Stop Loss (SL)
How to configure Stop Loss (SL) with Wick Hunter.
Last updated
How to configure Stop Loss (SL) with Wick Hunter.
Last updated
Stoploss orders will always be closed at market conditions
There are two options for stop loss orders.
Below options are used in both settings
Stop Loss Type - Select what type of stop loss you want to use. Account Balance Loss is based on your total account value. Current Entry Price is based on your entry price including any DCAs. Initial Entry price is based on your original entry price and does not include the impact to price from any DCA.
Percent of position size - Input the percent of your position you want covered by the order. 100% will cover your full position.
Stop loss percent - Input your stop loss value in percent, measured from initial entry. For example, if you input "3" here and have a long with an average entry price of $100 then the stop loss will be placed at $97 or 3% away from entry.
Order type - Select the order type you want to use. Limit and Post Only will follow the orderbook until they are filled. Market will open immediately. Please refer to the exchange for further information.
This will let you set an single sto loss based on above conditions. Single Stop Loss also includes the “Laddered mode”. This mode will let you enable to move the Stop Loss when an TP is hit (see Take profit on how to set up multiple TP’s). Ladder Mode allows you to move a stop loss if one (or more) of your take profits have been hit. SL buffer will add x.xx% to your average entry price.This allows users to add a certain percentage when your take profit moves the stop loss to entry price to help with the exchange fees. Ex. if your average entry price is $100 and TP1 is at $105 and your buffer is set at 1%, the SL will set at $101 when it hits TP1. Note, this only applies when your SL is moved to average entry price.
Ladder mode - Stoploss will be placed at your current entry price once this Take Profit is filled and will continue to move one level as each additional Take Profit is filled.
Example: if this value is 1, then the stoploss will be placed at your average entry price when your first Take Profit is hit and will be moved to your first Take Profit level when your second Take Profit is hit etc.
When using multiple TP's the stoploss will moved to entry when TP1 is hit (at 1%), when TP2 is hit it will set the Stop loss to the TP1 setting. The Stop Loss will be set at 1% (TP setting of first TP) and will remain open with the 25% of the deal (as we close 50% at TP1 and 25% at TP2).
Average entry price - Stoploss will be placed at your current entry price once this Take Profit is filled.
Example: if this value is 2, when your second Take Profit is hit your stoploss will move to your average entry price.
You can set multiple stoploss percentage based on the percent of position size and stoploss percent.
