Hi folks, new guy here and thanking all you helpful people ahead of time while I Iearn!
I am trying to build a project that (I think) is called a grid based strategy. The basic idea is as follows:
- Open buy order
- Every 5 pips that market price goes down, create another buy order to compensate with original position's TP+3.
- When a level is closed by hitting TP, recreate that pending order with same Price & TP in case price reverses downwards again
On paper and in practice it is very simple to trade but setting up the logic for it is a bit challenging for me.
My questions are:
A) I saw the grid blocks but the increments are in %; is there a way for the TP increase by grid level to be a fixed number of pips instead of %?
B) I saw the "custom TP level: TP = Level-Ask"... could this be the answer to my first question or is it something else entirely? I wasn't sure how it worked or what it meant.
C) Is there a way to make it so that when a level/position closes, a single pending order with the same TP & Bid Price values it originally had is created without triggering the entire grid block?
I am sure this is also possible without the grid blocks but I am just trying to wrap my head around what the best way of doing this is and working with the logic of different blocks.
Thank you in advance to all you helpful folks :).