22nd of April 2020
Close modules take orders as input and closes the orders when a condition, based on the settings, are met.
The OnSignal SL – Close module, will wait for the price to drop 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 SL. The SL is just the value where the order will close when the current price is moving in direction of (but not necessarily within) loss.
- OnSignalSlTrailOffsetPipValue: the amount of pips the trail is behind the current price, which starts trailing the moment the Signal is hit.
- OnSignalSlStepPipValue: the amount the trail 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 create 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.
Tip: If you want to create a flat SL line you can set it to 0. Now it’s not really trailing, but you created a SL 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.
- OnSignalSlSignal: 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 value of the 1st parameter (OnSignalSlTrailOffsetPipValue).