Shrinking stops
-
Help needed with shrinking stop losses. I want my stop loss to be reduced by the amount of drawdown in pips until my take profit is hit. For example, for sell trades, if I set the stop loss to 50 pips, and the next bull candle closes with a body size of 5 pips, I would want my stop loss to shrink to 45 pips. How do I do this? https://fxdreema.com/shared/RLN1vF15b
-
@mflo05 Every time there is a bull candle record the size into a variable, use pink blocks and a formula block to get the current sl in pips subtract the candle size and modify stops to the variable size.
-
@jstap No luck so far. Is this what you suggested? https://fxdreema.com/shared/e6XQMdoD
-
@mflo05 More like this: https://fxdreema.com/shared/9jseZLwld
-
@jstap I finally got it to work thanks to your help. I was initially getting stop loss adjustments, but not in price fractions - only in pip amounts as is. So my stops would start at price 1.60010, then jump to price 48.90000....48.80000, etc. In the modify stop block, I had to change the new stop loss mode to "custom (price fraction)" > "value" > "pips" (as price fraction).
