Stop loss Breakeven feature has a great impact on trading results. It increases the possibility of increasing the PnL and having a safer trading experience.
Stop Loss Breakeven can only be enabled if Multiple Take Profit is active with at least 2 Take profit targets.
Here is how it works:
If the TP1 (first Take profit target) is reached, Stop loss is moved to the Breakeven (entry price or average entry price);
If the TP2 is reached, Stop loss is moved to the TP1 level;
If the TP3 is reached, Stop loss is moved to the TP2 level;
If the TP4 is reached, the deal closes, or the Trailing Take profit activates (if enabled). The bot will not cancel the Stop loss until it is confirmed that the deal is closed.
If you enable 4 Take profit targets in the bot's settings, you can choose how far you want the Stop loss to be moved:
Move to BE (Breakeven) - the Stop loss will be moved just until the entry price (or average price);
Move to BE and follow until TP1 - the Stop loss will be moved to the 1st TP target;
Move to BE and follow until TP2 - the Stop loss will be moved to the 2nd TP target;
Here is how to set up the Stop Loss breakeven. The process is similar to that of the old creation form and the new creation form. Let's take an old DCA bot creation form as an example.
1. Set at least 2 Take profit targets
Set 2, 3, or 4 Take profit targets.
2. Enable Stop loss
3. Enable Stop loss Breakeven
4. Choose how far the Stop loss will be moved after Take profit targets are reached
The more Take profit targets are enabled, the higher the Stop loss can be moved later:
Rules and notes regarding Stop loss Breakeven
If you make any adjustments to the active bot, all new settings will be applied only to the new deals after you save the settings.
If you edit the active bot and enable Stop loss Breakeven, this feature will be applied only to the new deals after you save the settings.
If you edit the active bot and disable the SL Breakeven, this feature will not be applied only to the new deals after you save the settings.
If you edit the bot and adjust the TP targets (add or reduce them), the SL Breakeven will automatically change to the maximum available. For example, if you reduce from 4 TP targets to 2, the SL Breakeven will be switched from "Move to BE and follow until TP2" to "Move to BE (Breakeven)".
SL Breakeven can be enabled with the Trailing feature. The Stop loss will be trailing until the TP1 target is reached and executed. After that, the Stop loss is moved to Breakeven, and the trailing feature is disabled.
If the bot has Safety orders and if the SL Breakeven is enabled, unexecuted Safety orders will be canceled right after reaching the TP1.
You will not be able to manually add Safety orders (Add Funds feature) if the SL Breakeven and Trailing SL are enabled.
If you convert the DCA deal into the SmartTrade and none of the Take profit targets were executed, the Take profit targets will be placed into the SmartTrade and the Stop loss will be able to move only to Breakeven.