Set Stop/Limit and Trailing Stop Orders
Unlike Entry Stop and Entry Limit orders, conventional Stop and Limit orders are aimed at closing existing positions when a certain price is reached.
There are the following opportunities to set Stop/Limit/Trailing Stop to an order:
- Set predefined Stop and Limit. Click on the checkbox ‘Stop”, “Limit’ or “Trailing Stop”
in the Create Order or Create Entry Order.
- Use “Set Stop/Limit” button in Pending Orders window;
- Choose “Set Stop and Limit orders” in pop-up menu in Pending Orders or Open Positions windows;
- Left-click on the cells “Stop”, “Limit” or “Trailing Stop” of wanted position in Pending Orders or Open Position windows.
To set Stop or Limit you can fill one of the fields: Price, Distance or P/L. Enter in “Price” field the value of market rate on which the order must be closed, in “Distance” - the value in pips from current close rate or in “P/L =” field - the wanted value of Loss for Stop or Profit for Limit.
Enter the desired values and press “Ok”.
It will be shown in the Open Positions or Pending Orders window in the Stop or Limit column.
Note:You can also edit the Stop/Limit/Trailing Stop setting at the same way as you set them.
Trailing Stop works as follows: If the market price moves in the direction, coinciding with the direction of the position (UP for a Buy position/DOWN for a Sell position), then the Trailing Stop moves with the market price, following it at the preset distance. If the market price moves in the another direction (DOWN for a Buy position/UP for a Sell position), then the Trailing Stop remains fixed and, if the market price reaches the Trailing Stop price, the order will be executed.
To set the Trailing Stop check the “Trailing Stop” check box in the “Set Stop and Limit”, “Create Order” or “Create Entry Order” dialog box and enter the distance value in pips. Then press “Ok”.
The Trailing Stop Distance value will appear in the “Tr. Stop ” field of the position in Open Positions or Pending Orders window and a Trailing Stop order will appear. The Trailing Stop’s current price will appear in “Stop” field of order or position.