Risk Management: If already long then do not place new order

Question

If the flag is already indicating long, there should not be a new flag indicating long. If flag does not indicate long evaluate the expression

longCondition = i         


        

Answer 1

I assume this is an indicator and not a strategy. Because you can configure how many entries you want to have in the same direction in a strategy with the pyramiding parameter. Default is 0, so if this is a strategy and you haven't changed the pyramiding parameter, it shouldn't be a problem.

For indicators, you can use a variable like this:

//@version=4
study("My Script", overlay=true)

var isLong = false
var isShort = false

rsi = rsi(close, 14)
moving_avg = ema(close, 9)

buySignal = not isLong and (rsi<50) and (close>moving_avg)    // Buy only if we are not already long
sellSignal = not isShort and (rsi>50) and (close