A new version of the Position Risk Manager indicator is now available.
New features are:
- The Text Box can be placed anywhere on the chart.
- The numerical values are better readable by the enriched number display.
- The lot size is also displayed.
Have a look on the Indicator page of this site and request a demo version if you like what you see.
Two new entries have been added to the FAQ section:
When is manual interaction required?
Once you stop a Limit Entry App or a Stop Entry App, you need to make sure that pending entry orders, which had been set up by the App, are removed manually.
The App has no means to perform an order deletion process upon its termination, unfortunately.
Is there a constraint to stop a running App?
Any of the Apps can be terminated at any time. If a position is still open at the time of terminating the App, the position management can be continued by re-starting the App for the same instrument, direction, and time frame.
If a position had already been entirely closed, the App can run any arbitrary time until the user has an opportunity to terminate it.
Remember that pending entry orders need to be manually removed by the user when terminating a Limit Entry App or Stop Entry App before the entry order had been executed to open a Position.
As there is apparent interest to verify the multi-stage limit exit management in a backtest, this capability will be added in the coming update.
Further, a user key will be added to improve multi-instance support on the same instrument in the same direction, which is useful for traders re-using the same entry for short-term and long-term Exit strategies.
This will constitute the update for the coming week.
Later, in a second step, I will integrate the three Apps of Stop Entry App, Limit Entry App, and Market Entry App into one single App supporting the entire set of entry features and multi-stage position exit management.
The Smart Trading Apps have been re-designed to integrate more functionality into each App.
There are three Apps now available which define their respective type of position entry:
Market Entry App: Immediate position entry at market Price
Stop Entry App: Placing a Stop Entry Order for position entry
Limit Entry App: Placing a Limit Entry Order for position entry
Each App allows the user to select a number of 1 to 10 profit taking limit levels. Trailing Stop is optional in each App now with all popular trailing methods.
The Apps are entirely robust against Network failures and PC crashes and allow to continue position exit management thereafter, also over weekends.
New features include:
Risk management option of a percentage of "Discounted Balance", which takes into account the maximum risk of all open positions of the account.
Slippage compensation for StopLoss and all Limit levels configurable for Stop Entry Order and Limit Entry Order
Improved user interactivity to allow the user to manually adjust the Stop Price Level and have the App check on this to determine the more favourable Stop Price Level (the App's Stop or the User Stop).
Download the new Entry Apps from http://www.dailyfx.com/forex_forum/signal-strategy-fxcm-marketscope/606777-multiple-take-profit-position-management-fully-automated.html
Please do note that the Apps are not designed for the MarketScope backtester. Try them on a demo account for LIVE trading!
Happy Trading!
