StopLoss as absolute price (rather than pips)

Created at 12 Feb 2015, 12:10
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TraderM

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Joined 30.12.2012

StopLoss as absolute price (rather than pips)
12 Feb 2015, 12:10

Hi,

I would like to enter an absolute price as a parameter value (rather than a number of pips) and use the absolute price for the Stop Loss for a pending order. Can you do this?

This would be good as I would not need to recalculate anything to determine a SL. And I could take the price directly from the chart which is intuitive and less error prone.

Any ideas?

Thanks,

TraderM

@TraderM
Replies

Spotware
16 Feb 2015, 11:33

Currently such functionality is not in our plans. We can recommend you to create an idea on vote.spotware.com.

@Spotware

cprcrack
18 Feb 2015, 14:49

It's somehow inconsistent because with ExecuteMarketOrder() you must specify relative pips, but with ModifyPosition() you must specify a price.

Also, one of the side effects of specifying relative pips in ExecuteMarketOrder() is that if the current spread is bigger than the stop loss pips, your stop loss will fire immediately after the ExecuteMarketOrder() call, and you will lose money with that order (- spread - commissions +/- slippage).

@cprcrack
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