The Profit Exit function fnChannelExit  exits on a high or low in the last N bars.


The fnChannelExit function is based on the lowest (or highest) price seen in the last N periods, or in the channel period.  

For instance, if a system based on 1-hour charts uses a channel period of 24, the lowest (or highest) price seen in the last 24 periods (or bars, or hours) is set as the stoploss.



After the fnChannelExit function has been added to a Drawing, it is configured by clicking the (+) button along the bottom of the Element.

The Function Configuration window allows you to select values for each parameter.



The following table provides information about each parameter of the fnChannelExit function.


Order Selection

Determines what orders of the Account are monitored.

  • All: all open orders on the account.
  • Symbol: only open orders matching the selected symbol.
  • Order Type: only open orders of the selected order type.
  • MagicNumber: only open orders with a matching magicnumber.
  • Exact Ticket: only open orders with the matching order ticket.

Note: Selecting Exact Ticket disables all other selection criteria.

startBar

The bar at which the channel begins

endBar

The bar at which the channel ends

channelType

The type of value to use: HIGH or LOW