SFX Algo Take Profit & Stop Loss Levels
The SFX Algo has three methods to choose from for take-profit areas and four methods for stop-loss areas.
Take Profit / Stop Loss Methods
Key Levels
The Key Levels method uses pivot points to set take profit and stop-loss levels. The TP and SL levels are shown when a new signal is generated. They will only be shown ahead of time when using the ‘Key Levels’ method. Otherwise, TP and SL will appear in real time when they are reached.
If you don’t want to see these levels ahead of time, you can disable the ‘Show TP & SL Levels’ setting.
Volatility Bands
This TP/SL method uses the Volatility Bands overlay to set dynamic TP and SL levels. These levels are not predetermined so they will not be shown in advance when a signal is generated. If a take-profit level is reached, a blue x will be plotted on your chart. If the stop-loss is triggered, a red circle will be plotted on your chart.
Signal Rating
Sets take profit and stop-loss levels based on changes in a signal's rating strength.
Auto Stop-Loss
The auto method can only be applied to the SL. The auto method allows the algorithm to detect SL automatically when a momentum shift is detected. You can adjust the risk tolerance of the Auto SL by adjusting the ‘Auto Risk Tolerance’ setting. You can choose between Low, Medium, and High. A high-risk tolerance will result in stop losses being triggered less often.
TP & SL Settings
Show TP & SL Levels
Displays TP and SL levels directly on the chart for better visualization. These levels are only displayed when using the key levels method for TP/SL.
Extend All TP & SL Lines
Extends the TP and SL lines across the chart. This setting only works when using the key levels method for TP/SL.
Re-Entry After SL
Allows the algorithm to generate a re-entry signal if conditions align after a stop-loss has been triggered.
Exit After SL
Candle coloring will not be affected after a signal's stop-loss is hit. By default, this is turned off.
TP 1, TP 2, TP 3
Displays individual take-profit levels, letting you customize which levels are shown.
SL: Displays when a stop-loss is triggered.
Take Profit Displays
When multiple TP levels are reached within the same candlestick, only one label will be plotted with text indicating how many take-profit levels were reached. This could be “2x TP” or “3x TP”.
