Orders Take-profit and Stop-loss. Mode “Trailing Stop distance”.
It is possible to add and modify Take-profit and Stop-loss orders for opened position or pending order. Take-profit and Stop-loss orders have the same volume as opened position or pending order, are exclusively linked to them and exist only while they exist.
Take-profit order is set higher than a price of deal BUY and lower than a price of deal SELL. Take-profit order is pending limit order. Stop-loss order is set lower than a price of deal BUY and higher than a price of deal SELL. Stop-loss order is pending stop order
Setting or modification of Take-profit and Stop-loss orders for pending order is executed in the dialog box of modification of pending order. It can be accessed by the "Edit" command in context menu of "Orders" window.
Setting or modification of Take-profit and Stop-loss orders for opened positions is executed in the dialog box “Position orders". It can be accessed by "Position orders" command in context menu of "Open position" window.
Dialog box allows to:
- set orders (one or both);
- change the prices of set orders;
- cancel set orders (one or both);
- set or cancel a mode “Trailing Stop distance” (T/S).
The following fields of dialog box are invariable:
- name of currency pair;
- Deal # – server identification number of deal for opened position;
- Volume 1 – volume of first currency;
- Volume 2 – volume of second currency;
- Open rate – price of position opening;
- Current rate – current price of currency pair;
- Open time – time of position opening.
In fields for the data entry, user should check mark "Stop-loss" field to enter (or change) price of this order. A similar path should be taken for "Take-profit" orders. User should check mark "Trailing Stop distance" field to enter (or change) distance.
Following the data entry, press the “Ok” button and wait for acknowledgement from the server. The dialog window will be closed after acknowledgement from the server is received. User can abort setting of order by pressing "Cancel" button.
These orders can not be set too close to the price of market order (BID and ASK, accordingly). The minimum allowable setting range is determined by the server and is usually equal to the spread.
In the "Orders" window for each of the orders a corresponding note will appear (in "Type" column note "Stop loss" or "Take profit").
When price of currency pair reaches the level entered in the Take-profit or Stop-loss order, then the appropriate order will be executed and the position that was opened over the market order before, will be closed.
The mode "Trailing-Stop" (T/S) provides a fixed distance of order Stop-loss from the market quotation of currency pair.
If the mode T/S is already set and activated, and when quotation moves toward profit, Stop-loss Order also shifts, keeping the constant distance from the market price. When quotation moves toward loss, Stop-loss Order doesn't change.
When this mode is set, it is not active yet. T/S becomes active only when profit becomes equal or more than specified distance of T/S. In this case, Stop-loss Order is automatically created and shifts in accordance with the rules of T/S.
The mode T/S can be set in conjunction with usual Stop-loss order of position. In this case, when T/S becomes active, Stop-loss order of position automatically shifts at specified distance from market quotation.
The mode T/S can be set in several ways, through the parameter "Trailing Stop distance":
- in the dialogue of Make deal;
- in the dialogue of set or edit pending order.
The mode T/S (state and distance) is displayed in a special column "T/S distance" of tables:
- Open position;
- Orders;
- Orders history.
It should be noted that all steps of Stop-loss order moving in the mode T/S do not appear in the Orders history, except the first setting during activation.
The mode T/S is realized on the server, i.e. operations associated with it will be executed even when the client's trade terminal is inactive.
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