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Stop loss - Conditional

The Stop loss - Conditional – 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 below the current price, not necessarily below the buy order’s open price. Because the SL is set 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 above the current price.

Stop loss - Conditional
Stop loss - Conditional

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: 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 and start at a distance of the SL start distance (pips) parameter. Not setting the precondition results in a set SL at the moment the order is opened.
  • SL start distance (pips): the amount of pips the SL is away from the current price, which is set the moment the Precondition evaluated to be true. SL = current price (bid/ ask) - SL start distance (pips).
  • Trail step size: the amount the trail will gain when the order gains new highs. Let’s assume you put the setting to 1. If the profit increases 1 pip above the order’s previous high, the trail will move 1 pip up as well. If the setting is set to 2, SL will go up 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 usefull 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.