how the heck would I set this up with a 55 pip SL = 550 in points and how the SLmove to 3 pips or 30 in points in profit
Hi Sorry, I have no idea what you are using and what you are trying to achieve. I suggest you start with the basics first on BabyPips education programme and get it right from first principles. I always found trying to do stuff from rote or from anyone’s “magic formulas” was always followed by regret. There are thousands of Youtube videos that take you through set up, entry, stake calculation depending on risk per trade, and set stop loss and take profit calculations. The limited information you provided makes no sense to me whatsoever.
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Even more important, if you are confused with the inputs, don’t use this “Expert Advisor” since it is not really an expert anyway. Using your own brainpower and making discretionary decisions makes you millions of times better than anyone fixed coded EA.
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Looking at the title of the EA and the labels for the inputs these are my assumptions on how to explain.
KT-Auto-SL-TP-EA
Designed to add stop loss and take profit orders to a market buy or market sell order.
Type
Both = Stop loss and Take profit
TP = only Take profit
SL = only Stop loss
SL Points (0: disabled) = distance from market price to place stop loss.
This could be confusing as to their terminology regarding points.
TP Points (0: disabled) = distance from market price to place take profit
Trailing Step Points = move stop loss to be SL Points from price every time it goes Trailing Step Points in your favour.
Once again all these explanations are just assumptions based on labels and title of the EA
Point could be equal to pips or more likely 10 points: 1 pip.
The safest method to try would be assuming points and pips are equal since that way if you are wrong you are 10 times smaller rather than 10 times bigger.
Is that the same TP and SL for every trade? Unless you’re scalping, maybe look into setting those per trade. Fixed SLs never worked for me. Always thought it was like guessing that actually looking at where price was before and where you could see prices reverse.
I’m a scalper on the 1min chart using a strategy from our team. I set my SL at 55 pips or 550 points what I want to do is set my SL but when I go into profit by 3 pips have my SL start trailing. I’m missing about 3 out of 10 trades that take a good run into 10-12 pips
I don’t think the above EA has a move to break even function. It might be a very basic trailing stop instead.
I’m thinking this might be your spread.