I hope the feature for a trade distribution helps identify the extremes. Here is a screenshot, this is a poor performing strategy with no fixed SP or TP:

looking at the Equity Balance line, it's hard to tell where the extremes are. But in this view, it shows the trades fall along some kind of bell curve, and the extreme losses start around -30, instead of something like -60 (would not cut off enough) or -15 (would attract too many trades). Then, you see on the positive extremes, it got lucky and has a couple over 100.

Also, stops tend to attract trades; these are the trades that would have gone past the stop and turned around to go back positive and closed at a price better than the stop. It's hard to tell -- the stop should catch those that would  close worse than the stop amount, but not those that would close better than the stop.

It's a bit of trial-and-error to find the balance. The textbook says, the stop should be at the right level -- the stop should be wide enough to give a trade enough room to play out and become a winner, but catch and stop the trades that would run away and be a disaster. I suspect that point is somewhere around where the left tail flattens out. If it were a standard bell curve, I suppose that would be somewhere between 1.5 - 3 standard deviations. Since price data and thus trades probably have wider tails than a normal distribution, the "catch the disasters" might be a good idea because there are  several trades that go to the fat tails and go to extreme distances.

I don't know, but my rough guess is around -30, or -35 on my screenshot.

How it would fail -- if you place your stop somewhere, and you see a lot of the winners disappear. This probably means stop is too tight, not giving trades enough room to find their way higher.

But, have to add -- ultimately best to try out a few stops to experiment to see what really happens.

How do you display the trade distribution chart?