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EmoGuardian’s Advanced tab also allows you to automatically add a stop loss (SL) to positions that do not have a SL already.

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Setting and automatic SL

There are two options to do so, the first one sets a stop loss in number of pips from the position’s entry price, the second one adds a stop loss in percentage of the account balance. Since there is no universally accepted definition of a pip, I will adopt the following definition:
  • FOREX PAIRS that do not include JPY, we define as pip the 4th decimal value. A change in EUR/USD from 1.12003 to 1.12403 would be a change of 40 pips. A change in USD/CAD from 1.34305 to 1.34375 would be a change of 7 pips.
  • FOREX PAIRS that include JPY, we define pip as the 2nd decimal value. A change in USD/JPY to 147.856 to 147.976 would be a change of 12 pips and a change from 147.903 to 148.903 would be a change of 100 pips.
  • For All other symbols (including indexes and commodities) the change would be the 4th decimal in case the symbols have 4 decimal values or more. In case the symbol has less than 4 decimal values it’s the last decimal value. A change in USOIL.cash from 77.504 to 77.704 would be a change of 200 pips. A change in Vowg_p from 114.64 to 114.87 would be a change of 23 pips.
The SL calculation will consider market spread and potential minimum requirement of stop level for each symbol. Since there might be multiple reasons that might prevent the successful insertion of a stop loss to a position, EmoGuardian will make only 5 attempts to place the stop loss, after which the SL will not be placed. This is done in order to avoid saturating the broker servers with multiple queries in case adding the SL is not possible.