In most cases
Hi Henry,
Thanks for your message, which is perfectly clear.
In order to avoid any misunderstanding, I was not asking for any modification of this feature. I just wanted to understand, so that I could adapt. With my current trading style, as I target a 4-tick profit
before deduction of the commission, I have set today my automatic profit target exit order @ 3 ticks, and it works fine.
I kindly suggest that MultiCharts add your above explanation in the documentation, for instance by adding one sentence in
https://www.multicharts.com/trading-sof ... fit_Target
Thanks again,
Nicolas
Thanks for updating the documentation. I had the same problem and had to refer to the manual. It's certainly legally robust to base the profit target relative to the average entry price provided by the broker.
This is a problem however, because it is
impossible to
automatically set a one tick target if the broker reports back average entry price including commission. The one tick is always pushed to two ticks away from average entry price
before commission. Like Nicolas, and probably most traders, I envision a trade before factoring in commission.
The user is reduced to
manually move the target that is two ticks away from average entry price
before commission to one tick. A one tick target can be valuable because there is a high probability of it being hit and it can be used as part of a multi-target trading strategy as a first target to cover trading commissions.
Would MultiCharts consider handing back power to the user to manually deduct commission ($n per lot traded) first as the basis of calculating the profit target?