Initiate Reverse trade upon Stoploss hit

Feature Request
#1

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

#2

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.

1 Like
#3

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.

#4

Yes, you can do that.

1 Like
#5

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

#6

Hello @Jeffreyj06

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

Tash

#7

Dear Lucem,

I have another scenario. Suppose I don’t have SL mentioned. I only have TT,TD,& TS. In this case when the Trailing SL hit, I wanted to take a reverse trade at that point. Earlier solution Provided by you, i.e. P becomes SL. But now I didn’t mentioned SL .How this Possible? Any thought how can I achieve this?

Thanks
Pravat

#8

In your indicator or strategy, create a sell alert to open a sell stop when the trailing trigger is activated. So when the trade is in your profit area, the sell stop will be sent.