First Post: Dec 20, 2010 5:14am Dec 20, 2010 5:14am
Currently I am using Meta Trader ... and as you may know that it handles limit/stop orders based on the Tick values ... A single tick above or below the configured stop/limit order may trigger it ...

But what I want is to trigger these Limit/Stop orders once candle of a given timeframe closed above that limit/stop level? How can this be achieved?
  • #2
  • Dec 20, 2010 12:49pm Dec 20, 2010 12:49pm
I think I understand the question, but I'm not sure of the context. I will assume that you are using an EA to manage the trade.

Instead of doing tick by tick trade management, you should do it bar by bar. Instead of sending the stop/limit orders to the server, you should submit a market order if the right conditions are met on the opening of the new bar.

Here is a code snippet to get you started. Declare barStart as a static datetime variable.

PHP Code
 if (barStart < Time[0])
   {
// put logic here to trigger market order
      barStart = Time[0];
   } // end if
  • #3
  • Dec 20, 2010 10:56pm Dec 20, 2010 10:56pm
thank you .. you have understood the question perfectly.

when dealing with smaller time frames i think, this method can save us from stop order getting triggered on price spikes... and if we are using right amount of leverage, we would not be loosing much in long term even if price went a little opposite to our stop/limit levels.


Quoting CodeMeister
I think I understand the question, but I'm not sure of the context. I will assume that you are using an EA to manage the trade.

Instead of doing tick by tick trade management, you should do it bar by bar. Instead of sending the stop/limit orders to the server, you should submit a market order if the right conditions are met on the opening of the new bar.

Here is a code snippet to get you started. Declare barStart as a static datetime variable.

[php] if (barStart < Time[0])...
  • #4
  • Last Post: Dec 20, 2010 11:15pm Dec 20, 2010 11:15pm
I don't understand what you are trying to do, but I took a guess. That is always harder than writing the code. Glad you found my answer useful.
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