Help CenterWhat is an SL&TP calculator?
The SL&TP calculator in TradeLocker is a powerful tool designed to enhance your trading experience with PROP365. It provides increased flexibility and precision when setting Stop Loss (SL) and Take Profit (TP) values, helping traders using PROP365-funded accounts manage their risk effectively.
This feature allows PROP365 traders to maintain better control over their trades, automate SL&TP settings, and improve overall trading performance.
This guide explains how to use the SL&TP calculator when trading on TradeLocker via PROP365.
How to use the SL&TP calculator?
Step 1: Select the desired instrument pair.
Choose one of all tradable assets available on TradeLocker through your PROP365 account.
Step 2: Specify the order amount
Define your order size based on one of the following methods:
Order Amount in Lots
This method allows you to set your trade size in terms of lots. For example, selecting 0.01 lots means you’re trading 0.01 units of the instrument pair.
Note: Additional trade size input options will be available soon, providing more ways to specify your order amount.
Step 3: Set your SL&TP values
Click the arrow in the top-right corner of the panel to access the full SL&TP calculator.
With the expanded panel, you can set Stop Loss and Take Profit values using various formats:
1. Setting SL&TP in $
Input your target profit and loss in terms of currency. For example, if you want to take profit at $50 and set a stop loss at $20, enter these values directly.
2. Setting SL&TP in relative ticks value
Define SL&TP based on market movement rather than absolute price. For instance, setting a 10-tick SL means the trade will close if the price moves 10 ticks against your position.
3. Setting SL&TP in % of the account balance
Choose a percentage of your current PROP365 account balance to set as your risk level. For example, with a $10,000 balance, setting a 1% SL means your trade will close if you lose $100.
4. Setting SL&TP in the absolute market price
Use specific market price levels to set your SL&TP, a traditional and widely used method.
Step 4: Visualize and adjust on the chart
Before executing your trade, preview the SL&TP placement directly on the chart. Adjust as needed to align with your risk management strategy on your PROP365 account.
Step 5: Execute your trade
Once satisfied with your settings, click the Buy or Sell button to place your trade. Continue monitoring your position and adjust SL&TP as needed using the calculator.
The SL&TP calculator helps PROP365 traders make informed decisions in multiple ways. Whether thinking in dollars, market movement, percentage risk, or absolute price levels, this tool simplifies risk management, ensuring you stay in control of your trading journey with PROP365.
Now, check out our next guide on how to calculate risk when trading on TradeLocker with PROP365 to refine your trading strategy.