Where to find description of various stop loss and take profit methods
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The 'buy now' node offers 7 different ways to implement a stop loss or take profit. Is there any documentation about these somewhere?
Thanks
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@tonyramirez I'm afraid there is no specific documentation for that. We can try yo help you for any question about any of them.
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@l-andorrà said in Where to find description of various stop loss and take profit methods:
@tonyramirez I'm afraid there is no specific documentation for that. We can try yo help you for any question about any of them.
I suppose then we should try to build it together and add it to the instructions section. Note, the following are only my assumptions.
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No stop-loss
// Meaning obvious -
Fixed pips - Sets a stop a predefined number of pips below the entry price.
// Meaning obvious when applied to Forex but does 1 point equate to 1 pip for other instruments? -
% of price - Sets a stop loss as a percentage of the current market price. This way risk is always constant regardless of market price
// Using an example. if current price is 50, and you want to set a stop at 10% loss, do you set the value to 0.9? or 0.1? -
% of take profit - Sets the stop to be a percentage of the take profit amount. This is useful if you want to set up a fixed risk/reward ratio that is independent of price or take profit amount.
// Presumably if you set no take profit or set take profit to '% of stop', then this will either generate an error or do nothing? -
Custom price level/pips/price fraction - ?
// Presumably this allows you to set up more sophisticated ways of calculating a stop using things like indicators and candles.
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@tonyramirez Cases 1 and 2 are very clear. Case 3 should be 0.9. Case 4, as you say, does nothing when set to 0. Case 5 is for a specific price level, like 1.0236. In general is is better to use proce fraction because pips are already defined by case 2.
