Take profit - Conditional (Pro)
The Take profit - Conditional (Pro) – Close module, will evaluate if open orders have hit their TP. After an order has been opened (see ‘1’ in image below), the 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 anywhere you want above the current price, not necessarily above the buy order’s open price. Because the TP is set anywhere above the current price, it’s possible that when the TP gets hit, the order is in loww; 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 anywhere you want below 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 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 at the value of the TP start value parameter, which can contain a complex calculation. Not setting the precondition results in a set TP at the moment the order is opened.
TP start value: the value (price) of TP, set to any value or calculation.
When to remove TP (optional): the signal which removes the TP.
TP offset (pips): the amount of pips away from the TP start value where you want the TP to start.
Trail step size: the amount the TP will go down when the loss increases. Let’s assume you put the setting to 1. If the loss increases 1 pip below the threshold value, the trail will move (in this example) 1 pip down as well. After another pip of loss, from 1 to 2 pip, etc.. The order will, under normal conditions, now at least result in 2 pips of loss. If the setting is set to 2, TP will go down 2 pips for every pip of additional loss, instead of 1.
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) for the same order.