Set Target Loss

The Set Target Loss instruction in ProBuilder language is designed to help traders manage risk by setting a predefined exit point for a trade to limit potential losses. This feature is particularly useful in strategies where maintaining strict risk control is essential.

Syntax:

SET TARGET PPROFIT X value
SET TARGET %PROFIT X value
SET TARGET $PROFIT X value
SET TARGET PROFIT X value

This command can be used to specify a loss target in various units:

• PLOSS – Points loss below the entry price for a buy order or above for a sell order.
• %LOSS – Percentage loss relative to the entry price.
• $LOSS – Monetary loss in terms of the account’s base currency.
• LOSS – Price units distance below the entry price for a buy order or above for a sell order.

Example:

SET TARGET PLOSS 10

This example sets the target loss to 10 points below the entry price for a buy order. If the trade moves against the position by 10 points, the position will be closed to prevent further loss.

Additional Information:

Using the Set Target Loss instruction effectively requires understanding the typical volatility and price movements of the traded instrument. Setting too tight a loss target might lead to premature trade exits, while too wide a target could result in higher losses. It is crucial to balance the target setting based on historical data and personal risk tolerance.