Adding 'Move SL to below BE': giving room to breathe to trade while protecting capital
It would be cool just to move SL to a value below breakeven, for example to -0.5 ATR from BE.
Sometimes you want to protect the trade but sometimes it doesn't give room especially on big runs.
Simple but effective way to increase profitability long term.
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Votes +4
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Project StrategyQuant X
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Type Feature
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Status New
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Priority Normal
History
CG
CG
Chris G
24.04.2021 05:32
AA
MS
k
CG
Votes: +4
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But the downside is sometimes you will miss a big move, especially if price has retracements before going into the trend as you can see in the attached picture.
One feature to prevent this is adding 'Move SL to below BE'.
Let's say after price has moved in your favor 0.7 ATR, move SL to -0.5 ATR (Breakeven price minus 0.5 ATR)
That could be additional to the actual Move to SL, so we could have both.
As an example:
If price moves in your favor 0.7 ATR, move SL to -0.5 ATR
Then if price move in your favor 1.2 ATR, move SL to BE.