Stops and limits are used to set the stop losses, take profits or trailing stops. They are used to control the exit behavior of a strategy.
A take profit is used to exit a trade if a profit target is met. A stop loss is used to limit losses when a threshold is reached (i.e. trade not going in the right direction).
To adjust the stops and limits use the “Add/Edit Stops And Limits” button located on the left hand side of the menu bar next to the period button.
Stop Loss, Stop Loss Trailing and Take Profit for both Long and Short side can be set. Long limits are set if the trade was entered using a long position (i.e. BUY).
Shorts are set for Sell positions. This flexibility is provided to accommodate different requirements.
For example short positions could have a more restrictive stop loss often because of the risk associated with them or sometimes certain setup requires different trailing stops depending on the side of the market being traded.
The limits can be set using percentages or absolute numbers. The types are modified using the drop downs next to each value.
Forex with absolute limits:
EURUSD with 1 pip stop loss, 1 pip trailing stop with 2 pip step and 10 pip take profit.
Stop loss: 0.0001, Stop Loss Trailing: 0.0001/0.0002, Take Profit: 0.001