combine SL to Break Even with Trailing SL

Hello,

 

I would like to define the following SL-rule with EA Wizard.

 

• Once my entry criteria is met, the EA opens an order (i.e. LONG) with a predefined fix SL (i.e. 20 pips). The EA should then move SL to the low of the previous candle. This rule should only apply to candles that have a higher low than the candle before the previous candle and higher than the predefined initial SL (20 pips). (SL should not be moved against me).

• Additionally, if price moves in my intended direction, and profit reaches a defined number of pips, the EA should move SL to Break Even except when the low of any of the previous candles has already passsed Break Even and is therefore in a better Position.

• Thirdly, as soon as the low of the previous candles(s) is higher than Break Even, the EA should move on with trailing the SL based on the low of the previous candle.

 

Any help would be highly appreciated!

 

Thanks a lot!

 

Regards,

Michael

 

Hello Michael,

 

this shouldn’t be that difficult. 

 

You can define order with fixed 20 pips SL, that’s not a problem.

 

You can then use additional rules to move the SL as much as you like, using action Move SL To.

 

For example:

 

IF

Open PL in pips > 10

THEN

Move SL To: Order Opening Price 

 

or

Move SL To: Low[1]

Many thanks, Mark. The intended Trade Management is working fine now.

 

Kind regards,

Michael