How can i do a conditional close order in the chart? only works manually?. I want to work like default take profit, closing certain size of my position. Thanks
Let's say you want to buy 1M of EUR/USD at 1.10. Your SL is at 1.09. Your plan is to sell half of the position at 1.11 and the rest at 1.14. Note that you can adapt this to more than two position parts and with different sizes.
There are three main ways to achieve this.
The first and the most versatile one is to use a limit order in the opposite direction of your position. After it is hit, you merge the positions.
1. Buy 1M EUR/USD at 1.10 with the SL at 1.09.
2. Set SELL LIMIT order (0.5M) at 1.11.
3. When the order is hit, merge the two positions into one (note that you need to remove SL and TP from both positions before merging). That leaves you a position with the size of 0.5M.
4. Set TP of the resulting position to 1.14.
The second may be the most elegant but it requires you to know in advance the number of parts and their sizes.
1. Buy two 0.5M EUR/USD positions at 1.10 with the SL of each at 1.09
2. Set TP of the first position to 1.11 and TP of the second one to 1.14.
The alternative way is to develop a strategy, a remote strategy or a plugin (perhaps with a custom GUI) that facilitates this for you.
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