Overview:
The TrailingStopsandTargets software provides a convenient way to display ATR-based Stop Loss and Take Profit Markers on the chart to assist with order planning and placement. The user can customize the stop size and target distance via an ATR Multiplier. Markers are displayed above and below the current bar showing where to place the orders.
Purpose:
Traders need the TrailingStopsandTargets software to save time when planning trades and also to ensure that stop and target orders placed are consistent with the trader’s risk model and trade plan.
Elements:
- ATR-based stops and targets
- Long and short markers showing stop/target locations
- Directional Bias Filter
- Tick Size Labels for each marker
Functions:
The TrailingStopsandTargets software is best used on the trading chart to help with stop and target placement. The markers update in real time so once you customize the software settings to fit your risk preferences, you know exactly where to place your exit orders without any delays while you are trading.
Problem Solved:
- Stops traders from second guessing stop placement
- Stops traders from second guessing target placement
- Stops traders from violating their trade plan
- Stops traders from wasting time manually calculating risk exposure
- Stops traders from second guessing trade selection