1. Take Profit and Stop Loss
The take profit and stop loss function is a key part of trading strategies, used to set specific price points to lock in profits or control losses. Enabling take profit and stop loss in live custom indicator trading can automate the monitoring and execution of your take profit and stop loss strategies.
You can set take profit and stop loss based on the percentage difference between the take profit and stop loss price levels and the entry price (i.e., spread rate), or based on the fixed amount difference between the take profit and stop loss price levels and the entry price (i.e., spread).
Once set, the trading system will automatically monitor each executed order. When the market price reaches your preset take profit or stop loss level, it will quickly execute a market order to close the position. This automated take profit and stop loss setting does not require manual monitoring and can automatically execute the selling and closing operations, capturing profits and limiting potential losses.
2. Example Explanation
The indicator signal triggered a buy signal at 16:35 today, purchasing 1 unit of the trading pair at a price of 90.75 USDT. Based on your take profit and stop loss settings (spread setting: take profit 3 USDT, stop loss 3 USDT), the system will monitor the latest price of the current order. When the latest price is ≥93.75 USDT (90.75+3=93.75) or ≤87.75 USDT (90.75-3=87.75), the system will quickly trigger a market order to close the position.
At 20:55 on the same day, the system monitored the latest price of the trading pair at 93.76 (≥93.75 USDT), surpassing the preset take profit level. At this point, the system will quickly place a market order to sell 1 unit of the trading pair, locking in your profit and automatically earning 3 USDT!
❗️Market price take profit and stop loss may experience slippage during actual transactions (i.e., there may be a difference between the actual take profit and stop loss prices and the trigger prices). This example is for instructional purposes only.
3. Operation Steps
4. Operation Instructions
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