how do you use trailing take profit stop loss
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Hi, I find your rrailing stop loss trailing take profit block confusing. Do you have any examples of how to use the various option in a practical situation?
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What do you need exactly? Are you looking for a specific congiduration maybe? Tell us and we'll help.
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@veetee said in how do you use trailing take profit stop loss:
Hi, I find your rrailing stop loss trailing take profit block confusing. Do you have any examples of how to use the various option in a practical situation?
Hehe, you're right, I was lazy when I did that and maybe over complicated thing. However, here's what I meant ...
(1) Calculate the ATR value from the candle the trade was opened. Here is a little glich as it should be 1 before the trade was opened. However, that's cosmetic. You may also use the current ATR value instead. But for tutorial, you may also calculate the ATR from a previous candle.
(2) The ATR value (price fraction) gets multiplied by the with the ATR SL multiplicator. So I set the new SL (trailing) as far away as the initial SL was.
(3) Trailing Step .. here comes the part when I was too lazy. Usually I would calculate the ATR value from (1) in a modify variables block and store the valuze in a variable. This time I did it a different way. I use % of SL. So in the default case the SL ATR multiplicator is 1,5 and the TP1 ATR multiplicator is 1. Hence trailing step would be 1/1,5 in percent which is 66%. This 66% from 1,5 times SL ATR is exactly 1 ATR. So the trailing step is 1 ATR (or equal to TP1 distance from open price)
(4) Trailing start .. same as before, just half the %. In this case 33% of Stop, which is iun our example 0.5 times the inititial SL ATR distance.
Does that make sense?
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THANKS but this is too complicated I need something simple first
I want to set a trailing stop of 40pips and if this passes 40 pips the trade will close if itfalls back to 40 pips. if it goes past 80 pips the trade will close at 80 pips if the proce goes to 120 pips the trade closes at 120pips.
how do i set this ?
AND is it takingstop loss or trailing take profit.
ABD how does trailing take profit work in that case. -
Then you need a combo of blocks. Do you have any initial project to begin with?
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I have had a look at the FX DREAMER instructions and examples but I need a video or a proper tutorial on how to set the trailing stops and trailing stop blocks its a bit confusing to have both trailing stop and trailing take profits. i use the trailing stop on metatrader but fxdreamer's is a bit more detailed as it is a bit finer in changing the stop loss. I need some diagrams matched with the settings to see what its doing.
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Its help windows is very informative. Did you take a look at it?
