I am trying to code a long only strategy. Below are the conditions.
Entry = When a green hammer candle is formed and the low of the hamercandle is bellow Bollinger band bottom line.
Initial Stop Loss = Hamer candle's low.
Profit Trailing = When a new candle is formed, check whether it's low is above current stop loss. If low is above current stop loss make it as the new stop loss.
I am able to write the entry part. It will be great if somebody can help me to code the stop loss and profit trailing part.
Here is my code
BBPeriods = 20; BBWidth = 2; BBTop = BBandTop( Close, BBPeriods, BBWidth ); BBBottom = BBandBot( Close, BBPeriods, BBWidth ); BuyHammer = ((H - L) > 3 * (O - C)) AND ((C-L) / (.001 + H - L) > 0.6) AND((O - L) / (.001 + H - L) > 0.6) AND C >= O; Buy = BuyHammer AND Low < BBBottom;
Thanks in advance.