If you believe there is an Upper or Lower barrier level, once broken, the market will move quickly further in that direction, you can use this strategy.
First select whether your view is Bullish (buy) or Bearish (sell). You can set an absolute barrier level by clicking “Absolute” button.
Alternatively, you can select “Use Offset”, and enter the “Offset from Market” if you believe the barrier is e.g. 40 points away from the market price.
The “Trigger Barrier” will rises and falls with the market price UNTIL you ADD the strategy.
Using either method to specify the “Trigger Barrier” will both achieve the same effect if the “Trigger Barrier” is the same.
“Ask User Before Send” box, if checked, will only play a “BEEP” sound when the market price reaches the barrier level. User has to click the “Click to Trade” button to actually place the Order.
The “Compare Only ONCE” box, if checked, will only compare the market price with the barrie price ONCE ONLY within the valid period specified.
It is used when you think the Barrier is only meaningful at the first moment of the valid period e.g. 1:00pm (when the market opens again after lunch). After that moment, you don’t want any trade triggered even if the market price reaches the barrier level.
Positive Quantity means BUY
Negative Quantity means SELL
i.e. for a Bullish Barrier, if price > Barrier, you can trigger a SELL (Quantity = -ve) order instead of the traditional BUY
similarly, for a Bearish Barrier, if Price < Barrier, you can trigger a BUY order (Quantity = +ve) instead of the traditional SELL. You need to very careful to change the quantity to -ve if you want to the traditional sell order in bearish barrier! See next Strategy: Ridge