SetDollarTrailing (Reserved Word)

Disclaimer

This built-in stop reserved word is used to set a trailing stop to exit a position based on a specified dollar Amount that trails the greatest position profit.  A stop order is generated at the calculated price based on the trailing Amount. The stop applies to both long and short positions.

SetDollarTrailing(Amount)

Amount is the greatest open position profit that you are willing to give back.

  If the dollar Amount applies to each share or contract use SetDollarTrailing with SetStopContract or SetStopShare. If the dollar Amount applies to the entire position, use SetStopPosition. See the examples below.

Strategy

Dollar Risk Trailing

Example

To place a dollar risk trailing stop at $500 for the entire position, write:

SetStopPosition;

SetDollarTrailing(500);

As the price changes, so does the stop price. The stop price is maintained at a stop price that is $500 away from the maximum profit since entry.

Additional Example

To place a dollar risk trailing stop at $5.00 per share or contract, write:

SetStopShare; { or SetStopContract; SetStopShare and SetStopContract are synonymous }

SetDollarTrailing(5);

Again, as the price changes, so does the stop price. The stop price is maintained at a stop price that is $5 away from the maximum profit price since entry.