Skip to main content

Take profit

Question related to take profit feature.


Example banner

Can I Still Use the Take Profit Function?​

Yes, after the ticket has been transferred to a market order, the FB code will no longer function (since we no longer need to adjust the Fibonacci retracement ratio on a market ticket). The take profit function remains unchanged. Once the ticket becomes a market order, you can set your take profit price to any level you prefer, and it will be triggered whenever the price reaches it. (Unlike the stop-loss, it is triggered by the actual price, not the close price.)

What Do I Need to Consider When Setting Up the Take Profit with This EA?​

Conclusion

Pending limit ticket:
If you are NOT planning to send a [C] Fibonacci pending ticket, setting a take profit price with the last decimal as 0 will behave the same as a regular take profit price. When the last decimal is between 1 and 9, it will be interpreted as a [C] Fibonacci pending ticket.

Market/Pending stop ticket:
No effect.

Here we go through some detail:

Market and pending limit ticket​

It behaves the same as a common take profit for a market ticket or a pending stop ticket, meaning it will be triggered when the price instantaneously touches your take profit price. However, since the last decimal of the pending limit ticket's take profit price is used as the FB code, it behaves as follows:

Pending limit ticket​

Last Decimal = 1–9 : When you set the last decimal between 1 and 9, it is treated as sending a [C] Fibonacci pending ticket. It will be interpreted as "Enter the ticket at the retracement ratio of xxx." For example, if you set the take profit price at 9999.996 or 2700.326, the last decimal of "6" will be translated as "Enter the ticket at 61.8% from the open price." The take profit prices of 9999.996 and 2700.326 will remain unchanged after the pending ticket becomes a market ticket. You can take advantage of this to set your close price stop-loss, entry retracement ratio, and take profit price all at once.

Last Decimal = 0: This will directly convert the ticket from a [C] Fibonacci pending ticket to a [B1] simple pending order or an [A] one-bar pending order. However, since the open price will not be adjusted based on your retracement ratio setting, the take profit price will become a real take profit price. In other words, set the last decimal to 0 if you want to set the take profit price but are not planning to send a [C] ticket.