Analysis Techniques & Strategies

_Stops & Targets (Strategy)

Input Information

Name	Type	Default	Description
ShareOrPosition	Numeric	1	Used to determine the basis of all stops and targets; use 1 for a per share basis, 2 for a position basis.
ProfitTargetAmt	Numeric	5	Indicates the dollar amount that will trigger a profit target order. Using 0 here will prevent profit target orders by this strategy.
StopLossAmt	Numeric	1	Indicates the dollar amount that will trigger a stop loss order. Using 0 here will prevent stop loss orders by this strategy.
BreakevenFloorAmt	Numeric	0	Breakeven floor, the profit value (in dollars) of the position that must be exceeded in order for the breakeven stop to take effect. Using 0 here will prevent breakeven stop orders by this strategy.
DollarTrailingAmt	Numeric	0	The "profit give-back" dollar amount at which point the position will be closed. Using 0 here will prevent dollar trailing orders by this strategy.
PctTrailingFloorAmt	Numeric	0	Minimum gain (in dollars) needed for the order to be placed. Using 0 here or in PctTrailingPct will prevent percent trailing orders by this strategy.
PctTrailingPct	Numeric	0	Amount of "profit give-back", as a percentage of profit, at which point the position will be closed. Using 0 here or in PctTrailingFloorAmt will prevent percent trailing orders by this strategy.
ExitOnClose	True/False	False	Indicates whether the Close at End of Day order will be generated or not.

Usage

Exit (from long and short positions) that may be based on a single condition or any combination of conditions.

Description

_Stops and Targets will generate exit orders based on any combination of the following types of exits: profit target, stop loss, breakeven stop, dollar trailing stop, percent trailing stop, and exit at the end of the day. Entering 0 for any of the inputs will cause the strategy to ignore that stop/target.

ProfitTargetAmt is the profit target setting (in dollars) at which your position will automatically be closed out. If the indicated amount is never reached, the stop will not be triggered.

The StopLossAmt setting indicates the maximum amount of money you are willing to risk on any trade.

The BreakevenFloorAmt indicates the amount of profit that when exceeded, will trigger a breakeven stop order at a value of the entry price plus the commission specified. For more information on adjusting a strategy for costs, refer to Adjusting a Strategy for Costs.

The DollarTrailingAmt setting allows you to indicate how much of the maximum open position profit you are willing to give back before the position is automatically closed out. This setting can only be used to lock in profits; it does not exit a losing position.

The Percent Risk Trailing settings (PctTrailingFloorAmt and PctTrailingPct) enable you to indicate what percent of the maximum open position profit you are willing to give back before the position is automatically closed out. PctTrailingFloorAmt indicates the minimum profit level (in dollars) to reach before the stop will take effect. PctTrailingPct is the percentage of profit you are willing to lose. If the maximum open position profit for the trade does not exceed the floor level, this trailing stop does not take effect. Consequently, this setting only locks in profits; it does not exit a position if the floor level is never reached.

When ExitonClose is True, any open position will be closed at the close of the trading day. This is a useful setting when backtesting trading situations that do not hold any positions overnight. In automated execution, the ExitonClose setting will not close positions at the end of the day. It will give you the option of sending the order into the extended session as a limit order.

Order Name: Profit Target, Money Mngmt Stop, BreakEven Stop, $ Trailing Stop, % Trailing Stop, Sell, Cover

Related Function(s): None