Using the ATR and the current price, the stop distance is calculated
Using the stop distance and the $ Risk value, the entry quantity is calculated
For each target we need to calculate the quantity and the offset.
The quantities are distributed using an even distribution (see below)
The offset is a multiplier of the ATR
With these values, the bot now submits a market order with a stop and the targets
User can now manage the trade manually
Distributing Quantities to Targets
The bot will spread the contracts across the targets evenly.
Taking the example of 7 with 3 targets enabled. The contracts would be distributed like this:
2 would allocated to each target for a total of 6. We then have a remainder of 1. The remainder is allocated starting from Target1 working our way up.
Another example is 8. Again, 2 would be allocated to each target for a total of 6 and remainder of 2. The remainder would be allocated to targets 1 and 2 giving a final distribution of 3,3,2
Automated Entry vs. Manual (Enter Now)
There are two ways in which trades can be entered:
Automated - User sets an "Entry Signal Reference". When the signal fires, orders will be placed. The bot must be enabled
Manual - At any time, users can press the Long or Short buttons. This will cause a market entry order with the stop/targets calculated using the current ATR
The Enable button - this button is used to switch automated entries on/off. when green and reads "Enabled", automated entries are turned on. When gray and reads "Disabled", automated entries are disabled and signals will be ignored
Long Entry Signal Reference, Short Entry Signal Reference - set a reference to a signal. only used with automated trading mode
ATR Reference - reference to a the ATR study subgraph. Used to calculate stop and target locations as multiples of the ATR
Trading Window Start Time, Trading Window End Time - set trading times. In automated mode, the bot will only enter trades during these times
Trade $ Risk - the max amount of risk to take per trade
Target 1 Enabled, Target 1 Multiplier
Target 2 Enabled, Target 2 Multiplier
Target 3 Enabled, Target 3 Multiplier
Widget Initial Location on the Chart - when a chart is loaded, sets the initial location of the trade panel
Trailing Stop Enabled
Trailing Stop Trigger
Trailing Stop Trigger ATR Multiplier
Trailing Stop Offset (in Ticks)
Move to Breakeven Enabled
Move to Breakeven Trigger
Move to Breakeven ATR Multiplier
Move to Breakeven Offset
The bot supports a stop with optional move to breakeven and trail.
The initial stop price is based on the stop multiplier.
If a trailing stop is enabled, it will start to trail once the trigger happens.
If a move to breakeven is enabled, the stop will move when the trigger happens.
The stop only moves in the direction of the trade.