Initiate Reverse trade upon Stoploss hit

Hello,
Here is my Scenario.

  1. If I am trading in 1 hour timeframe, currently a Buy Position is open. If stoploss hits in with in 5 minutes after opening the buy Position then my algo won’t get alert from TV until the criteria met in next 55 Minutes. In that case I would like to take a reverse position(Sell this time) upon the stoploss hit. Is there any Feature available ? If not can this be implemented?

Thanks & Regards
Pravat

Hello there, This is already possible.

You can do the following:

  1. Customize your script to send a new alert when the stoploss is hit. So this would be the easiest approach
  2. You can send in 2 commands when opening your trade like this
buy EURUSD q=1% sl=100 tp=500
sell EURUSD q=1% p=100

This command will buy EURUSD at market and place a sell stop at the SL level

This is for the MT4 and MT5 platforms. Other platform commands may vary.

Both the command can be placed together in the Alert section?
Can I place like this?

buy EURUSD q=1% sl=100 tp=500
sell EURUSD q=1% p=100 sl=100 tp=500 ?

Thanks for your Response.

Yes, you can do that.

1 Like

What does the p stand for? SL stop loss tp take profit q position size. But what does P mean? Thanks

Hello @Jeffreyj06

P stands for Price. You can see more about our parameters on https://tradingview.to/metatrader.

Tash