Stop loss - Conditional (Pro)

The Stop loss - Conditional (Pro) – Close module, will evaluate if open orders have hit their SL. After an order has been opened (see ‘1’ in image below), the module will set the stop loss (SL) when a (complex) condition has become true (see ‘2’ in image below). When the price hits the SL (see ‘3’ in image below), the order will be closed. The module sets the SL of a buy order anywhere you want below the current price, not necessarily below the buy order’s open price. Because the SL is set anywhere below the current price, it’s possible that when the SL gets hit, the order is in profit; it’s also possible because of trailing. Many traders use this module to capture profits the moment the price retraces. For a sell order, everything is in reverse, so the module sets the SL of a sell order anywhere you want above the current price.

Settings

• Enabled for: set the module to be enabled for buy orders only, sell orders only, or both. If buy and sell orders require a different condition, add this module for buy orders and then add this module again for sell orders.
• Precondition (optional): the condition before the SL is set. Before the condition is evaluated to be true, the module remains inactive. When the condition is evaluated to be true, SL will be set at the value of the SL start value parameter, which can contain a complex calculation. Not setting the precondition results in a set SL at the moment the order is opened.
• SL start value: the value (price) of SL, set to any value or calculation.
• When to remove SL (optional): the signal which removes the SL.
• SL offset (pips): the amount of pips away from the SL start value, to adjust where you want the SL to start.
• Trail step size: the amount the SL will rise when the profit rises. Let’s assume you put the setting to 1. If the profit rises 1 pip above the threshold value, the trail will move (in this example) from 0 to 1. After another pip of profit, from 1 to 2, etc.. The order will, under normal conditions, now at least result in 2 pips of profit. If the setting is set to 2, it will rise 2 pips for every pip of additional profit, instead of 1.
• Trail minimum distance (pips): the trail will not get closer to the current price than the set value, in pips. This is useful when using a Trail step size of more than 1 and you want the trail to keep a certain distance from the current price. Warning: when set to 0 or any negative number, the trail will be allowed to overtake the current price, causing the order to close before retracing.
• Close percentage: the percentage of the position that will be closed by this module. Assume you have a position of 1 Lot and you set the value to 50, this module will close 0.5 Lot of the current position. When you have another module set to value 50 as well, that module will close 0.25 Lot, because 50% of the remaining 0.5 lot is 0.25 lot. If you want the first or second module to close the entire order/ position, please set this value to 100.
• Reuse module after partial close: if module’s Close percentage is set to a value smaller than 100, then the module will try to close a part of the order. This setting decides if this module can be used again (if the precondition is met again) for the same order.