Hi,
I am coming over from Sierra Chart- and need to setup my bracket order for take profits and stop-losses.
My understanding is that this is setup as an 'Exit Strategy' in MotiveWave- and i've been having some difficulty figuring out how to set up this particular logic.
If anyone can help it would be greatly appreciated
After I enter a position with let's say 4 contracts, setup the following OCO orders:
- Set Stop Loss at 8 ticks for 100% of contracts.
- 1st take-profit limit order at 4 ticks for 75% of contracts
- 2nd take-profit limit order at 14 ticks for remaining 25% of contracts
- When 1st take-profit limit order is hit, modify original stop-loss to amount of remaining contracts
I can't seem to figure out how to get MotiveWave to keep the stop-loss in place and simply modify it to the remaining amount of contracts left for the 2nd take-profit after the 1st one has been reached. Right now it is creating two separate stop losses- one for the first and one for the second take-profit, but this is no good. It should be only 1 stop-loss that gets adjusted to the remaining contracts once the first take-profit is reached. Otherwise I need to manually move around two-stop losses, and this would be horrible during a trade to manage.
These all need to be OCO.
Any help is greatly appreciated!
Cheers
I am coming over from Sierra Chart- and need to setup my bracket order for take profits and stop-losses.
My understanding is that this is setup as an 'Exit Strategy' in MotiveWave- and i've been having some difficulty figuring out how to set up this particular logic.
If anyone can help it would be greatly appreciated
After I enter a position with let's say 4 contracts, setup the following OCO orders:
- Set Stop Loss at 8 ticks for 100% of contracts.
- 1st take-profit limit order at 4 ticks for 75% of contracts
- 2nd take-profit limit order at 14 ticks for remaining 25% of contracts
- When 1st take-profit limit order is hit, modify original stop-loss to amount of remaining contracts
I can't seem to figure out how to get MotiveWave to keep the stop-loss in place and simply modify it to the remaining amount of contracts left for the 2nd take-profit after the 1st one has been reached. Right now it is creating two separate stop losses- one for the first and one for the second take-profit, but this is no good. It should be only 1 stop-loss that gets adjusted to the remaining contracts once the first take-profit is reached. Otherwise I need to manually move around two-stop losses, and this would be horrible during a trade to manage.
These all need to be OCO.
Any help is greatly appreciated!
Cheers
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