Last updated
Last updated
Take Profit orders are an important tool for securing profits on winning trades. Consider the following when setting Take Profit levels:
Profit Target - set Take Profit orders at levels.
Volatility- adjust Take Profit levels in volatile markets to prevent premature order execution.
Technical Analysis- consider significant price points such as support/resistance or Fibonacci levels when setting orders.
Fundamental Analysis - adjust Take Profit levels based on expected major events.
Risk-Reward - align Take Profit levels with the desired risk-reward ratio.
Trading Strategy - Take Profit orders should align with your overall trading strategy.
Psychology - Take Profit orders help maintain discipline and avoid emotional decisions.
Broker/Exchange fees - setting fewer orders may be sensible if fees are high relative to profit.
The percentage of a position closed across all Take Profit orders is specified in the setting in the section. If is set to 100%, the entire position will be closed when a Take Profit order is triggered. If set below 100%, the percentage will be divided by 2 or 3 according to the setting, and profit taken incrementally.
e.g. If = 60 and = 3, then:
20% of the position will be closed at Take Profit level 1
20% of the position will be closed at Take Profit level 2
20% of the position will be closed at the end of the trend.
Specifies if take profit settings will be adjusted manually or auto-configured in Support & Resistance or Relative Strength Index mode.
Off - Take Profit function is deactivated.
In a bull trend, an RSI value of 70 has an RSI Score of 70. In a bear trend, an RSI value of 30 also has an RSI Score of 70. In both cases, the Take Profit signal would be fired if the RSI score is set at 70.
determines if Take Profit levels will be calculated automatically or manually. If Support & Resistance or Relative Strength Index are selected, a Take Profit value is calculated automatically and divided into thirds (if is below 100%). The first two levels are set as Take Profit orders, while the final third runs until the trend ends. In Manual mode, the Take Profit value is specified in the and settings. The value is divided by 2 or 3 based on the setting, and profit is taken incrementally as described above.
The system divides the Take Profit value into quarters. Positions are set at the first three levels, and the final quarter will run until the end of the trend. Take profit levels will be displayed in the chart if and are selected in the .
Take Profit settings are not represented in backtest data displayed in the . However, the can backtest strategies containing Take Profit orders and other risk management elements. See the section for further details.
Manual - Take Profit Levels determined by the and settings.
Support & Resistance - Take Profit levels are determined automatically according to support and resistance levels. The system calculates support and resistance across the period defined in the and settings.
Relative Strength Index - Take Profit Levels are determined automatically according to the value.
Sets the Take Profit level on a bull trend as a percentage change, number of ticks, or absolute quantity of the asset being traded. This setting is only active when is set to Manual.
If the specified in the section is set to less than 100%, the Take Profit [BULL] value will be divided by 2 or 3 based on the setting and placed as incremental orders. See the for further detail.
Sets the take profit amount on a bear trend as a percentage change, number of ticks, or absolute quantity of the asset being traded. This setting is only active when is set to Manual.
If the specified in the section is set to less than 100%, the Take Profit [BEAR] value will be divided by 2 or 3 based on the setting and placed as incremental orders. See the for further detail.
Specifies if the specified in the section will be divided by 2 or 3 and placed as incremental Take Profit orders. The Take Profit % value will only be divided into scaled positions if set to a value less than 100%. See the for further detail.
Specifies the period to the left of the previous pivot high/low used to determine. Increasing this value increases the strength of Support & Resistance levels and makes Take Profit signals less sensitive to price fluctuations.
Take Profit levels will be based on resistance in a bull trend and support in a bear trend. This setting only applies when is set to Support & Resistance.
If the specified in the section is set to less than 100%, the Take Profit Value calculated will be divided by 3 and placed as incremental orders. See the for further detail.
Specifies the period to the right of the previous pivot high/low that will be retained as a valid point of . Increasing this value increases the strength of Support & Resistance levels and makes Take Profit signals less sensitive to price fluctuations. The system will calculate take profit levels based on resistance in a bull trend and support in a bear trend. This setting only applies when is set to Support & Resistance.
If the specified in the section is set to less than 100%, the Take Profit Value calculated will be divided by 3 and placed as incremental orders. See the for further detail.
Specifies the RSI score required for a Take Profit signal to fire. The is generated by the faction. This setting is only active if is set to Relative Strength Index.
If the specified in the section is set to less than 100%, the Take Profit Value calculated will be divided by 3 and placed as incremental orders. See the for further detail.
Take Profit settings are global and can be used to generate take profit signals for incremental profit taking on winning trends.
