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OnSignal Trail TP – Close

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22nd of April 2020

Close modules take orders as input and close orders when a condition, based on the settings, are met.

(!) Warning: Use this module when you want to close the order when the order is recovering. This is an uncommon scenario for most users. Most users want the trail to be on the bottom side of the price. In that case, use the OnSignal Trail SL Module.

The OnSignal Trail TP– Close module, will wait for the price to go up to the level of where the trail is and then close the order(group). Be aware that the signal goes off at any time, profit or loss, this is irrelevant for the module. It is up to the user to define a good moment to set the order’s TP. The TP is just the value where the order will close when the current price is moving towards more profit.

Settings

  • OnSignalTpTrailOffsetPipValue: the amount of pips the trail is ahead the current price, which starts trailing the moment the Signal is hit.
  • OnSignalTpStepPipValue: the amount the trail 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) from 0 to -1. After another pip of loss, from -1 to -2, etc.. The order will, under normal conditions, now best case create 2 pips of loss. If the setting is set to 2, it will go down 2 pips for every pip of additional loss, instead of 1.
    Tip: If you want to create a flat TP line you can set it to 0. Now it’s not really trailing, but you created a TP line based on a Signal.
  • OnSignalModuleOrderType: if the module is enabled for buy orders, sell orders, or both. If only for buy orders and a separate signal is required for sell orders, simply add a second module of the same type.
  • OnSignalTpSignal: the signal when the trailing will start. Before the signal goes off, the module remains inactive. When the signal goes off, it will start trailing at the OnSignalTpTrailOffsetPipValue profit/loss-point.