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How do I auto-update a take profit level to remain at a fixed amount from average e price?

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[2023-05-05 17:34:53] #1 [Go To First Post]
Ifrit - Posts: 51
Imagine the following scenario: I'm long 1 contract Take profit is set at 10 points Market retraces and hits a buy limit order, increasing the position size to 2 contracts net New average entry price is updated (lower than the first) I want to have my take profit remain at 10 points from my average entry point, instead of remaining where it was initially set. Example: Buy 1 contract @ 13000: Take profit 13010 Buy 1 contract @ 12990: Average entry price = 12995. Take profit should auto-update to 13005. Currently Take profit is still at 13010. I can't find anything in the forums. Date Time Of Last Edit: 2023-05-05 17:37:43

[2023-05-06 04:29:16] #2 [Go To First Post]
Sawtooth - Posts: 4261
How do I auto-update a take profit level to remain at a fixed amount from average e price? Move the Target with the Trade Management by Study study that references the Spreadsheet Formula study's formula output that references the Trading: Position Average Price study, and the Trading: Position Quantity study. Use a formula like this in the Spreadsheet Formula study's Formula field: =IF(AND(ID3.SG1<>0,ID4.SG1>0),ID3.SG1+10,IF(AND(ID3.SG1<>0,ID4.SG1<0),ID3.SG1-10,0)) where ID3 is the Trading: Position Average Price study, and ID4 is the Trading: Position Quantity study. Date Time Of Last Edit: 2023-05-06 04:30:13

[2023-05-06 12:45:52] #3 [Go To First Post]
Ifrit - Posts: 51
Thank you.

[2025-07-06 21:20:42] #4 [Go To First Post]
xeno - Posts: 1
Posting here because I have the same issue and can't seem to get it working no matter what I try. I've been trying to do what Sawtooth mentioned but everytime I try to open a position my position gets closed instantly. Any help for a newbie? Thanks in advance!

[2025-07-07 17:23:00] #6 [Go To First Post]
John - SC Support - Posts: 41464
Start by not using the Trade Management by Study and see if you continue to have the same issue with the trade being closed right away. If so, then there is something else occurring that you need to figure out. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing

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