Could you add a feature to the “Bracket Settings” where it allows user to create “Take Profit” and “Profit Triggers” based on Risk vs Reward multiples instead of hard coding a value for all trades?
This way each trade that the user takes, its profit calculations and exits can be determined by a certain multiple of the distance between entry and stop loss(distance from entry to stop loss would equal 1). For example, if the user wants to take a 2:1 reward to risk ratio, he would enter a reward multiple of 2 in the input box and the system would then take the distance from his entry to stop loss and count that as a value of 1 and then place his take profit at 2x the value of the risk distance. Having this reward to risk option will help the user tremendously in creating trades that are dynamic and not hard coded based on some arbitrary number.
Are you manually adding or moving the stop after you enter a position?
I’m not sure I’m understanding your question. In my brackets, I use ticks to set my stop loss and take profit. So if my stop is 5 ticks, then 2x reward is a 10 tick take profit. Doesn’t matter what price I enter on, the brackets will automatically set the stop 5 ticks below and take profit 10 ticks above.
If your bracket values are set to “price,” then yeah… you’d have to manually enter those numbers in every time. But changing “show in” to “ticks” (or even “currency”) solved that problem for me.
Yes, I use price for my bracket settings and sometimes manually adjust my stop right after i enter into a position in order to place it at an ideal location. Also every trade that i take does not have the same number of points (since candle sticks are different sizes) between entry and stop loss.
Therefore if an option is added to bracket settings that says “Risk/Reward Factor”, then the system would use the following logic: Lets say I want a reward to risk ratio of 2:1. If I enter into a trade and I adjust to a 10 point stop, then the brackets would adjust targets and profit trigger based on their respective R/R factor values and set my profit trigger and target to 20 points automatically. This way the bracket only needs the entry price and the stop loss price of each trade, and can do all the adjustments automatically on every trade based on the traders R/R factor input.