Our version of the Advanced cTrader Forex protection tool will protect all of your positions created manually, by automated trading systems or when a pending order becomes a position. The protection this tool offers is listed below and can be applied to a single symbol or all symbols, you can also apply the protection to an automated trading system by its label name.
- Single protection.
- Attach the protection to an existing automated trading system.
- Attach protection to any manual trade by the comment.
- 5 Take Profit targets with % volume close.
- A break-even stop-loss.
- A trailing stop-loss.
- A stealth stop-loss to hide from the broker.
- Show or hide take profit target lines.
Logging: is this is set to YES then in the cBot log it will log all events that happen using this tool to manage your positions.
Orders on the Same Chart as the cBot
If you attach the cBot to the same chart that you will be opening manual orders then you do not need to do set the label or comment names, you simply start the cBot and submit orders.
Automated Trading System
An ATS is short for an automated trading system and this tool allows protection to your existing systems by using the unique label name. To use this feature you need to open positions with a unique label in your ATS, all of our products already do this, to attach protection to an ATS, you need to turn this feature on as well as enter the label name for the positions that need to be protected. This feature can be applied to all ClickAlgo automated trading systems.
Manual Orders & Pending Orders
An MT is short for Manual Trade, you will be able to set a unique comment name in the risk tool and when you submit a new order manually as long as you enter the same name in the comments field it will be managed by this tool so that only specific trades will be managed.
This will also work with pending orders as long as you follow the instructions to use the comment field.
How Do The Take Profit Targets Work?
There are 5 take profit targets which allow a position to close a percentage of its volume when pre-set pip targets are reached, you can use just a single target or up to a maximum of 5, to turn a target off you just set the Target (pips) to zero and to completely close a position just set the Close % to 100.
Example Setup
An example setup would be where a position closes 50% of its volume when a position reaches 10 pips in profit and then closes 100% of the volume when the position reaches 20 pips in profit, as all the volume is closed the position will close.
Take Profit Target #1
Take Profit Target #2
Take Profit Targets #3-5
Visible Take Profit Target Lines
It is also possible to hide or show the take profit target lines and change the colour of the line, this works better with a single trade, if you had 10 trades with 10 take profit lines, you would have 100 lines on the chart, so use this feature only for a few trades at a time.
How The Break-Even Stop Loss Works?
The break-even stop loss used is a standard feature with all our trading systems, it will be activated when any position is x pips in profit and the stop loss will be moved to a financial break-even if the extra pips are left at the default value of zero.
A financial break-even covers all the fees involved from the broker when an order is filled.
- Extra pips: these are additional pips the stop loss will be moved in profit past the entry price to lock in extra profit.
No Financial Break Even?
If you do not want the broker transaction fees included which will place your stop loss in profit and not exactly on the entry price then you can turn this off by setting the "Include Fees" parameter to No. This will place your stop loss exactly on your entry price.
Slippage
When you live trade on volatile markets you may not see the stop loss set at the exact entry price due to slippage.
How The Trailing Stop Loss Works?
The trailing stop loss feature is activated when the gaining pips reach the trigger value, the stop-loss will be moved x pips behind the price as defined in the Steps (pips) setting and as the price moves in profit the stop loss trails behind this price and locks in the extra profit, once the price retraces the step pips and hits the stop loss the position is closed in profit.
How The Stealth Stop Loss Works?
The stealth stop loss feature is very simple, it just closes any position when it is losing x pips as defined in the stop loss setting. The stop loss is not sent to the broker, but instead stored in memory in the cBot and a request is sent to the broker to close the position instead. This feature will only work if your position has no stop loss.
Watch a Video Explainer
We have recorded a hands-on tutorial on how to use the client API with your trading system.
Duration: 10-minutes - Watch full screen on YouTube
How To Install
First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install it onto the platform.
How To Download Trial?
We offer a 14-day trial for all of our products, you can either click on the link below the 'Add to Cart' button or the link below.
Instant Chat Support
If you want a speedy reply to your questions just post your questions on our Telegram chat group.
