The BREAKEVEN instruction in ProBuilder language is used to manage trading risk by adjusting the stop loss or take profit levels to the entry price of a current position. This functionality is crucial for traders looking to protect their positions from turning a profit into a loss or to minimize losses in adverse market movements.

Definitions and Purpose:

• Set Stop Breakeven: This instruction adjusts the stop loss level to the entry price of the position once a specified profit has been achieved. It is used to secure profits by ensuring that a winning trade does not turn into a losing one.
• Set Target Breakeven: Similar to setting a stop loss, this instruction sets the take profit level to the entry price if the position moves into a specified loss. This helps in minimizing potential losses if the market moves unfavorably from the entry point.

Syntax:

Set Stop Breakeven
Set Target Breakeven

Examples:

Example 1: Set Stop Breakeven

if longonmarket then
    if high - tradeprice >= 10 * pointsize then
        set stop breakeven
    endif
endif

This example demonstrates how to set a stop loss to breakeven for a long position once the price has reached 10 points above the trade entry price.

Example 2: Set Target Breakeven

if longonmarket then
    if tradeprice - low >= 10 * pointsize then
        set target breakeven
    endif
endif

This example shows how to set a take profit to breakeven for a long position if the price drops 10 points below the trade entry price, aiming to minimize potential losses.

Additional Information:

Using the breakeven adjustments is a strategic decision in trade management that balances between locking in profits and allowing room for potential further gains. It is particularly useful in volatile markets where price swings can quickly turn profits into losses. The breakeven adjustments should be used in conjunction with a well-thought-out trading strategy and not as the sole method of risk management.