The Exit Methods section in the Scanner module settings allows traders to apply various sophisticated exit strategies to trades triggered by the scanner. By leveraging these exit methods, traders can better manage their trades and optimize their exit points based on a variety of market conditions and technical indicators.

Available Exit Methods

• ATR Trailing Stop

  • Adjusts the stop loss based on market volatility, measured by the Average True Range (ATR).
  • Ensures the stop loss level trails the price as it moves favorably, protecting gains while accounting for market volatility.

• Average Candle Size

  • Sets exit triggers based on the average size of recent candlesticks.
  • Useful for exiting trades when there are significant changes in market volatility, indicated by larger than average candlestick sizes.

• Breakeven Exit Method

  • Automatically closes a position once it reaches a breakeven point.
  • Helps to secure the initial investment by exiting the trade when the price retraces to the entry level after moving favorably.

• Chandelier Stop

  • Sets dynamic stop-loss levels based on market volatility using ATR.
  • Adjusts the stop loss level in accordance with the highest high or lowest low of the price movement, providing a ratchet effect to lock in profits.

• Close After X Bars

  • Closes the position after a predetermined number of bars have elapsed.
  • Allows traders to exit trades based on time rather than price movements.

• Close at Date Time

  • Automatically closes a trade at a specific calendar date and time.
  • Useful for aligning exits with specific events or to avoid holding positions through periods of expected volatility.

• Close at the End of Specified Day

  • Closes the position at the close of trading on a specified day.
  • Helps traders to avoid overnight or weekend risk by exiting positions before the market closes.

• Exit at Time

  • Specifies an exact time for exiting a position, independent of the date.
  • Ideal for intra-day trading strategies that require precise timing for exits.

• Stop Loss

  • Closes a trade once the market reaches a predetermined loss threshold.
  • A fundamental risk management tool to prevent significant losses on a trade.

• Take Profit

  • Exits a position once the market reaches a predetermined profit target.
  • Ensures that gains are locked in at optimal points as defined by the trader’s strategy.

• Trailing Stop

  • Adjusts the stop loss level as the market moves in favor of a position.
  • Helps to maximize profits by keeping the position open as long as the trend continues positively, while limiting losses when the trend reverses.

• Volatility Stop

  • Uses ATR to set protective stops that adapt to market volatility.
  • Provides a flexible stop-loss mechanism that adjusts according to the current level of market volatility.

These exit methods enhance the capabilities of the Scanner module by providing advanced trade management options. Traders can select and configure these methods in the settings to ensure their trades are managed according to their specific strategies and risk preferences.

For more information about Exit Methods, please visit FinStudio Exit Methods.