Hi,
Is it possible to create a custom trailing stop loss order using Pi tradescript? My exact plan is to implement this.
Scenario: Create a buy order at 1.00 (100 shares) with a sell order at .80 (200 shares)
- When the LPT hits 1.20, we edit the sell order's limit price to 1.00 just like the default trailing stop loss.
- When the LPT hits .80, we create a new buy order at 1.00.
And the loop goes on. Its like trading in the Renko chart with brick size 0.2 points.
Any simple guidance would be a great help for me. So don't hesitate to answer any thing you know regarding this.
Edit: One more doubt: My stop loss is at .80 and LTP jumps to .75, Now, which of the below two is effective?
- Having a stop loss order placed already at .80.
- Raising the stop loss(buy/sell script) from Pi at that time.
I believe, the order placed already have some advantage. Is that right?
Thanks,
Karthick.