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Break-Even Stop Mechanism | JedeyeForex

Break-Even Stop Mechanism

JedeyeFX Documentation


Break-Even Stop Mechanism

JedeyeFX allows you to easily add a Break-Even Stop to your strategy. If you don't know what Break-Even Stop does, it allows JedeyeFX to set the Stop Loss of any open position to their corresponding opening price when a certain distance, measured in pips, from the opening position is reached. Thus, when this strategy is activated on a open position, it means that if trend goes against it, no loss will result from it since it will be closed as soon as market price reaches the position opening price. Note that sometimes JedeyeFX puts the stop loss one pip above (for buy orders) or below (for sell orders) the opening price in order to ensure minimal to null losses.

In order to activate this strategy, just add the following configuration to the Stop Loss Setup   input. If you already have some configuration set in that input, just add these commands to the end of it always preceeded by a comma (,). Keep in mind that Break-Even Stop parameters should be separated by a semicolon (;). For complete syntax information check the table below.
Parameters BE Keyword which activates Break-Even Stop strategy. It must be written as specified, that is BE.
min_distance_value Minimum positive distance from the position opening price that must be reached in order to that position's Stop Loss be moved or set to its opening price. 

This parameter is optional and tells JedeyeFX to ignore orders that does not have Stop Loss set. Only TRUE or FALSE keywords are accepted.
Example manual,50,BE;30
This condition sets JedeyeFX to set orders opening Stop Loss to 50 pips and to activate Break-Even Stop strategy on all orders when a positive distance of 30 pips from the opening price is reached, thus moving their Stop Loss to their opening price.
Unlike the previous example, this one does not tell JedeyeFX to set Stop Loss on orders when they are opened, but tells it to activate Break-Even Stop strategy on any order that you manually set its Stop Loss. Pay attention to the last parameter, which matches the Skip Stop Loss Less Orders one, and since it is set to TRUE, it means that orders with no Stop Loss set will be ignored therefore no Break-Even Stop strategy will be activated on them.

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