Sell at % of the entry bar's size (range)
Author: rbuglia
Creation Date: 4/26/2020 3:25 PM

#### rbuglia

#1
Please, I d like to set up a sell target of % of the size of entry candle bar in my strategy. In general, I use manually Fibonacci to establish the risk return ratio. How can I do this, considering that I have not found any similiar option in pre-programmed rules of the WL. How can I do that?

#### Eugene

#2
That's right, neither of the pre-programmed rules suffice. However, you can easily accomplish the task in code:

CODE:

#### Eugene

#3
Think I've misread your request where you stressed the entry bar's range. My previous code refers to the bar preceding the bar of entry. (As you understand, it's impossible to know the entry bar's range beforehand.)

Now here's version that is closer to what you're after:

CODE:

#### Eugene

#4
Rogerio, I added the rule you requested to our Community.Rules library. It allows you to easily add the condition to Rule-based systems. To get it:

2. if you're unable to open the Wiki because of an error, see post #21 in this forum topic: Is Wiki down?
3. wait until we greenlight your Wiki account manually
4. grab it from the Wiki and follow installation instructions: Community.Rules

The rule is called "Sell (Cover) at Limit of Entry Bar's Range %".

Hope this helps.

#### superticker

#5
QUOTE:
I use manually Fibonacci to establish the risk return ratio.
WL does let you draw Fibonacci lines (either vertical or horizontal) on the Chart window, but you have to do that manually. Look for the graphic button [FIB] on the right of the Chart. I'm not sure how you can approximate the Fibonacci price range programmatically.

I wouldn't base your trading "range" (i.e. bracket) on a single bar behavior (e.g. the entry bar). That single value may be discordant or an outlier. I use the ATR myself for some bracket range calculations, but it's not ideal. A manually set Fibonacci range (with the [FIB] button over many bars) would probably be better than using the ATR for bracket range estimation. That's probably why investors use the manually set Fibonacci range in the first place when tier trading--the Fibonacci range is more accurate and robust.
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