Scale In, Scale Out Stop loss functionality (Advanced) + Drag pending orders on the chart
Scale In, Scale Out Stop loss functionality (Advanced) + Drag pending orders on the chart
05 Dec 2020, 23:37
Dear cTrader,
I am a click FX trader. I would like to know if cTrader supports a functionality I need for my trading style. For you to better understand what I am looking for, it is better to give you a brief description of my trading style. The way I enter positions is by sending multiple orders, each very small: for example, if I wanted to get long 100k EURUSD, I will send 100 orders 1k each manually.
Well what I am looking for is a functionality that sends an auto stop loss order with the size that always reflects the total exposure I have in the instrument (as the total exposure changes, the stop loss size changes automatically); the price of the stop loss will be set based on the entry price of the very first order which determines the position: for example I send a Limit order to buy 1k EURUSD at "Ask - 1", 1.21375 and I get filled; the very same moment a stop loss order is sent at a level = Execution price - #pipettes(let's say 70 pipettes which is 7 pips on EURUSD so a stop loss for 1k appears at 1.21305). Now I send another Buy order of 10k which gets filled at 1.21353: the total exposure increases to 11k and the stop loss size auto-adjusts to 11k and no additional stop loss level is sent (this means that the price of the stop loss is still 1.21305 as what changes is it only the size). Then I decide to sell 5k at 1.21395: total exposure changes to 6k and the stop loss auto-adjusts to 6k(stop loss level still 1.21305).
Another functionality I am looking for is the ability to drag pending orders (Stop loss orders and Profit Target orders) directly on the chart.
I hope I was clear enough.
Thanks a lot for the support.
Replies
giulio_boschi
07 Dec 2020, 10:27
RE:
PanagiotisCharalampous said:
Hi giulio_boschim
The features you described are supported by cTrader. You can modify the position's volume as well as drag orders on the chart.
Best Regards,
Panagiotis
Dear Panagiotis, thanks for the support. So basically I can modify and drag pending orders directly on the chart. Good.
However, I want to know if the auto stop loss functionality which adjusts automatically (its not me manually changing the size of the stop loss as the position size i have in the instrument also changes with scaling in and scaling out orders, it is done automatically by the system) is already included into cTrader.
Thank you for the support,
Kind regards.
@giulio_boschi
PanagiotisCharalampous
07 Dec 2020, 11:02
Hi giulio_boschim
However, I want to know if the auto stop loss functionality which adjusts automatically (its not me manually changing the size of the stop loss as the position size i have in the instrument also changes with scaling in and scaling out orders, it is done automatically by the system) is already included into cTrader.
To be honest, I did not understand any auto adjustment functionality described in your requirements. What you described is that you don't want the SL to change each time a position is modified, which is what happens in cTrader.
Best Regards,
Panagiotis
@PanagiotisCharalampous
giulio_boschi
07 Dec 2020, 11:10
RE:
PanagiotisCharalampous said:
Hi giulio_boschim
However, I want to know if the auto stop loss functionality which adjusts automatically (its not me manually changing the size of the stop loss as the position size i have in the instrument also changes with scaling in and scaling out orders, it is done automatically by the system) is already included into cTrader.
To be honest, I did not understand any auto adjustment functionality described in your requirements. What you described is that you don't want the SL to change each time a position is modified, which is what happens in cTrader.
Best Regards,
Panagiotis
I hoped I had been clear enough.
Basically the functionality I need is a stop loss that opens whenever my exposure changes from "flat" to either"Long" or "Short". Because I scale into trades and scale out of trades my total position size changes and I want that the stop loss price remains the same as the original price based on the first order that established the position(when my exposure changed from "flat" to either"long" or "short") but that the size of the stop loss auto-adjust to the total exposure (which is a result of multiple orders executed by Scaling in and Scaling out).
In my previous messages there is an example with actual numbers.
I hope I have been able to clear doubts.
Thanks a lot for the support.
@giulio_boschi
PanagiotisCharalampous
07 Dec 2020, 14:53
Hi giulio_boschim
My reply remains the same. SL levels in cTrader does not change.
Best Regards,
Panagiotis
@PanagiotisCharalampous
giulio_boschi
07 Dec 2020, 15:10
RE:
PanagiotisCharalampous said:
Hi giulio_boschim
My reply remains the same. SL levels in cTrader does not change.
Best Regards,
Panagiotis
So that means that as the total exposure changes by Scaling in and Scaling out of trades, the price level of the stop loss remains the same (which is actually what I want), but what about the size of the stop loss? Can I choose that it auto-changes to match the current exposure (which evolves as I execute more orders)?
Thanks
@giulio_boschi
PanagiotisCharalampous
07 Dec 2020, 16:36
Hi giulio_boschim
Can I choose that it auto-changes to match the current exposure (which evolves as I execute more orders)?
No there is no such built-in option. But you can always develop a custom cBot adjusted to your needs.
Best Regards,
Panagiotis
@PanagiotisCharalampous
PanagiotisCharalampous
07 Dec 2020, 09:09
Hi giulio_boschim
The features you described are supported by cTrader. You can modify the position's volume as well as drag orders on the chart.
Best Regards,
Panagiotis
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