Auto Move SL to BreakEven
This time I would like to present the "Auto Move SL to BreakEven" tool. It moves the Stop Loss price to breakeven (no losses) whenever the price has reached a given number of pips away from the entry price in a winning trade.
This tool has two input parameters only:
- PipsToBE—the number of pips that the current price has to be away from the Entry price so it triggers the move of the Stop Loss price to no losses or breakeven
- SafetyPips—the number of pips away from the Entry price to where the Stop Loss has to be moved. This is to cover commissions. It has 2 pips as default so it covers commissions from my current broker.
This is very useful when you leave a trade open and you want to protect your balance by automatically moving the Stop Loss to no losses whenever the price reaches any number of pips and you don´t have access to your computer at that time. The platform has to be open so the tool can work and protect your money.
NOTE: Stop Loss MUST BE different from Zero so the tool can work properly. In other words, if you don't have the Stop Loss set in a trade, then the tool doesn't have anything to move because it assumes you don't want to use Stop Loss.