SetStopPosition (Reserved Word)
DisclaimerSetStopPosition is a reserved word that sets the way built-in stops calculate the exit order prices. Each built-in stop command has a parameter for the amount of profit or loss desired. SetStopPosition is simply a switch that changes the behavior of the built-in stop command so that the exit order is calculated on a total position basis, rather than on a per share or per contract basis (see: SetStopShare or SetStopContract for information on calculating on a per share or per contract basis).
SetStopPosition is the default basis for all built-in set commands.
If SetStopShare, SetStopContract, and SetStopPosition are used multiple times, even in different strategies applied to the same chart, the last reference is controlling.
Example
When used with SetStopLoss, SetStopPosition causes the dollar amount of the loss to be applied to the entire position. Thus, SetStopLoss( 250 ) applied to a 1000 share position results in a stop that is $0.25 from the entry price ($250 / 1000 shares = $0.25 / share).
SetStopPosition;
SetStopLoss(250);
Related Functions