Setting Profit Target 2 times of Stop loss

hi,

 

I would like to configure such that my Profit Target (PT) is twice of my Stop loss, while my Stop loss(SL) is the lowest low in the last 5 periods.

 

My configuration is as such,

 

SL = Lowest(Period_H1,5)[1]

PT = 2 * SL

 

The SL works fine, but the PT seems to take the actual 2 times of the price level of SL(instead of the pips count), such that if SL is at 1.222, PT will become 2.444 instead of may be 20 or 30 pips above my order opening.

 

Hope someone is able to help on this. 

 

Thanks in advanced.

Hi,

 

this is a problem. Your SL variable contains price value, not a number of pips. So if you’ll double it, you’ll get double the price.

 

To compute it correctly you should compute PL as:

 

PL = Ask + 2 * (Ask – SL)

 

the meaning of this formula:

Ask – SL will compute the SL in pips.

PL will be then Ask price plus 2 * SL in pips.

Thank you.. 🙂