I’m a bit confused regarding STOP LOSS on IG markets using GUARANTEED stop loss.
Question 1)
Once ProOrder is activated you can chose if you want to implement guaranteed stops. Is it possible to change the hard-coded guaranteed stop loss defined at the time of the trade and later time change this to a guaranteed trailing stop loss? Trailing guaranteed stops are not available on IG.com WebTrader. Does it work with PRT?
Example:
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IFBuyConditionTHEN
BUY1CONTRACTATMARKET
SET STOPLOSSvalueX
ENDIF
IFCLOSE-TRADEPRICE>ValueX*1.5THEN
SET STOPTRAILINGValueX*1.5
ENDIF
Question 2)
On IG.com Webtrader you can not have a stop order between your guaranteed stop loss and the current trade. How does this work with IG markets if I already have a guaranteed stop loss as per example below? Will the SELL order replace the guaranteed stop?
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IFBuyConditionTHEN
BUY1CONTRACTATMARKET
SET STOPLOSSvalueX
ENDIF
IFCLOSE-TRADEPRICE>ValueX*1.5THEN
SELLATValueX*1.5STOP
ENDIF
Question 3
What happens if I issue a guaranteed stop using command SET STOP LOSS or SELL AT XX STOP and the minimum distance is not met due to sudden increased volatility? Will the system set a guaranteed level at the minimum allowed distance from the trade or will the ProOrder exit? If it exits, depending on my settings, I understand it will either leave my trade active without stop or it will terminate it immediately after entering the trade at an immediate loss?
Bump – anyone who knows how this works? Its quite important basics in how PRT and IG works, but maybe everyone else has understood how this works? If so, can you let me know where I can find the information?
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