How to set a take profit in an Exit Rule based on pips of risk

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TradingHeroes
Posts: 42
Joined: Wed May 04, 2022 9:45 pm

How to set a take profit in an Exit Rule based on pips of risk

Post by TradingHeroes »

Hi,

I'm trying to create an exit rule that detects the stop loss of an existing trade and creates a take profit of 1R.

So the trade would be entered manually, but I would use the exit rule to set the take profit.

The only thing that sort of works is [order growth > 1], but it evaluates the profit on the close of every candle. So if my stop loss is 100 pips, it won't set the take profit at 100 pips. The trade will exit on the close of the candle when [order growth > 1]. When I set [order growth = 1], then the take profit doesn't get executed at all.

I also tried subtracting the open from the stop loss to get number of pips of risk. Then I created an exit rule where pips profit > pips of risk. But that didn't work either.

How can I do this?

Thanks!
Admin
Site Admin
Posts: 127
Joined: Mon Feb 21, 2022 3:03 pm

Re: How to set a take profit in an Exit Rule based on pips of risk

Post by Admin »

Hi,

In order to be answer to your question properly, we want to be sure we understood properly.
You want to create an exit rule where the TakeProfit changes, depending on the Stoploss value ?
Or your main goal is to set a take profit to 1R (or multiple R), no matter the SL value ?

For information, we will add an additional rule to set automatically a TakeProfit to a mutiple of current R/R.
It's possible to do it right now by using the Stoploss value, but it is definitely not handy and too complex. So, a simple unique "%R" TakeProfit Value Rule will be better.
Thanks
TradingHeroes
Posts: 42
Joined: Wed May 04, 2022 9:45 pm

Re: How to set a take profit in an Exit Rule based on pips of risk

Post by TradingHeroes »

Thanks for the quick reply.

So the steps would be:

1. Enter a trade manually, with a stop loss of 100 pips, for example.
2. Drag the exit rule onto the open trade. Let's say that the rule was set to exit at 1R. The exit rule would detect the number of pips of risk of that trade, then allow me to create a TP based on an R multiple.
3. Let's say that the risk on the next trade was 80 pips, the exit rule would detect that and set a 80 pip or 1R TP on that trade.

What you're proposing with the new indicator sounds like it would work. Thanks!
RatkoA
Posts: 5
Joined: Sat Oct 01, 2022 7:28 pm

Re: How to set a take profit in an Exit Rule based on pips of risk

Post by RatkoA »

Hi

Is this has been implemented.

Thanks
TradingHeroes
Posts: 42
Joined: Wed May 04, 2022 9:45 pm

Re: How to set a take profit in an Exit Rule based on pips of risk

Post by TradingHeroes »

Fantastic, thanks!
TradingHeroes
Posts: 42
Joined: Wed May 04, 2022 9:45 pm

Re: How to set a take profit in an Exit Rule based on pips of risk

Post by TradingHeroes »

Hi, where is this new rule implemented? I didn't see it when I looked around.

I'm on the latest version.

Thanks.
Admin
Site Admin
Posts: 127
Joined: Mon Feb 21, 2022 3:03 pm

Re: How to set a take profit in an Exit Rule based on pips of risk

Post by Admin »

This rule has been added in the latest version.
Let us know if it's okay for you
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