Exits: Attached to Entry Order and Detached from Entry Order

By default, exits are attached to the entry order on the left pane of the Order Ticket or Trading Pad. In this case, reference price for the Profit and Loss is the entry price. In this case, the exit will become active only once the entry order on the left is filled. You may also use the exits to cover your market position, to cover any number of lots or even to enter the market. To do so, you must detach the exit from the entry order. In this case, you may set the reference price for the Profit and Loss to be the average price, the last price, or any other price you choose.

To set an exit for the attached entry order:

1. In the Exit pane, from the Exit Style drop-down menu, choose your desired exit.
2. In the table, set the required values (see Table 4-4: Exit style parameters below for a detailed explanation).
3. By default, the exit is attached to the entry order on the left pane of the Order Ticket or Trading Pad. If this is what you want, click Buy, Sell or Park to place the entry order.

To set an exit detached from the entry order:

1. Click the "Detach from Entry Order on Left" checkbox. Two group boxes appear: the Cover # of Lots group box and the Reference group box.
2. In the Cover # of Lots edit box: If you wish to use the exit to cover you open position, click the Open Position radio button. If you wish to set a different number of lots, click the Set Lots radio button, and set the desired number of lots in the edit box.
3. In the Reference group box, click the desired radio button to determine the reference price for your Profit and Loss values (you may choose the average price or the last price, or you may set any other price in the Set Price edit box).
4. Click Cover. The scale-out orders are placed.

Table 4.4: Exit style parameters

Field	Used in the following exits:	Description	Value expressed as
Profit	Bracket	Profit Target	Points away from price
Loss	Bracket ScaleOut2Targets ScaleOut2Targets_Lots ScaleOut3Targets ScaleOut3Targets_Lots	Stop loss	Points away from price
Trailing Stop	Bracket	Optional. If checked, you may set a trailing stop	Click the checkbox if you want a trailing stop
Price Change	Bracket	If price changes by this number of points, the Stop will be moved	points
Stop Change	Bracket	Stop will be moved by this number of points	points
Profit_1	ScaleOut2Targets ScaleOut2Targets_Lots ScaleOut3Targets ScaleOut3Targets_Lots	First profit target	Points away from price
Profit_2	ScaleOut2Targets ScaleOut2Targets_Lots ScaleOut3Targets ScaleOut3Targets_Lots	Second profit target	Points away from price
Profit_3	ScaleOut3Targets ScaleOut3Targets_Lots	Third profit target	Points away from price
Lots_1	ScaleOut2Targets ScaleOut2Targets_Lots ScaleOut3Targets ScaleOut3Targets_Lots	Number of lots allocated to first profit target	number
Lots_2	ScaleOut2Targets ScaleOut2Targets_Lots ScaleOut3Targets ScaleOut3Targets_Lots	Number of lots allocated to second profit target	number
Lots_3	ScaleOut3Targets ScaleOut3Targets_Lots	Number of lots allocated to second profit target	number
Breakeven	ScaleOut2Targets ScaleOut2Targets_Lots ScaleOut3Targets ScaleOut3Targets_Lots	Optional. If checked, stop is moved to the breakeven point (i.e. entry price) once first profit target is Filled	Click the checkbox if you want to move your Stop to breakeven

 

NOTE: Before placing bracket orders, it is important that you read the Setting Trading

Defaults section below.

 

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