I am looking to develop or use an existing strategy/tool that will allow me to make order changes based on last FX price. I understand that IB offers and adjusted Stop order with a trigger amount. However, i want to continuously set new triggers and keep moving the stop up based on last trade price.
Eg..
enter the market with:
100,000 USD/CAD long position @ $1.25500
I want to be able to place the following:
Initial Stop loss order @ 1.25250
Trigger that at 1.25700 my stop loss moves up to 1.25600
Then...
As the price goes up from 1.25700 each pip over will move the stop loss up by the same amount.
Anyone develop this or can point me in a direction where i can build this using UI tools or light coding?
Thanks,
Rafael
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