Use Kill Switch
The Kill Switch will help you exit a trade when a Daily Total PNL is reached. Realized + Unrealized.
Once your Daily Total PNL reaches your define Profit or Loss limit, the Predator will send out a MARKET order to exit your position immediately. It will also prevent further Auto Entries from taking place until your daily PNL is reset at the start of a new day.
Note that Market orders are used to exit quickly. However, they do Not have a guaranteed fill price. This means that your final PNL can be above or below your Kill switch limit by the time the trade actually closes.
PNL Kill Switch Setup:
You will receive the alert shown on the left once your Kill Switch has been activated.
You will have to disable and Re-enable the Strategy in order to continue trading or wait until the start of a new day.
An additional option within your Kill Switch is to use the KS Drawdown Trail. This option will start trailing your Kill Switch after your PNL reaches the Profit Limit amount.
For Example:
As shown above we have a Drawdown set at $100, this means that when our $500 Profit is reached it will activate the drawdown.
Once your PNL retraces by $100 from the Highest PNL point, then your Kill Switch will be activated.
Example:
⤷ Profit Kill switch is set to $500 and Drawdown of $100.
⤷ Highest profit recorded was $700
⤷ Once the price retraces and your PNL comes back down to $600, it will submit a market order and take you out of your position.
This can allow your strategy to gain even more profit. However, you will be risking a pullback and could end up giving back profit.
