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SL and TP calculation

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Rudi van Lent

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1 year ago #280967

I would appreciate some support with SL and TP settings. I enter long at market and want my SL under the lowest point of the last 3 days. My TP should be at 1.5 RR. What I came up with is this the first image. Which obviously doesn’t work as that can never result in a loss of 10% on one trade. Could somebody please guide me to my mistake?

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tomas262

Administrator, sq-ultimate, 2 replies.

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1 year ago #280975

For the stop-loss do not use pips values.

Simply switch to “price level”. You want it to be Lowest(3)[1] which is a price level not “distance”

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Rudi van Lent

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1 year ago #280999

Thank you, that nails my SL.

On the TP there still seems to be an issue for me. There I want a value in pips but I shouldn’t use ConvertPricetoPips()?

Thanks for your support, first time I try to implement a strategy 😉

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Julian

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6 months ago #283271

Hi,

Based on your intention to place the SL under the lowest point of the last 3 days, the most appropriate approach would be to calculate the price level that corresponds to a 10% loss on the trade and then set the SL below that level.

Here’s a step-by-step guide to achieve this:

1. Calculate the entry price of your long trade.
2. Determine 10% of your entry price (EntryPrice * 0.10).
3. Subtract the 10% loss amount from your entry price to find the price level that would represent a 10% loss (EntryPrice – 10%).
4. Set your Stop Loss below the calculated price level from step 3.

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