Stop loss using 2 indicators
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Hello,
Hope everyone is doing well.I wanted to know how can I set a stop loss using Supertrend and Standard deviation indicator. Like setting a SL 1 times SD above Supertrend line, when i am short and setting a SL 1 SD below Supertrend line when I place a long trade.
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@irfanthetrader Are you using the supertrend indicator as a SL only? That indicator repaints so it is NOT recommended ever.
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I am using a verison of Supertrend that does not repaint. Let's assume that the indicator is a moving average like Kijun Sen. How do I put stop loss above it with 1 SD distance using FxDreema?
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@irfanthetrader Just to confirm. You need the SL to be following the moving average PLUS/LESS the amount of pips determined by the SD indicator at any moment. Correct?
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Yes, 1 times SD above moving average when going short. Thanks in advance for helping me out
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@irfanthetrader Ok. Here you have the basic structure for a buy:
https://fxdreema.com/shared/RrYeYGYvd
You will need to replicate it for a sell. Please notice that you will need to crteate a variable to store the value of the SD indicator and then use that value in the 'Adjust' box of the 'Modify stops' block.
