Topic: Stop limit Volatility based
Hello Popov/members i'm looking for an exit rule which exits from a trade at a given SL and TP value (same as STOP LIMIT implemented in the software) proportionally at the changing of volatility.
When the market is bored the range bar is very low, but after an important news the volatility increases, hence a fixed value are not "true" for such conditions. I need a SL/TP rule which follows the changing in market condition.
I.E. today is NFP day! I usually trade with SL=10 and TP=20 on EU M5. After the news release the market will become a monster, so such fixed conditions don't reflect the new real market conditions. After NFP i think i must grow up SL and TP value at about 35 and 70..
Is there any way to anchor the SL and TP values with volatility?