Track 'n Trade Autopilot Plug-in
Exit Bars, Points or Dollars
In this Track 'n Trade Autopilot video, we're going to be discussing Market Exit Stop Styles.
The Track 'n Trade Autopilot offers three different Stop Order Stops Style. Points, when using Futures. Pips when using Forex- Bars and Dollars. The same Quantity field is used for each style, depending on your selection.
If you select Points, or Pips, then enter how many Points or Pips you would like Track 'n Trade to place your initial Stop Order, behind the market.
If you choose Bars back, then enter the number of Price Bars you want Track 'n Trade to count back and place your initial Stop Order.
Notice that we also have a filter associated with the Bars Back selection. This filter tells Track 'n Trade to only advance an Auto-Trailing Stop if the Price Bar makes a higher- high, on a long position or a lower- low on a short position.
Let me give you an example:
If we are in a long position, and we've chosen to automatically trail the market, with a 5 Bar Back Stop and the market makes 3 advancing bars with higher- highs. Then 3 bars where the highs are not consistently higher than the previous Price Bars, then Track 'n Trade would hold it's position; without advancing the Trailing Stop. Upon receiving a 6th Price Bar, with a higher- high, Track 'n Trade would then advance the Auto-Trailing Stop to the lowest point, counting 5 Price Bars back.
If you choose Dollars Back, enter the Dollar amount you want Track 'n Trade to calculate for the initial placement price of your Stop Order.