Autopilot
Automated Trading
Market Exit Strategies
The Track 'n Trade Autopilot offers three different Stop order styles; points when trading futures, Pips when trading Forex, Bars, and Dollars. The same quantity field is used for each style, depending on your selection.
If you select Points, or Pips, then enter how many points or pips you would like Track 'n Trade to place your initial stop order behind the market.
If you choose Bars Back, then enter the number of price bars you want Track 'n Trade to count back, and place your initial stop order.
Notice that we also have a filter associated with the Bars Back selection. This filter tells Track 'n Trade to only advance an auto-trailing stop if the price bar makes a higher high, on a long position, or a lower low on a short position.
Example: If we are in a long position, and we've chosen to automatically trail the market with a five bar back stop, and the market makes three advancing bars, with higher highs, and then three bars where the highs are not consistently higher than the previous price bar, then Track 'n Trade would hold its position, without advancing the trailing stop.
Upon receiving a sixth price bar, with a higher high, Track ‘n Trade would then advance the auto trailing stop to the lowest point counting five price bars back.
If you choose Dollars back, enter the dollar amount you want Track ‘n Trade to calculate for the initial placement price of your stop order.