SL to Breakeven when 70% of TP is reached
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Hello, how to move the Stop loss to Breakeven when a "candle closes" above the 70% of total distance of Take profit?
I mean, I open a Buy with 100 pips of Take profit, and price goes up and a candle closes 71 pips above the open price order.
Then Stop loss should move to Breakeven instantly.
I need the condition for candle close, not current market price. The candle must close above 70% of total Take profit distance.
Many thanks for your help.
Alex -
Do you mean that candle 1's close must be above that 70%, no matter where's the price right now?
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@l-andorrà Here you have an example. Many thanks for your help in advance!
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Try this for buys and duplicate it for sells.
https://fxdreema.com/shared/jOe8dFaQ
Yo will need a Constant to define yor TP (in pips) and then a Variable to calculate the 70% level.
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@l-andorrà many thanks for your help, but my TP will be different every time because it depends on price action.
I mean, my TP is not Constant, will be variable every time I open a trade.
Please help me to know how to do it that way.
One time TP will be 15 pips, another time will be 23 pips, another 41 pips,...
Many thanks for your time -
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Then you need to know what conditions will be applied for a Variable (not a constant) that will be inserted on the 'buy now' block. I recommend you to add all blocks involved into that calculation BEFORE (i.e. with a lower number ID) the structure I shared in my example.
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@l-andorrà But I put my Take Profit manually every time.
So, when I open a trade, I put the TP always manually, depends on market conditions or price action.
I want that the expert could "read" where is the TP at the moment and then calculate the 70% of the distance to move the SL to Breakeven in case a candle closes beyond that 70% -
And that's exactly this constant let you do:
You're welcome
