Specification
my style of trade is to manually scale position size up & down from 1 to 100+ micros as the market moves, so the indicator I need has nothing to do with scaling in & out of the position, but I need an indicator that dynamically trails the position P&L, And has a trailing daily max loss that will reject new order entry if triggered.
Example is setting a $350 Position auto stop-loss so as I scale in & out of contracts and the P&L of the position reaches a high of $500 but drops back to $150 then the indicator markets me out of the position to Flat.
The second function is a trailing total daily loss limit for the acct. Example is setting a $1000 trailing total daily loss limit so if acct reaches a daily high of $1500 but losses take it back to $500 then indicator markets me out of position to Flat And rejects new order entry for the rest of the trading session. The purpose is to prevent giving too much of gains back and prevent blowing up prop accts with a trailing drawdown.
Does this make sense?
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to 1 day(s)