Handle Canceled Indicator

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Written By Ehsaan XP

Last updated 7 months ago

What is the Handle Canceled Indicator Feature?

This feature allows users to specify how their Strategy should respond when a indicator provider cancels an indicator. It provides two main options for managing canceled indicators:

Options Available

  • Close Order Instantly: Closes the trade immediately at the current market price, regardless of profit or loss.

  • Conditional Closure Based on Profit Pips: Closes trades below a specified profit threshold or moves the stop loss to breakeven for profitable trades.

How to Set Up

To configure this feature:

  1. Navigate to the 'Trigger Condition' step in the Strategy setup.

  2. Select one of the two options for 'Handling Canceled Indicator'.

  3. If choosing "Conditional Closure", set a profit threshold.

Examples

Example 1: Close Order Instantly

Scenario: You have an open trade based on an indicator that gets canceled by the provider.

Action: The Strategy closes the trade immediately at the current market price, regardless of profit or loss.

Example 2: Conditional Closure Based on Profit Pips

Scenario 1 ( trade profit < threshold): Your trade is currently at -12 pips, and you've set the profit threshold to +10 pips.

Action: The Strategy closes the trade since it's below the profit threshold.

Scenario 2 ( trade profit => threshold): Your trade is currently at +15 pips, and you've set the profit threshold to +10 pips.

Action: The Strategy moves the stop loss to breakeven(open price +/- threshold depends on the order direction), protecting your profit.

Benefits

  • Provides automated risk management for canceled indicators

  • Offers flexibility in handling different market scenarios

  • Helps safeguard positions and potentially lock in profits

Remember to regularly review and adjust your settings based on market conditions and your trading strategy.