Hello,
I am looking for a program to aid in my order entries and I figured this would be a good place to start.
In short, I'd like to have an If Then order statement.
As in if price reaches X, then open a Pending Order Y. This is to aid in a hedging strategy that I run manually.
I will explain a scenario.
EURUSD is trading at 1.00. I open a market order long.
If EURUSD falls to Price X while my order is open, then place a pending (sell or buy) order at Price Y.
Is this something that is possible or is there something out there that already exists? I've attached a picture to help illustrate.
Any and all feedback is much appreciated.
Thank you