How to set a take profit in an Exit Rule based on pips of risk
Posted: Mon Nov 28, 2022 9:11 am
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!
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!