Support Board
Date/Time: Wed, 27 Nov 2024 13:05:46 +0000
Stop Loss Profit
View Count: 294
| [2023-08-10 19:29:11] |
| User659697 - Posts: 2 |
|
Hello, I'm taking the liberty of contacting you because I've looked through all the orders types but I can't find the one I'm looking for. Let me explain, I'm looking for an order that allows you to have a Stop when you make a profit! For example, the market is at 100, I open a buy and it goes to 105, if it continues then my trade continues and I can flatten myself but if it goes back down I'd like it to stop at 105 (I've set up at +5 ticks from where I open my position). Is there a configuration to do this? Set a number of ticks and when the market goes back down, it stops but you've made a gain (it's a kind of stop loss but with a gain). But it's not a take profit either, because the trade doesn't close at +5 ticks! Is there a configuration to do this? Best regards MO |
| [2023-08-10 19:54:04] |
| John - SC Support - Posts: 36309 |
|
You need to create an initial Stop attached order and then use the "Move to Break Even" option. Refer to the following: Order Types: Stop Attached Orders: Move to Breakeven for Stop For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2023-08-11 15:35:12] |
| User659697 - Posts: 2 |
|
Hello again, But your solution doesn't work, when I do what you say, it stops me from 5 ticks of gains when I want my stop to go to +5 ticks base and then if the market continues then the trade stays open and only if the market goes back down to my +5 ticks then the trade closes. Either I'm 5 ticks positive, or I flatten manually if the market is +20 ticks. Do you understand better? |
| [2023-08-11 18:35:28] |
| John - SC Support - Posts: 36309 |
|
You can define where you want the Stop to move to, it does not have to be exactly Break Even. But, you can not have a trigger of +5 ticks and then have the stop move to that same location, as that will close you out of your trade since the stop is now at the market price. So you have to do something with at least a 1 tick difference. Also keep in mind that a 1 tick movement in either direction can occur easily, so you may not want the stop that close. If you want to have the Move to Break Even trigger when the price is at +6 ticks from entry and have the Stop move to +5 ticks from entry (break even), then do the following with the "Move to Break Even" options for the Stop: - Select "Step 1". - Set the "Type" to "Offset in Ticks Triggered" - Set the "Trigger Offset" to 6. - Set the "BE Level Offset" to 5. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
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