Objective: To adjust a fixed stop loss order to a trailing stop based on a price target
For example, lets say I take a long position. I take the position, set the stop loss. Once the trade is far enough in profit and hits a value i specify, i would like to adjust that stop loss order to become a trailing stop order with a particular trailing value. Is this at all possible? There is no precoded existing solution from my understanding so this has to be manually coded.
A friend of mine is developing our strategy and he has been having trouble trying to develop this. Is anyone aware of an existing solution? I did a forum search and didnt find anything that works.
Appreciate any answers and responses. Thanks for your time
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