A Risk Management Indicator can assist you in effectively managing your exits by providing clear and concise information on potential risks and rewards. This Indicator uses limit orders to protect a trader’s position, which can be customized by adjusting the risk and reward levels as desired. This flexibility allows traders to tailor their exit strategy to their individual risk tolerance and trading style.
The Indicator provides two ways to exit a position:
- By using Limit Orders to exit the position.
- By using the Total PnL, which combines both the realized and unrealized PnL of the account, and comparing it with the Max Target or Max Loss to flatten all positions.
Here are the features:
- Sending email alerts for various events such as target or stop being filled, long or short position being exited at close time, maximum target or loss being exceeded.
- Ability to close all positions (flatten) when the maximum target or loss is exceeded.
- Trailing stop loss is possible when the Input parameter “net PnL” is disabled.
- Simple adjustment of stop loss and target limit.
- Option to exit positions at the end time.
An instance of Stop and Target being implemented by a Risk Manager.
Indicator Setup Variables