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Take profit - Conditional

Take profit - Condition – Close module, will set the take profit (TP) when a (complex) condition has become true (see ‘2’ in image below). When the price hits the TP (see ‘3’ in image below), the order will be closed. 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. Many traders use this module to reduce losses the moment the price retraces back in their favour. For a sell order, everything is in reverse, so the module sets the TP of a sell order below the current price.

Take profit after condition
Take profit - Conditional. Trailing TP is set to lower the TP goal (price traces down with the price moving down).

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 TP is set. Before the condition is evaluated to be true, the module remains inactive. When the condition is evaluated to be true, TP will be set and start at a distance of the TP start distance (pips) parameter. Not setting the precondition results in a set TP at the moment the order is opened.

  • TP start distance (pips): the amount of pips the TP is away from the current price, which is set the moment the Precondition evaluated to be true. TP = current price (bid/ ask) + TP start distance (pips).

  • Trail step size: the amount the trail will gain when the order gains new lows. Let’s assume you put the setting to 1. If the loss increases 1 pip below the order’s previous low, 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.