The Take profit + Stop loss indicator is built around The Matrix strategy, it is not suitable for anything else! *Use it only on 4h charts*
How to use it: - when a setup from The Matrix is ready, set the date and hour when that setup happened - set the entry price - set the targets (you can use the default ones) - for conservative trading, check the "Use only one TP?" box - set alert messages for every event
When the price reached the first TP, the stop loss will automatically be moved at entry price, yellow line (entry price) become red(stop loss).
The indicator can be set to have 3 take profits (it takes longer to finish a trade, the reward is greater, but also the risk is bigger), or the conservative way, with only one take profit.
The Take profit + Stop loss indicator uses 3 different stop losses in cascade, multiple algorithms and MTF to calculate them and calculate the starting point, from where the targets are calculated.
Scenario 1: The price have a setup for continuing the trade, the price touches 1st TP, SL is moved to the entry price, the price reaches all targets => the trade is closed.
Scenario 2: The price have a setup for continuing the trade, the price touches 1st TP, SL is moved to the entry price, the price fail to touch the other TPs and SL is triggered.
Scenario 3: The price does not have a setup for continuing the trade, the SL is triggered.
Scenario 4 (conservative trading): The price have a setup for continuing the trade, the price touches 1st TP => the trade is closed.
For invites, more details and questions, you can send us a private message.