There are multiple TP and SL types in Order Manager. What is the difference between them?
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Yes sir, this is a very common confusion because the Target and Stop Loss settings provide multiple methods to manage exits.
Let’s understand them one by one.
1. LTP Based
In LTP mode, you directly enter a price value.
When the Last Traded Price (LTP) reaches the value you have configured, AlgoDelta will automatically square off the position.
Example:
-Target LTP = 250
When the price reaches 250, the position will be exited.
-Stop Loss LTP = 200
When the price falls to 200, the position will be exited.
2. Candle Based
In Candle mode, two fields will appear:
-Timeframe
-Value
You can select a timeframe such as 1 Minute, 3 Minute, 5 Minute, 10 Minute, 15 Minute, etc.
AlgoDelta checks the candle close price of the selected timeframe.
Example:
-Timeframe = 1 Minute
-Stop Loss Value = 70
If a 1-minute candle closes at or below 70, the position will be exited.
Similarly, if you configure a Candle-based Target, the position will be exited when the candle close reaches the target value.
3. Percentage Based
In Percentage mode, you enter a percentage value instead of a price.
The Target or Stop Loss is calculated based on the entry price of the position.
Example:
-Stop Loss = 5%
If the position moves 5% against your entry price, the position will be exited.
-Target = 10%
If the position moves 10% in your favour, the position will be exited.
4.Points Based
In Points mode, you enter the number of points from the entry price.
Example:
-Stop Loss = 50 Points
If the price moves 50 points against your entry, the position will be exited.
-Target = 100 Points
If the price moves 100 points in your favour, the position will be exited.
So, in simple terms:
-LTP → Exit at an exact price.
-Candle → Exit based on candle closing price.
-Percentage → Exit based on percentage movement from entry.
-Points → Exit based on point movement from entry.
You can choose whichever method best matches your trading style and risk management requirements.
