How does brackets management work?
Brackets Management allows modification of Stop Loss and Take Profit orders automatically.
Here is what gets modified when this mode is on:
- Bracket orders are automatically cancelled if the position is closed or reversed.
- Bracket orders are automatically modified when the quantity of the main position changes.
- Older bracket orders are automatically cancelled. Quantities in new bracket orders are automatically adjusted. Here is how it works: Let’s assume that we have a position with bracket orders. An order with SL and TP gets executed. The old bracket orders are cancelled and the quantity in new SL and TP orders is adjusted according to the quantity in the position itself.
When the Brackets Management checkbox is unselected each trade can have its own TP and SL orders. Bear in mind that they’d have to be managed manually.
We’ve added notifications for the sake of convenience. Keep an eye on them, as they help you stay informed of the recent changes.
It’s worth mentioning that if a position has several SL and TP orders (this can be done through another platform or TradingView when Brackets Management box is unchecked) then ticking the box won’t change the orders. They won’t be cancelled or grouped together. However, bracket management will be turned off for a symbol that has such a position until only 1 pair of SL and TP orders is left. Our notifications will inform you about this.
Also note that if Brackets Management is on and if there is a position with SL and TP orders and user places a bracket order that gets executed, then SL and TP correction (cancellation of old ones / modification of new ones) will only happen in the event that price is at least 10 ticks away from all orders. You should be informed about this through our notifications as well.