Entry and stop loss price strategy


Entry and stop loss price strategy

You will need to define the Stop Loss strategy, i.e., how the system will calcullate the level where to put the stop loss. There are two strategies that are common to either the Stop Loss and the Take Profit price.

They are:

  • 1 – ENTRY_EXIT_HIGH_LOW
  • 2 – ENTRY_EXIT_OPEN_CLOSE

The third strategy applies only to stop loss price and is:

  • 3 -EXIT_FIBO_LEVEL

When you use the EXIT_FIBO_LEVEL strategy for stop losses you will specify where to place the slop loss relative to the last candle, the candle that triggered the trade. For example, you may want to put your stop loss at the bottom or top 38% of the candle.

Examples:

Buy Trade

buy_trade

Sell Trade

sel_trade

Configuration

Parameter Name Parameter Type Description Default value/allowed values
entry_price_strategy int Calculate entry level 1 or 2, see above
stop_loss_price_strategy int Calculate stop loss level 1, 2 or 3 see above
stop_loss_fibo_level int If stop loss is calculated using 3, the this is the level where to place the stop loss. 0.382