Auto Move to BE and Partial Profits
This time I would like to present the "Auto Move SL to BreakEven and Partial Profits" 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 and also you are able to drag an horizontal line wherever you want to take a partial profit at certain % of the trade previously configured.
- UseAutoBE - Enables/Disables the Auto move to break even functionality.
- 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.
- UsePartialProfit - Enables/Disables the partial profits taking functionality.
- TP_Percentage - the % that you want to take from the currently open position(s), (50% is set as default).
- TP_Color, LineStyle and LineWidth - Color, style and width of the horizontal line that you will use for taking partial profits.
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, also you can be relaxed by taking partial profits and make sure you have some money in your pocket regardless of what the market can do later. 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.
TAKE PARTIAL PROFITS functionality
Once you are in a trade and want to take partial profits, you just need to click wherever you want to take your partial profits and then hit the "P" key on your keyboard and an horizontal ray will show up. After this, just drag the line wherever you want to take the partial profit and leave it. When the price reaches that line, then the partial profit will be taken.
I hope this helps with your trading. Thanks to all!
NOTE: If you have multiple orders open on the same chart and the price reaches the TP line, then ALL ORDERS WILL BE AFFECTED and the partial profits will be taken from all of them.