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This script is simulating a trailing stop limit buy/sell order with exact levels.
With the first parameter you can adjust the distance of the limit entry in percent based on the last high (long order) or low (short order) and with an second parameter you can setup the valid time of the order in the market.
For example:
Your trading system gives you an long signal at 100 and the adjusted distance is setup to 1%.
The money management is simulating now a limit buy order with 101 (100*1.01) or the first day.
If the price is going higher than 101 the order will be executed otherwise the limit will be adjusted to a new limit, based on the last high.
Maybe the price is going down to 98 then the new limit is now 98,98 (98*1.01) and so on.
If the valid time is exceeded the order will cancelled.
Trading financial instruments, including foreign exchange on margin, carries a high level of risk and is not suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in financial instruments or foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading and seek advice from an independent financial advisor if you have any doubts.
