Hi Folks,
I have a quick question. When you have already bought or sold a pair, you have a choice to modify this transaction. however, I am intrigued by the fact that it says levels on top of SL and TP. What does that do?
Elephant
I am unable to understand your question though,but i think that you are talking about the re-quotes and the trade bias.
While modifying an order you can only set SL or TP levels but you can’t modify your bias about the trade(Buy cannot be changed to sell or vice versa in an open trade) and if the trade is opened,the broker would never offer re-quotes.
It’s just an easier way to define stop losses and take profits ie you want to set your stop at 100 points below the current price on a long entry, if your put 100 in the level box it will adjust the stop loss in the box below it to reflect 100 points less than the current price. Obviously points are used because you have currencies like the yen etc… Why they use the label level is not something I do know however.
As per MT4’s help screen:
[I]To change the Stop Loss or Take Profit values, one has to enter the new values in the corresponding fields. To place the order in points from the current price, one has to set the desired value in the “Level” field and press the “Copy as” button.[/I]
Sorry for the vague-ness. I was trying to explain how after a transaction I can modify it by dding SL and Tp. However, at the top of SL and TP, there are Levels category. It says “Level 0/5/10 points.” I still dont know what it does. 5 points away from the SL/TP level?
Sounds like what I was expecting. Thanks.
Its away from current price level, not what is was previously set at. Also, you have to be careful because those pip levels aren’t adjusted for pipettes, so 5 is actually 1/2 a pip, 10 is actually 1 pip etc…you need to add a zero after them so if you want 10 pips, you enter 100 in the box. You can manually enter whatever pips you want…the drop down box values are just suggestions.
So does this act like a trailing stop?
It’s not meant for that, but I suppose it could in a manual sense. It’s meant more as a quick way to re-establish a loss and/or profit price stop, you can establish those by either putting in the prices directly, or using a pip count to pick the prices. Trailing stops will automatically change the stop loss price level only.