Multiple Stop/exit Orders - Pinescript Strategy

Question

I am having a problem with two different types of closing out of a trade. For example, when a long position is in effect I would like to have 2 different ways to get out of the trade:

1. Setting a fixed stop loss on the low of the previous candle where the position was initiated
2. Utilizing a boolean condition to exit out of the trade when it is met

It seems when I attempt to do this only one of the exits is utilized and the other one is discarded. Since the boolean condition is mainly used to take profit would it just make more sense to use that as a take profit or is there a way I could use both?

Below is the code I am using.

// long entry
if (flaglong)
    strategy.entry("Long", strategy.long, qty=2)
    strategy.exit("Long", strategy.short, stop=low[1]-1.5)
// long exit 
if (flagshort1)
    strategy.close("Long", qty=2)

Answer 1

You can use both.

Your code should not compile because you are using the strategy.exit() function wrong. You are passing strategy.short to its from_entry argument which should throw a compiler error.

The first argument of the strategy.exit() function is id , and the second one is from_entry .

Call it like below:

if (longCondition)
    strategy.entry("Long", strategy.long)
    strategy.exit("Long Exit", "Long", stop=low[1]-1.5)