How to Set Previous Candle's Low as the new stop loss?
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I tried breakeven point but it only allows for fixed pips or % of SL/TP
Would Trailing Stop do the trick like this?
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@yoloyacht That will not work. You are requiring a trailing step of 3 pips with a fixed value for the trailing stop (a candle low). What do you need exactly?
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@l-andorrà I’m trading on a Renko chart.
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@yoloyacht Then that will not work either because the low level you selected is for candle bars, not renko bars. You will need to use a custom indicator fro wich taking those values.
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@l-andorrà on MT4 though I have a live Renko chart and on the data window it displays the correct price.
Ok but let’s pretend it’s not a Renko. I just want the previous candle’s low as a stop loss. What should I do?
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@yoloyacht If I understand it correctly, you want to use the low price of the prevuious bar as SL. But what if that level moves up and down depending on the bar? Would you accept that?
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@l-andorrà Yes
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@yoloyacht Then try this:
