Eliminate SL getting hit with tails (price spikes) that are < 20 seconds

BazP

Hi, lately I have noticed that I am getting losing trades (demo account) because a 20 pip change in price that happens over just a few ticks (mostly less than 20 ticks), and over just a few seconds (2-20 seconds).
This change is up AND down, or down then up. The point being that after about half a minute or less the price is trading within a few pips of what it was before the massive spike.
This could be great for profit taking but really bad for hitting stop losses. How best do I prevent this from causing more losses, and also for causing BAD losses due to slippage?
My thoughts was to allow SL orders to be executed ONLY on the close of a 1 minute bar, or maybe the close of a 50 tick bar. This could work unless the spike occurs as the bar is closing and I get stopped out at the worst time.
And this is for cBot trading, what about for any manually entered trade?
My first post, I hope I have posted this in the right place and in the right manner. I did a search before, found nothing.
Cheers in advance.

Mike

Hi, Baz, this volatility can be caused in the markets by news events or many traders & banks buying and selling, there used to be a feature called market slippage built into cTrader which would only fill the stop loss if the market moved within this range.

If you are using an automated trading robot look at ExecuteMarketRange as explained below.

https://clickalgo.com/ctrader-market-orders

If you are looking at manually submitting market orders there is a setting called Market Range

Slippage and the Forex Market

Forex slippage occurs when a market order is executed or a stop loss closes the position at a different rate than set in the order. Slippage is more likely to occur in the forex market when volatility is high, perhaps due to news events, or during times when the currency pair is trading outside peak market hours.

BazP

Thanks for your reply Mike. Unfortunately I am still confused.
I am talking about algo trading and manual trading, but I'm not worried about slippage on entry (I know and understand about market range). The question is how do I add market range to the stop loss order? And how exactly would this behave?
Once in a trade I want to ignore a spike (say from news) that travels past my stop loss point, only to return to a value that has not yet reached my initial trade stop loss; and it does all of this in less than 30 seconds.
Why?, because the eventual exit price I get is quite often twice as far from entry as my initial stop loss value was, and also after this 'event' my trade will often go on to be a winner.
I have played with the StopLossTriggerMethod but using double or opposite only made things worse.

If I am using only algo trading I guess I can choose NOT to submit a Stop Loss order at time of entry, but then can I code a safe and effective stop loss to behave as I want? I don't want a Market Range order to simply not get out because the price quickly jumped my stop loss and kept going. If I have to take a loss, I have to, but not for those spikes that always seem to come back.

btw I'm generally setting the SL about 25 pips away and using the 30 minute timeframe.

Another question, maybe it's related?? I have had a few instances where by the exit (also a stop loss exit that jumped over my initial stop loss to be about twice the distance) is 'in space'. I mean the deal map shows the exit NOT to be somewhere within a candle. It might be 18 pips above the high as an example from a losing short trade.
If I drill down to a 1 tick chart I can see the apparent bid and ask at that point (1 pip spread), but then if there was a transaction at that price why do all the > 1 minute timeframes show nothing of the sort?

Thanks in advance.
Do I need to do this @Mike @"Mike"#p4402 ?

Mike

It sounds like you need to use a custom cBot to manage your trades during high volatility or news events, most spikes are news events, and this is the only market event you can manage,

If you download the news event manager and request our coding services you could remove your stop loss and add it back after the news event, you could even close the trade and open it again after. There is nothing you can do about other events as they are unpredictable.

Regarding your other question you can talk to Spotware support as they created the platform or you can talk with your broker.

Another option is not to use a stop loss.

BazP

Thanks Mike. I am capable of writing cBots and indicators but have no idea how crap my coding is and if it uses way too much PC resource or internet connection bandwidth.
I have looked at your product cTrader Risk Management Assistant, and as you say may combine this with the cTrader Forex News Manager. What about the cTrader Forex Risk Management as well? I like this idea because I'm sure you have great coding skills and have obviously written it better than I could. Could you add the functionality I asked about last post? That is, to choose when and how the SL would trigger, e.g. to wait 10-50 ticks, 1 min, 10 ticks at price etc.

If I write my cBot, which uses a few custom indicators of mine, and then run this at the same time as all 3 of your products, does this consume a lot of pc power or bandwidth? Will all of these run together efficiently?
What is best, run all of these together, or code my own advanced PT's and SL's, with my crap coding skills? I mean is it better to have average coding all in one cBot, or better coding in multiple cBots?

It would be great to see the cTrader Advanced FX Trade Terminal combined with the cTrader Forex Risk Management, and with my suggestion of even more control of when and how SL's and even PT's can trigger. Any plans?
Thanks.

Mike

Hi, Baz,

We welcome all suggestions, you need to post them on the link below.

https://ctrader.info/t/product-suggestions

BazP

Thanks Mike.
So is it better for cBots to be all-in-one, or does having multiple cBots running concurrently and working together not affect the performance?

What do you suggest I do with regards to the question I raised in my previous post?

@"BazP"#p4432 What is best, run all of these together, or code my own advanced PT's and SL's, with my crap coding skills?

If you don't mind, I really would appreciate an attempt to answer this as best you can. I am happy to buy your cBots if this is the best solution for me; otherwise I will do my best to code what it is I want.
Cheers,
Baz

Mike

It is possible to run multiple risk management tools at the same time as long as they do not use the same features, you can either code a single cBot yourself or request our help by contacting our development team.

https://clickalgo.com/contact-development