The Trading Station Desktop is a powerful platform that contains many advanced features. However, the platform only allows traders to use single stop and single limit on any single position. One of the most commonly requested features is the ability to add multiple stops and limits to a single position.
The Multiple Stops and Limits Strategy app can do this for you.
The Multiple Stops and Limits Strategy can attach up to three stops and three limits to individual positions. Simply start the strategy, and use the inputs to choose a position, and then add on up to three stops and three limits to that position.
Since the Multiple Stops and Limits Strategy controls its stops and limits in real time, strategy created stops and limits will not show in the Open Positions window, and are not saved on the FXCM servers. Instead the stops and limits are controlled by the trader’s computer, and can only be viewed (or edited) in the Inputs menu of this strategy. The Trading Station Desktop platform needs to be connected with the strategy running to perform correctly. Using this strategy with a Virtual Private Server (VPS) is highly recommended.
Remember that each of the three Limit Pip and Stop Pip parameters function as One Cancels Other orders. Meaning that if the Limit Pip 1 executes it will cancel Stop Pip 1 and vice versa. Any remaining Limit/Stop2 and Limit/Stop3 orders will remain open until their pip targets are reached.
Example: A trader is using all three Limits/Stops. Limit/Stop1 has a Limit of 10 pips and a stop of 10 pips. As the price reaches the 10pip limit price first, a portion of the open position is closed, according to the traders Close Amount 1 parameter. At the same time, the remaining Stop side of Limit/Stop 1 is canceled, leaving Stop Pips 1 no longer active. The traders remaining Limit/Stop 2 and Limit/Stop 3 are both fully active.
The following are inputs available in the application:
Note that the sum of all Close-Amount figures must be less than or equal to the size of the open position.
The application displayed on this page does not take in to consideration your individual personal circumstances and trading objectives. Therefore it should not be considered as a personal recommendation or investment advice. Past performance is not indicative of future results. There is no guarantee that the systems, trading techniques, trading methods, and/or indicators will result in profits or not result in losses.
This Indicator is only compatible with FXCM Trading Station Desktop software. Additionally, an FXCM account is required (including free FXCM demo accounts).
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