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How to set Risk Reward multiple in AlgoWizard?

3 replies

aeroknight

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2 weeks ago #279946

Hi,

In AlgoWizard how can I set the take-profit to 1.5x or 150% of stop-loss?

There seems to be simple way to do this in Builder (SQX) but cant seem to find this in AlgoWizard.

Any guidance appreciated. Thanks in advance.

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tomas262

Administrator, sq-ultimate, 1 replies.

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5 days ago #280094

Hi,

apologize for the delay. I will setup an example for you and send

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tomas262

Administrator, sq-ultimate, 1 replies.

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2 days ago #280119

You can find the example attached. Let me know if any questions regarding this

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aeroknight

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1 day ago #280134

Thanks Tomas. I do appreciate you sharing a clear example of how this can be implemented.

 

In your example you used SL as fixed pips which is the simplest possible variation. Using formulas to calculate the TP (and possibly SL) creates more complexity e.g. SL is the lowest close in last 5 bars which is a price level and then TP is 150% of SL – yes, it can be done as two ‘values from formulas’ but it would be necessary to convert the price level (lowest close in 5 bars) to pips from position open price first and then apply the RR multiple in a formula and also round it.

 

If there was a native way to use RR multiple in AlgoWizard (as opposed to a value from formula) that would be cleaner and quicker. Maybe a suggestion for future development.

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