Step 6: Break-Even and Half Break Even

In terms of price action, break-even is the level at which the risk on the trade is zero. This means that if the trader chooses to close at that particular price, he neither wins nor loses. ESB does break even by moving Stoploss to open price. In Half-Break-Even the ESB reduces Stoploss to half.

But, when ESB does break or half break even an open position. This can be set by the “Mode” parameter. The ESB supports any type of break-even.

  • After Fixed Distance: if this mode is selected, ESB does BE or HBE after a fixed distance that is set by the “Fixed Distance” parameter. This parameter must be set in points.
  • By SL Ratio: In this case, ESB moves Stoploss after price moves in profit by a proportion of Stoploss. This proportion can be set by the “SL Ratio” parameter.
  • By TP Ratio: Like the previous one but by the proportion of Takeprofit. This proportion can be set by the “TP Ratio” parameter.
  • Offset: In breakeven, ESB moves Stoploss to the exactly open price. Offset sets the number of the points for the distance between open price and Stoploss. For example, if it is a buy position and offset is 19, then ESB moves Stoploss to 19 points higher than the open price. This helps to not lose even a few cents. If offset is set on -1, ESB automatically adds the spread and commission to find the offset. Offset accepts expression as well.
  • By Expressions: If BE and HBE of your plan operate in a different condition, set it using “Buy/Sell Expression“.  ESB checks these conditions and as they will be true, move the Stoploss on open price or reduce Stoploss to half of its origin.

The ESB can check conditions of BE and HBE per every candle or every tick. If you choose per candle as the value of “Checking Mode“, then set time frame of checking by “Checking Time Frame