Disclaimer
EasyLanguage Reserved Words & Functions
SetStopContract is a reserved word that sets the way built-in stops calculate the exit order prices. Each built-in stop reserved word has a parameter for the amount of profit or loss desired, SetStopContract is simply a switch that changes the behavior of the built-in stops so that the exit order is calculated on a per contract/share basis, otherwise the exit order is calculated on a total position basis.
SetStopContract is synonymous with SetStopShare.
If SetStopContract, SetStopShare, and SetStopPosiiton are used multiple times, even in different strategies applied to the same chart, the last reference is controlling.
When used with the SetStopLoss built-in exit strategy, SetStopContract sets the exit order based on a per share basis in dollars.
If you held an equity priced at 25.00 and used a SetStopLoss of .50 from your entry price the resulting stop would be placed at 24.50.
SetStopShare;
SetStopLoss(.50);
When used with the SetStopLoss built-in exit strategy, SetStopContract sets the exit order based on a per share/contract basis in dollars.
If you held the S&P e-mini and set a stop at 1.50 from your entry price the resulting stop loss would be $75 each contract held based on a BigPointValue of 50 (1.5 * 50 = 75).
Input: StopLossPts(1.5);
SetStopContract;
SetStopLoss(StopLossPts * BigPointValue);
In this example, 10 contracts would result in a $750 stop loss ($75 x 10 contracts)
When used with a Forex symbol, such as EURUSD, a contract refers to a lot (typically consisting of 100,000 units).
Buy 1 contract next bar at market;
SetStopContract;
SetStopLoss(.001);
This example enters into a position of 1 lot size (100,000 units) and then attempts to exit based on a stop loss of .001 per unit, which for this Forex symbol would be a stop loss of $100 for the lot (.001 * 100,000 units).