The Configuration tab can be accessed by selecting the Tools main menu followed by the Setup Escort menu item.
Within the Configuration tab you can define fully functional trading setups with just a click.
The Entry Escorts section consists of the four following sectors:
Added automatically after activation:
1. Through available Escorts within AgenaTrader
2. Conditions: Stops and targets defined within the Condition Escort (en)
3. Scripted Conditions: Self-programmed signals.
Manually created setups:
4. Manually created setups by users.
Using the New manual setup button you can create a new setup. New entry setups may not be recognized by the Analyzer Escort and are primarily designed to be discretionary ("Manual Mode") setups.
A setup is always based on the Entry Escort's entry signal.
By selecting the necessary options from the drop-down boxes you can create fully functional setups with:
- Initial Stop Escort
- HardTrail Stop Escort
- SoftTrail Stop Escort
- Target Escort
IMPORTANT NOTE. The calculation of the SoftTrail Stop as well as move of the HardTrail Stop takes place only during the trading hours. If the market is closed, then this function will unavailable.Stop as well as move of the HardTrail Stop takes place only during the trading hours. If the market is closed, then this function will unavailable.SoftTrail Stop as well as move of the HardTrail Stop takes place only during the trading hours. If the market is closed, then this function will unavailable.Stop as well as move of the HardTrail Stop takes place only during the trading hours. If the market is closed, then this function will unavailable.
A stop setup consists of three types of stops:
- Initial Stop Escort:
- Pertains to the stop strategy that is offered for the setup.
- As long as no positions are opened, the initial stop can be shifted in any direction.
- Each change in distance between stop and entry price will lead to the risk parameter being adjusted correspondingly (e.g. calculation of the order size).
Even if you have already started a strategy, you can shift the stop order in the direction of higher risk. After widening the distance between stop and entry price, the following popup will appear:
This protects you from undesired circumstances in case the stop order was shifted accidentally.
- HardTrail Stop Escort:
- The HardTrail stop is always associated with the actual StopOrder as soon as the position has been opened. Meaning: once the HardTrail stop level is crossed, the entire position will be closed.
- The starting point of the HardTrail StopEscorts is always the initial stop. Meaning: If the HardTrail stop is located further from the current market price than the initial stop, then the HardTrail stop will only be activated after reaching the initial stop. IMPORTANT NOTE! Some brokers charge a fee for changing/modifying the orders. If this is the case, we recommend you use a stop that rarely changes, such as Pivot StopEscort. Please see the Setup Escort: Parameters tab section for further information.
- The HardTrail Stop Escort can be modified at any time during the trade by doing one of the following:
- clicking on the red "X" of the trading bar, changing the position and then confirming this with the green check mark or
- or changing this within the Order Escort.
- SoftTrail Stop Escort:
- The SoftTrail stop is a specific type of stop that is not activated immediately after the stop marker has been crossed.
- This stop remains passive and is only activated once the closing price crosses the current stop marker (for example SMA).
- After this, the HardTrail stop will be placed below the low (or above the high) of the bar that has activated the SoftTrail.
The SoftTrail Stop Escort may be replaced or modified at any time during the trade.
IMPORTANT NOTE. SoftTrail stop is not able to be automatically reset. It means that in a long trade SoftTrail can only move to higher prices, even if you change the SoftTrail in Order Escort and the new SoftTrail Sopt should sit at a lower price. However there is a possibility to reset SoftTrail manually. To manage this please activate the "Stop" checkbox for the SoftTrail in OrderEscort and then manually change the price at which the SoftTrail should sit. Then deactivate the "Stop" and check if the SoftTrail is calculated again correctly.
AgenaTrader offers a variety of target methods and can manage up to 3 targets in one trade.
The main characteristics of manually created setups are:
- Manually created setups are discretionary and therefore not recognized in the Analyzer Escort column;
- They are primarily setups that can be visualized but not programmed;
- Manually created setups are used mainly for discretionary entries. Within the system they are named "Manual Mode".
To create a new manual setup:
- Select Tools from the main menu followed by the Setup Escort menu item.
- Left click on the Configuration tab
- Give the manual setup a name then click the New Manual Setup button. This will add the setup name to the list of entry strategies.
- Select the newly created setup and configure its stops and targets according to your preferences.
Click the Remove Manual Setup button to delete the selected setup.
It is possible to use a signal setup for discretionary entries.
To do so, select the signal setup and submit an order to the market. You can do this when you wish to apply the stop/target logic of the signal setup or when you need specific criteria to place stops and targets that cannot be recognized by the system (such as a minimal break in an indicator line)