SetProfitTarget

TradeStation have lot of default SELL strategies. Here in this post I will discuss about “_Stops & Targets”.

Default logic:

By Default the strategy have lots of option to trigger a SELL. But for my trading I use only 2 options PositionBasis and ProfitTargetAmt. PositionBasis is if I want to set sell value for a share or whole position of shares. For example, if AAPL stock opened at 336 and I bought 100 shares, I can set sell value as share basis (5 cents) or position basis ($5). Though it may seem both means the same but they have different use cases. I set PositionBasis as false since I prefer sell value with share basis.

The Idea behind Default logic:

ProfitTargetAmt means that the sell will trigger when the value of the share is equal or more than value I set. For eg, when the value of AAPL share reaches 336.05 the shares will be sold. Its very basic and need a little bit of enhancement.

The Updated logic:

The main draw back of the above logic is that I have to set the value each and every time if I need consistent % returns. This is due to the fact the value of share is dynamic, it changes everyday. So I slightly updated the code.

The Idea behind Updated logic:

Basically I am setting the ProfitTargetAmt with ProfitPercent. If you see the code, I am now getting ProfitPercent (0.001) as input and multiplying with EntryPrice (the buy price) to get the ProfitTargetAmt. This way no matter how many days have passed my profit percent will remain consistent at 0.1% per share. Its a different story on how many trades I make in a day.

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