adaptive Profit Target
We all know the Trail Stop. but what about a Profit Target reducing Trail. in other words a trail that trails the price while its heading towards the stop loss target. one we can set to start if the price goes an X number of pips against us. and thus reducing the profit target so that we can still exit with a profit, be it smaller than first expected.
I hope this makes sense.
yes, it is an interesting idea.
It is possible to achieve this also now by creating rule(s) that would check for current open P/L and modify order Stop Loss or Profit Target.
EA Wizard has all the functions needed for this.
even though I like the fact that it can be done with the current functionality of EA wizard. I myself don’t know how to go about this and would be spending much time playing around until I find the correct solution. 🙁
I attached a simple example here – the strategy starts with SL/PT set at 100 pips.
If open PL() is lower than -50 pips it will move PL to only 50 pips from open price.
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