Take profit - Trailing

Caution

Use this module if you want to close the order when the order is recovering from drawdown. This is an uncommon scenario for most users. Most users want the trail to be on the bottom side of the price (stop loss), allowing new highs, but stopping out when the price retraces. If that’s the case for you, use the Stop loss - Trailing Module.

The Take profit - Trailing – Close module, will not set a take profit (TP) directly after opening an order (see ‘1’ in image below), but will wait for the price to hit the threshold (see ‘2’ in image below). Only then the take profit (TP) is set (see ‘3’ in image below). If the price hits the TP, the module closes the order. The module sets the TP of a buy order above the current price, not necessarily above the buy order’s open price. Because the TP is set above the current price, it’s possible that when the TP gets hit, the order is in loss; it’s also possible because of trailing.

Trailing take profit. TP moves down when the price moves down. TP can go into loss.

Settings

• Loss threshold (pips): this is the loss threshold an order has to hit, before the TP is set. The TP is set at: Open price + Trail start value (pips). Before the threshold is hit, the module will have no effect.

Example

If this value is set to 30, then the TP will be set (and the trailing will start) when the order has a loss of 30 pips.

• Trail start value (pips): the amount of pips loss where the TP starts trailing.

Example

If set to 20, the order will close as soon as the order has 20 pips of loss. If set to 0, the TP is set to break-even. If set to -10, the TP is set to 10 pips of profit.

• Trail step size: the amount the trail will trail when the order gains new lows. Let’s assume you put the setting to 1. If the loss increases 1 pip below the threshold value, the trail will move 1 pip down as well. If the setting is set to 2, TP will go down 2 pips for every pip of additional loss, instead of 1.