Limit Orders placing SL/TP

AlexanderRC
06 Feb 2015, 20:24

As far as I can tell there is no ability to specify exact price levels for take profit and stop loss, only relative ones, in pips when entering order in cTrader. Pending orders (limit and stop) cannot be guaranteed to execute at the specified price. Generally speaking, stop orders are likely to execute at equal or worse price and limit orders at the better or equal price of the one specified in the order. But that really depends on the broker (mostly on their liquidity provider). Some execute limit orders as market orders (essentially stop orders). Read terms and conditions of your broker.

As a workaround, you can use some simple cBot which would set take profit and stop loss right after the order is executed. The parameters for the cBot would include take profit price and stop loss price as input parameters. If you use several orders at the same time, more clever logic can be devised to recognize which position has to be set with which TP or SL.

falsedave
09 Feb 2015, 00:51

RE:

Perhaps this a feature for the suggestions box. I tend to place SL and TP on support / resistance levels so slippage doesnt really affect my trades in that regard. I want the SL/TP at that point regardless of the lvl that the order gets filled.

Thats a brilliant idea with the cBot idea though and i'll look into doing that as a work around for the time being.

Thankyou