Discuss Stop-Out Line (an indicator that calculates and displays the currently projected stop-out price) for MT4/MT5/cTrader in this thread. You can ask any questions about this indicator here.
I have recently used your indicator, and I want to thank you for your excellent work!
I have some optimization suggestions, and I hope you can adopt them:
1. Add an option switch for open orders and all order types (including pending orders：Buy Limit，Buy Stop，Sell Limit，Sell Stop), allowing users to choose whether to calculate only open orders or all orders (including pending orders);
2. Add a selection switch for the current chart symbol and all symbols (if trading multiple symbols simultaneously), allowing users to choose whether to calculate based on the current chart symbol or all symbols.
Thank you again for your efforts! If this modification can be made, I believe this will be a very perfect tool indicator.
I have some optimization suggestions, and I hope you can adopt them:
1. Add an option switch for open orders and all order types (including pending orders：Buy Limit，Buy Stop，Sell Limit，Sell Stop), allowing users to choose whether to calculate only open orders or all orders (including pending orders);
2. Add a selection switch for the current chart symbol and all symbols (if trading multiple symbols simultaneously), allowing users to choose whether to calculate based on the current chart symbol or all symbols.
Thank you again for your efforts! If this modification can be made, I believe this will be a very perfect tool indicator.
I don't think there is a good way to incorporate pending orders here because it's impossible to know what pass the price will take.
Not sure what you mean here. The line is going to be shown only on the current chart. It can calculate it based on the price of the current chart. It's impossible to show the stop-out price of some other symbol on the current chart.
Sorry, my second suggestion does go against basic logic.
However, regarding the calculation of pending orders in the first suggestion, I believe it is feasible.
For example:
The current price is 1000. Assuming the direction is bullish, there is a buy open order price of 980, a Buy Limit price of 990, and a Sell Stop price of 950. The calculation logic is as follows:
When the all order calculation button is activated, the horizontal line price of StopOutLine is calculated assuming all pending orders are completed. That is to say, all open orders (Buy 980) and pending orders (Buy 990, Sell 950) are considered as open orders for calculation, and the final StopOutLine horizontal price line is obtained.
Because when we make trading plans, we often need to deploy better positioned co directional pending orders (Buy Limit or Sell Limit) and reverse defensive orders (such as Sell Stop or Buy Stop) simultaneously. The advantage of doing so is that it allows traders to evaluate whether the existing position plan based on the existing margin premise is reasonable. This is just too important.
However, regarding the calculation of pending orders in the first suggestion, I believe it is feasible.
For example:
The current price is 1000. Assuming the direction is bullish, there is a buy open order price of 980, a Buy Limit price of 990, and a Sell Stop price of 950. The calculation logic is as follows:
When the all order calculation button is activated, the horizontal line price of StopOutLine is calculated assuming all pending orders are completed. That is to say, all open orders (Buy 980) and pending orders (Buy 990, Sell 950) are considered as open orders for calculation, and the final StopOutLine horizontal price line is obtained.
Because when we make trading plans, we often need to deploy better positioned co directional pending orders (Buy Limit or Sell Limit) and reverse defensive orders (such as Sell Stop or Buy Stop) simultaneously. The advantage of doing so is that it allows traders to evaluate whether the existing position plan based on the existing margin premise is reasonable. This is just too important.
Last edited:
Yes, but what if we have also a pending order at 1010? Do we assume it's triggered or not? What if have a Sell Stop at 995 that will be large enough to turn our net position into a Sell (thus reversing direction of stop-out price's location)? And that's before we even started considering SL and TP orders...
The problem with SO is that you cannot predict the way the price gets to some other point and, in fact, all paths are possible, resulting in a very large number of possibilities. With the Risk Calculator, we can use an heuristic approach because we "optimize" for max loss. With stop-out, it isn't possible - all possibilities would have to be calculated and compared, which is practically impossible.
Thank you for your reply!
In fact, it is difficult for us to have fully composite indicators for all scenarios, and all indicators should have usage conditions. There is only one solution: only calculate the scenarios under normal trading actual demand, stop working on indicators beyond the range, and provide a prompt.
Our core requirement is to assess risks, and scenarios that are not closely related to risks can be ignored.
In the case, we assume that the direction is bullish. Under normal circumstances:
1.If there is a pending order at 1010, it should be a Buy stop. This is a forward order and will only be triggered when the price is moving in our favor. When it is triggered, it will become an open order and will be automatically included in the calculation. Therefore, we do not need to calculate it before it is triggered, as it will not temporarily become our risk factor, and pending orders such as Sell Stop will only be triggered when the price is moving in a direction that is unfavorable to us. Therefore, it is closely related to risk and should be calculated in advance.
2. If there is a sell stop order at 9050, it is a defensive pending order and our position size is usually less than or equal to the overall position of the buy order, rather than exceeding it.
In short, our expectation for this indicator is to assess the risk in advance and adjust the position size of orders at various price levels in the trading plan to ensure that the account will not be liquidated. Based on such requirements, we can completely ignore scenarios that do not align with our original design intent.
Of course, last night's programming was rigorous and required consideration of all possible scenarios. However, we can set the possibility of exceeding our core logic as an over limit reminder and stop the indicator work until we readjust the position settings and resume indicator operation.
I hope you understand what I mean, thank you for your efforts! You are really great!