TPSL Placer is a tools for placing stop loss (SL) and take profit (TP) on predetermined levels. Despite the large number of free and paid versions of this assistant function, I have added some interesting features that simplify setting and managing orders. TPSL Placer allows trailing SL and informs you of important events.
TP and SL settings
- Auto set TP/SL levels after opening - options: true - adds the SL and TP levels after order opening; for Market orders - only sets SL and TP for market orders; for Pending orders - only sets SL and TP for pending orders; false - disables setting of SL and TP.
- TP level (if set by factor - false) - sets a TP value (in points). For 5-digit quotes the value is automatically multiplied by 10. (For example, if you set TP to 15 points, they are interpreted as 15 "old" points. TP for 5-digit quotes will be equal to 150 points. For your convenience, a decimal variable). (if set by factor - false) - this level is set of the parameter Set the level of TP by a factor of SL is off. It is possible to set TP based on the set (manually or preset) SL. This allows for a flexibility, since with a small SL, a small TP is usually set - e.g. in high-frequency trading.
- SL level - sets SL value (in points).
- Set the level of TP by a factor of SL - allows selecting TP placing option either by a level of TP level (if set by factor - false) or as SL multiplied by a factor. It is useful if you set the SL levels manually when opening orders.
- TP Factor - a ratio for placing TP depending on the SL level (default is 2.5).
Trailing Stop settings
- Profit Trailing - enable/disable trailing stop.
- Trailing Stop (if set by factor - false) - a value in points reaching which trailing is activated.
- Trailing Step - SL change step in trailing.
- Set Trailing Stop by a factor of TP - enables/disables trailing stop based on TP. This can be useful is you trade on different timeframes. On larger periods price changes can be significant, and this wouldn't let you take the maximum of profit with short trailing.
- Trailing Stop Factor - trailing placing ratio depending on the TP level (default is 0.3).
- Minimal Trailing Stop - minimum trailing value (if trailing stop is not fixed but is calculated using the ratio).
- Select orders by Magic - allows filtering orders by their Magic. For filtering you should specify Magic (-1 - no filter).
It is convenient to use an alert while working with other pairs or trends. With TPSL Placer you do not need to configure alerts. The tool will notify you of order changes by a sound alert. It also can display a pop-up message, send you a push and email (is you use VPS).
- Notify -> Pending order activated - notification that a pending order has triggerd;
- Notify -> Trailing starts - notification at trailing activation and during the trailing process;
- Notify -> Order closed due TP or SL - notification upon reaching TP or SL;
- Notify -> TP and SL level set - notification when SL and/or TP is placed;
- Play sound -> Pending order activated - alert when a pending order triggers;
- Play sound -> Trailing starts - alert at trailing activation and during the trailing process;
- Play sound -> Order closed due TP or SL - alert when price reaches SL or TP;
- Play sound -> TP and SL level set - alert when SL and/or TP is placed;
- Sound file -> Pending order activated - choose a file;
- Sound file -> Trailing starts - choose a file;
- Sound file -> Order closed due TP - choose a file;
- Sound file -> Order closed due SL - choose a file;
- Sound file -> TP and SL level set - choose a file.
Good luck in trading!