Take profit and stop loss
Triggers that close a position for you, what they cost, and what they read.
A take profit closes the whole position when the mark reaches a price in your favour; a stop loss closes it when the mark reaches one against you. Either can be set on the ticket or added later, and a position opened with one reserves a $10 execution budget to pay whoever fires it.
Setting one
- In the order ticket, in the TP/SL section under the Buy or Sell key, before you sign. While you are typing, the lines appear on the chart's Levels tab and can be dragged; the line and the field are the same value.
- On an open position, by opening it from the positions panel and saving new levels on its Details tab. That is one transaction, and the wallet shows it.
The execution budget
A trigger has to be fired by somebody, and that somebody is the keeper rather than this app. So a new position opened with a trigger reserves a $10 execution budget out of what you pay. It pays whoever executes the trigger, and it comes back to you if the position closes some other way.
What a trigger reads
The mark price, not the chart. A wick on the candle feed that dips through your stop does not fire it if the oracle never went there.