The stop loss and breakeven are configured through two different elements. On one hand, we will configure the stop-loss through a loss element, indicating if one order loses more than X point the order will close.
However, the breakeven is an element where the condition will be given if:
- An order reaches a level of objective points
- The price returns to the entry order price.
If those conditions are met, the element will give the signal. Normally it will be sued as an exit rule, that movement will cause the closure of the order.
The breakeven configuration is very simple. We will simply define the points to reach to activate the breakeven.
By default, the break-even assures that the order does not lose if it returns to the entry price, but that exit point can be linked to a benefit level. For doing this, we select in the second parameter the benefit points that we want to assign (by default it will be 0).
Two important points:
- If we want break-even to be sharp with the exit level, we should configure a rule so that the reading is at the tick, and not at the candle closure.
- The breakeven will not cover the losses if you do not reach the objective points, due to that it is recommendable having another rule to manage the maximum amount of loss.
