Hans Posted May 9, 2023 Report Share Posted May 9, 2023 (edited) Hi, I am trying to create a hotkey to allow me entering a position, and place a bracket order with a stop loss and one partial take profit order. I'd like to use a single hotkey to accomplish something like this: Enter a long position at default quantity Place bracket order with stop loss (100% of position quantity at minus 2% of entry price) and limit take profit (say 25% of position quantity at +4% of entry price). Once the take profit executes, the stop loss of this OCA order is cancelled so I'd like the system to automatically place a new stop loss order for the remaining quantity of the position, at either the same distance from my entry price as the original stop loss, or at breakeven. Basically the idea is to let the position run and close it manually, but ensure that some profit is captured automatically to compensate for some of the initial risk and free up some buying power for the next trade. Is there a way achieve this in MT? Thanks HANS Edited May 9, 2023 by Hans Quote Link to comment Share on other sites More sharing options...
Jerry Medved Posted May 9, 2023 Report Share Posted May 9, 2023 both legs of the OCA have to be same quantity Quote Link to comment Share on other sites More sharing options...
Hans Posted May 9, 2023 Author Report Share Posted May 9, 2023 isn't there another way? lets assume instead of OCA I am using a single, normal stop loss order (without take profit). Is there a way in MT to automatically trigger a partial take profit once my trade reaches a certain % gain? it would need to do: cancel existing stop loss take 25% profit place new stop loss for remaining QTY Quote Link to comment Share on other sites More sharing options...
Jerry Medved Posted May 9, 2023 Report Share Posted May 9, 2023 with most brokers you cannot have 2 sell orders that total more than the number of shares in your position unless you are using an OCA. OCA order is the only way to automatically handle the quantity changes (assuming the broker does that). Quote Link to comment Share on other sites More sharing options...
Hans Posted May 9, 2023 Author Report Share Posted May 9, 2023 since both legs of the OCA have to be the same quantity, can I split the OCA order in two OCA parts say 25% and 75% of the position? that would allow me to define different take profit levels and get close enough to what I am trying to do. Example Entry Long Default QTY OCA1 Bracket 25% of position QTY - Stop Loss -2% and take profit +4% OCA2 Bracket 75% of position QTY - Stop Loss -2% and take profit +8% I am trying to understand how to set this up in the hotkey editor and will appreciate some guidance. Thanks Hans Quote Link to comment Share on other sites More sharing options...
Jerry Medved Posted May 9, 2023 Report Share Posted May 9, 2023 sure. Your situation can be handled but only if the entry is a MARKET order, at least if you want it all in one hotkey. You can do a hotkey with ORDER: entry order (market) delay - lets say 2 or 3 seconds ORDER: SELL OCA 1 ORDER: SELL OCA 2 all 4 parts (including the delay) can be handled by the hotkey Quote Link to comment Share on other sites More sharing options...
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