How to use Filters & Custom Formulas for Exit Orders

To use Trade Ideas Filters and Custom Formulas for Exit Orders, right-click in the Strategies Tab of Brokerage Plus and choose New/Edit Trading Strategy. Then, head to the Risk Management Section.

Risk Management Tab

Here, you’ll have the option to choose a Stop Loss or Trailing Stop and a Target.

Your options are to define your Stop and Target in Dollars, in Percent, or with the help of a Filter.

Trade Ideas does not hold any orders, all orders are immediately sent to the brokerage. For this reason, orders cannot be based on a value that requires constant monitoring and recalculation like a moving average or a bar stop.

Filter as Stop Loss

When using a Filter or Custom Formula as a Stop Loss, please note the following:

The calculation needs to result in a static Dollar/Percent Value

The filter value will be subtracted from the Price for Long Trades

Stop Loss = Price - Filter

The filter value will be added to the Price for Short Trades

Stop Loss = Price + Filter

Filter as Target

When using a Filter or Custom Formula as a Target, please note the following:

The calculation needs to result in a static Dollar/Percent Value

The filter value will be added to the Price for Long Trades:

Target = Price + Filter

The filter value will be subtracted from the Price for Short Trades:

Target = Price - Filter

Overview Use of Filters in Orders

As Entry Orders (Limit/Stop Limit)

As Exit Orders (Stop Loss/Target/Trailing Stop)