Need help in Stop Limit Order hotkey script

[Ranajit Chatterjee 10]

Hello BBT Team,

I am struggling to build a hotkey script to put a stop loss at 10 cents below of my average cost of shares.

I usually use Kyle’s hotkey script with pre-defined $ risk, as I am new sometimes I stopped out. I was thinking to win significantly but if I lose in that case, I will lose less $ amount

So for example, I am taking long for 100 shares at $150 per share and putting a stop loss 10 cents below of my original entry that is 149.90, so if I lose, I will lose $10 but if I win, I will win more than the pre-defined risk as my share size is more. Kindly help.

[hailchaser2 185]

You can do that with your current Kyle Hotkey if you have it set up for $10, you just have to click 0.10 below the current price. That would give your 100 shares.

I would not suggest trading like that though, stops should be at a technical level based on the chart.

The 0.10 stop might work on a break out strategy.

When I started using Kyle's hotkeys, I started clicking close to price action to get more shares, which is what I believe you also want to do. After many stop outs in a matter of seconds, I realized the stop loss should be set at a level based on the chart, a moving average, vwap, loss of prior candle body or wick, something technical, not just a 10 or 20 cent stop.

I am still a very new trader, maybe a more experienced trader can reply with their thoughts.

I used to have .10 , .20 , .50 stop keys before I started using Kyle's, so there is a script for that somewhere in the forums. Maybe someone can find them for you.

[Abiel 474]

Agree with hailchaser, stops should be placed at technical levels. 

[Ranajit Chatterjee 10]

I agree with @Abiel and @hailchaser2 that stop loss would be at technical levels, but i am trying to execute parabolic reversal and in that trade my stop loss should not be more. Now if i use Kyle's hotkey it takes some time to double click and then execute the script and it that way my stop loss moves so much and reward becomes less.

I appreciate your concern and  as i mentioned i am using Kyle's hotkey script, but looking to get STOP loss at pre defined level. And i am currently playing in SIM so don't worry.

[Abiel 474]

The buy 100 + STOP and short 100 + STOP key basically buys 100 shares and places a stop market 10 cents below your entry automatically. Adjust as needed. These hotkeys cannot be used on stocks that are on SSR. Be mindful that a lot of stocks will move up and down 10 cents and you will be stopped out. 

BUY 100 + STOP

ROUTE=SMRTL; Share=100; Price=Ask+0.10;TIF=DAY+;BUY=Send;TriggerOrder=RT:STOP STOPTYPE:MARKET StopPrice:AvgCost-.10 ACT:SELL QTY:POS TIF:DAY+

SHORT 100 + STOP

ROUTE=SMRTL; Share=100; Price=Bid-0.10;TIF=DAY+;SELL=Send;TriggerOrder=RT:STOP STOPTYPE:MARKET StopPrice:AvgCost+.10 ACT:BUY QTY:POS TIF:DAY+

[Ranajit Chatterjee 10]

Thanks @Abiel.