Open Two Pending Orders trading Auto Trader is a VertexFX client side Trading Robot that provides functionality to manage breakout trading systems.
Open Two Pending Orders Auto Trader is a semi-automated trading robot that provides the trader with the flexibility of placing BUY-STOP and SELL-STOP orders with the OCO mechanism. In One-Cancels-Other (OCO) mechanism, either pending order is triggered or the other order is cancelled.
When the Auto Trader is attached to the chart, it places a BUY-STOP and a SELL-STOP order at a distance of PIPS_AWAY points from the current Ask and Bid price respectively. The lot-size of the pending order is calculated based on the DYNAMIC_LOT_SIZE which specifies whether to use dynamic lot size, calculated based on the EQUITY_PERCENT and STOP_LOSS.The EQUITY_PERCENT of the Account Equity is suffered with the maximum loss in case where STOP_LOSS hits.
When either the BUY-STOP or the SELL-STOP order is triggered, the trading robot enters into the One-Cancels-Other (OCO) mode. If the BUY-STOP order is triggered then the SELL-STOP order is cancelled (deleted), and vice-versa happens if SELL-STOP order is triggered.
The position of the active trade is closed at stop loss specified by the STOP_LOSS, or when the profit target specified by TAKE_PROFIT is achievedor when a (any) position is profitable, the trailing stop specified by TRAILING_STOP is employed.
The Auto Trader continuously tracks the profit of the open trade, and engages the trailing stop mechanism when it has reached the specified profit.
Open Two Pending Orders Trading Robot does not use any technical indicators. If a position is already open, or pending orders exist, then the robot does not place new entry orders. Hence, there can be at most two pending orders (one BUY-STOP and SELL-STOP each) or one open position (either BUY or SELL).