A simple newbie question about StopLoss & TrailingStop.

[Sat]

Hi,

As I understand for a Buy order the trailing stop would move up if the price goes in our favour. Can the trailing stop be higher than the Order Open Price ? What is the dynamics between OrderOpenPrice(), OrderTakeProft() and StopLoss values ?

regards

skt

[Brian Dee - Random Trader]

> Can the trailing stop be higher than the Order Open Price

If the price goes enough in your favour, the StopLoss can be moved to OpenPrice (i.e. 'break even') or beyond to lock in profit
If an EA is controlling the trade a 'trailing stop' is simply the EA doing an OrderModify to move the stop loss
To have a truly automatic trailing stop (i.e. run by the brokers server) you have to manually modify the order to set the TS (right-click in the orders list)

> What is the dynamics between OrderOpenPrice(), OrderTakeProft() and StopLoss values ?

Not sure what you ask, TP & SL cannot be too close to OOP, so if OOP was altered for a pending order, best to check or change TP & SL

FWIW

-BB-

[Sat]

BarrowBoy wrote >>

> Can the trailing stop be higher than the Order Open Price

If the price goes enough in your favour, the StopLoss can be moved to OpenPrice (i.e. 'break even') or beyond to lock in profit
If an EA is controlling the trade a 'trailing stop' is simply the EA doing an OrderModify to move the stop loss
To have a truly automatic trailing stop (i.e. run by the brokers server) you have to manually modify the order to set the TS (right-click in the orders list)

> What is the dynamics between OrderOpenPrice(), OrderTakeProft() and StopLoss values ?

Not sure what you ask, TP & SL cannot be too close to OOP, so if OOP was altered for a pending order, best to check or change TP & SL

FWIW

-BB-

I am trying to code trailing OrderStopLoss for a favorable trade. Here is the situation :

Say for GBPUSD I open a trade at price 1.6480 with a stop loss 80 PIPS below.

At this instant, OrderStopLoss() returns me say 0.0080 for the as the StopLoss value.

1 hour later, Now the price has already moved 100 PIPS in my favor to 1.6580. so I want to at least BreakEven or lock a profit of 10 PIPS. What should OrderModify parameters look like ? esp the OrderLoss values

OrderModify(OrderTicket(), OrderOpenPrice(), NewSLValue, 0, 0, Blue) -- The parameter NewSLValue should have what values for BreakEven ? What values for locking a Profit of 10 PIPS.