Table of contents:
Designed to set the Breakeven function for orders. The number of breakeven levels set for each order is not limited.
The breakeven function works as follows: when the current price reaches the specified "Distance", the function will move the stop loss to the order opening price + "Profit" (indent). "Distance" and "Profit" are set aside from the opening price of the order, towards the profit of the position. The function works out each breakeven level only 1 time. If, when the function is triggered, the current location of the stop loss is more profitable than the calculated one, then the stop loss will not be moved, since the function moves the stop loss only towards profit.
- Button to go to the Breakeven panel.
- Enable/disable the breakeven function.
- Enable/disable the breakeven level.
- Apply settings only for orders that will be opened on the current symbol. This checkbox is only available in the Multicurrency mode.
- Apply breakeven settings to orders opened on the current symbol.
- Load the Breakeven template.
- Save the Breakeven template.
- Create a new breakeven level.
- Delete the breakeven level.
- Distance - the distance from the order opening price to the level, when touched by the current price, the stop loss will be moved to the order opening price + Profit (the value entered in the Profit 12 field).
- Button to change the calculation method of Distance or Profit.
- Profit - the distance from the opening price of the order to the level to which the stop loss of the order will be moved.
- Window for setting a new breakeven level.
- Distance calculation method.
- Profit calculation method.
- Set a new breakeven level.
- Cancel the new breakeven level.
How to set breakeven function
Trade Panel saves and applies breakeven settings for each order separately, which allows you to:
- Set different breakeven settings for orders at the same time.
- Enable breakeven only for some orders.
- Edit the breakeven of an individual order without affecting the breakeven settings of other orders.
Set/editing a breakeven for a new order
Before opening an order, go to the Breakeven panel and set up the breakeven function. This breakeven function will be applied to every new order.
Set/editing a breakeven for existing orders opened on the current symbol
Go to the Breakeven panel, configure the breakeven function, and click the "Apply to open orders XXXXX" button. After pressing the button, this breakeven function will be applied to each order opened on the current symbol.
Set/editing a breakeven for an open order
Go to the Order Management panel on the Br tab and set up the breakeven function. This breakeven function will be applied to the current order.
Multicurrency mode
The trading panel can work with all symbols and orders from one chart, this is ensured by switching symbols using the "Chart Control" panel.
For convenient work in this mode, the panel provides the ability to save breakeven settings for each symbol separately.
When the Multicurrency mode is enabled, an additional checkbox "only for XXXXXX" will appear on the panel. Use this checkbox if you want to apply the current breakeven setting only to orders that will be opened on the current symbol.
Units of measurement of Distance and Profit (Indent)
The following types of measurement units are available:
- in points;
- in % of order take profit;
- in % of order stop loss;
- price.
Points
Distance or Profit is set in points. Point is the minimum possible price change on a symbol. The panel does not normalize the points in any way (does not multiply them by 10, etc.) and applies the points as is:
- If the quote is five digits (0.00000): 1 pip = 0.00001.
- If the quote is four digits (0.0000): 1 pip = 0.0001.
- If the quote is three digits (0.000): 1 pip = 0.001.
- If the quote is double digit (0.00): 1 pip = 0.01.
If you find it difficult to determine points, or it is not clear how to convert the distance to points, then do the following:
- Turn on the crosshairs on the chart by pressing the Ctrl+F key combination.
- Hold the left mouse button on the graph and move the crosshair up or down to the desired distance.
In the crosshairs you will see the pending distance in points:
% of the take profit of the order *
Distance or Profit is calculated as a % of the order's current Take Profit size. For example, if:
Take Profit = 500 points,
Distance = 70% of tp, respectively, Distance in points will be 350 points.
If an order has Virtual Take Profit enabled, then the Distance or Profit in % will be calculated from the Virtual Take Profit, regardless of whether the order has a real Take Profit or not.
% of the stop loss of the order *
Distance or Profit is calculated as a % of the order's current Stop Loss size. For example, if:
Stop Loss = 800 points,
Distance = 60% of tp, respectively, Distance in points will be 480 points. At the same time, we do not forget that the distance is postponed from the order opening price in the direction of take profit (profit), and not in the direction of stop loss.
If an order has Virtual Stop Loss enabled, then the Distance or Profit in % will be calculated from the Virtual Stop Loss, regardless of whether the order has a real Stop Loss or not.
Price
The distance or Profit is set by the price. With this method of calculation, the Distance (Profit) is not tied to the order opening price, so it is advisable to use this calculation method only when setting the breakeven of a specific order.
The "%TP order" and "%SL order" methods are calculated from the current stop loss and take profit, respectively, if you or any function changes the stop loss or take profit of an open order, the calculated levels will also change. To avoid this, you can enable the "Convert Price, %TP and %SL to Points" mode in the settings.
How this mode works:
To set the breakeven function for a new order (or open orders), you use the "%TP order" or "%SL order" method.
As soon as you click the open order (or apply) button, the panel will transfer the breakeven settings to the open order (or orders) with changes:
- Converts values expressed in % to points.
- Will change the method "%TP orders" and "%SL orders" for the order(s) to the method "Points".
The "Breakeven" function is performed by the panel. This feature will only work if your terminal and panel are turned on. If you turn off the terminal or panel, this function will also be disabled (will not work).
