Risk & Reward Professional/Expert

Trade Execution

Watch the tutorial for the Pro version execution here:

The execution section consists of parameters that decide about your risk and used order type. The Buy/Sell button will place a pending order or execute your trade.

Order Types

Auto

Automatically creates a stop or limit type order depending on the current market and planned entry. A good way to think about it is that it chooses the type which will not be executed immediately.

Limit/Stop/Stop Limit/Market

Create the usual Limit, Stop, Stop Limit and Market orders respectively.

Adjustable Settings

If you decide to have only a single order/position per target, set the min lots to 0.01 and the max lots to the max lots available for that symbol, but the parameters above let you create much better trade setups.

The execution section seems to be very minimalistic, but under the hood, a lot of things are happening. To give you the details, let’s take a look at the options for the execution section:

Before placing any order you should be familiar with the shown options:

Risk Mode

  • % of Equity: the risk calculation takes the equity value of your account (balance incl. profit/loss of existing positions)
  • % of Balance: the risk calculation takes the shown account balance
  • Leveraged Equity:
  • Leveraged Balance:
  • Fixed amount: risk only the amount given in the Risk field in the Execution part.
  • Fixed lots: plan trade using a certain amount of lots

Send stops

Deactivating this will stop your planned stops to be placed in the order.

Use copy factor

When using the fixed risk modes this enables you to input a copy factor in the execution section. This can be used for copying trades but still using the same risk factor. The copy factor will be multiplied with the fixed inputDeactivating this will stop your planned stops to be placed in the order.

Stop Limit Range

In case you use the Stop Limit order type, you can set the stop limit range that will be used for these kinds of orders. Be careful using the Stop Limit order type – your order may not be executed but cancelled if it jumps over the allowed Stop Limit Range. Execution of these orders is usually not guaranteed.

Max Orders / Min Lots per Order / Max Lots per Order

These options are essential and you need to understand how to set them correctly.  With the help of these options, the tool splits down the overall trade size into multiple orders and/or positions.

Background Information

When you look at the best bid/ask prices in the market depth box, you can see that the best price is only available for a small lot size.

This means: that if your resulting order size is larger than the shown lot size at the best price, it will not fill even if the price gets hit. It will only fill if the complete size of the order can be filled at once. There is just no partial filling of orders while creating a position. It is a kind of All-Or-None filling.

Pro Tip: splitting down an order into smaller pieces/lots will allow you to fill these orders at the best possible price.

The execution parameters allow you to do exactly that. It splits down the overall volume per target into groups of orders. To not get overwhelmed with orders and positions, you can set “Max Orders” to a meaningful value. Practically, the number of orders is just limited by your broker, but it makes sense to not have hundreds of orders/positions open.

After you decide on the maximum number of orders/positions, you can now set a range you like to use for the resulting orders. Set the “Min Lots per Order” to ignore very small orders and set “Max Lots per Order” to your favourite lot size.

Pro Tip: take the “Max Lots per Order” size from the market depth window!

In this example, you could get the best execution with a 1.65 as “Max Lots per Order”.

Because the overall volume per target gets divided into the best fitting size, you may get a set of orders for each target. This is essential to understand. Managing these groups of orders and positions will be part of the Position section.

Pro Tip: you can fixate the size of all orders to a given value if you put the same size into “Max Lots per Order” and “Min Lots per Order”.

Execution

After all, parameters are set, you can create orders or positions when hitting the “BUY” or “SELL” button depending on your order type. So be careful pressing the BUY / SELL button.

Hitting the button with the example shown above will create this set of orders:

As you can see, the tool generated 7 orders. Each one of the orders has a unique label that allows the tool to manage the order/positions and target groups.

In this example while planning the tool showed the following:

TG1: 5.15 lots

TG2: 2.16 lots

TG3: 2.16 lots

The created orders are:

TG1: 3 orders with 2×2 lots + 1×1.15 lots = 5.15 lots

TG2: 2 orders with 2 lots + 0.16 lots = 2.16 lots

TG3: 2 orders with 2 lots + 0.16 lots = 2.16 lots

The entry, stop and take profit prices are taken from the planning.

Pro Tip: use a demo account to test the behaviour/splitting of orders before applying to your real-world account.

Limitation: “Max Orders” is a hard limit

The tool will never create more than the given number of “max orders”. If the splitting of orders for a target cannot be fulfilled by the “Max Lots per Order”, the tool will automatically increase the “Max lots per order” to fulfil the overall volume for that target.

Therefore the “Max lots per order” is a “nice to have” parameter which may be overridden to get the overall volume placed for a target.

So don’t be concerned if you see orders with more lots than you put into the “Max lots per order” parameter.

Expert Features

Correct stop price

This corrects your targets and stop-loss when using a stop or limit order type. When using one of these order types it might happen that you get a slightly different entry than planned. Because the TG and SL are sent by distance not pricepoint without this feature this would result in a different TG and SL.

Error: Pos SL/TP

This feature manipulates how the tool handles an error when placing the Target and Stop.

The feature has three modes:

  • None – No special error handling
  • Stop<->Target – When SL/TP placement fails, the tool attempts to swap the stop loss and take profit values if that would make them valid
  • CloseOnly – When SL/TP placement fails, the tool simply closes the position

Next High Low

Pro Tip: We recommend trying out NHL yourself as it is really intuitive when using. You should also get comfortable using all the features like triggers and multiple timeframes. These can help you get your trades to the next level.

Watch the tutorial for using NHL here:

NHL allows you to automatically follow the market and find the next high/low for a better entry in your trades. In the expert version you can select the NHL order type in the execution panel.

When selecting the NHL order type you can now activate and customize it using the displayed buttons.

It displays three rows of buttons one each for buying, closing and shorting. Each of them have two more HTF (higher timeframe) and LTF (lower timeframe) buttons.

Functionality of Buy/Close/Short buttons

Once you have your time frame selected you can start the next high low mechanic using these buttons. Depending on the market it will either wait for a pullback (Wait PB) or to place an order. Another functionality is waiting for another NHL to end. For example if you are currently using the close functionality to follow the market and close your position, you can set the buy/short button to wait. This will result in waiting for the close NHL to be fulfilled and then be activated.

Functionality of HTF/LTF

Here you can select which timeframe you want the NHL algorithm to work by. You can set your LTF and HTF in the options.

  • Buy/Close/Sell: Sets the NHL algorithm to run by the selected timeframe 
  • Trigger: Allows you to place a trigger. Once this trigger is activated it starts NHL
  • Wait: Waits for the NHL of another timeframe in the same column to be concluded and then activates the NHL in its timeframe

NHL Options

Entry NHL

HTF/LTF: Select your wanted higher and lower timeframe.

Add entry order pips: Add an amount of pips to your NHL entry for a greater buffer

NHL Position Settings

Add stop pips: Add a specific  amount of pips to your stop

Search stop bars back: The stop is placed based on the low/high of the last bars. Change how many bars back the last low/high should be searched.

NHL Min/Max Stop

Set a minimum/maximum distance for the stop. The min stop has to be lower than the max stop. When the max stop is set to 0 it is deactivated.