A target doesn't have to be a fixed distance. Mean-reversion trades often aim at a level that moves, and the session's VWAP is the classic one. Set Target Profit takes a price from your own logic and makes it the leg's target, re-reading it on every tick, so the target travels with whatever you wired in.
- Takes
- A target price
- Gives
- The leg's target, moved to that price on every tick
- Reach for it
- A target at a level that moves, like VWAP or a band
How it works
Drag Target Profit off the setter rail of a Trade node. A leg gets one, and only if it has no Bracket Order, which owns its target. Wire in a price, not a distance. When the value has no number yet, the target stays where it was.
The target is checked at the fill, too. A long whose target is at or below the fill price doesn't open (a short's mirror image doesn't either), and the Entry tries again on the next tick. So a target at VWAP only makes sense for longs taken under VWAP. Make that part of the entry condition.
Like a stop setter, it isn't a complete leg on its own: pair it with a Set Stop Loss, or a Set Exit Condition.
Example: buy the dip, sell at VWAP
Say you trade ES 5m and buy when RSI(14) is under 30 while price is below VWAP. Wire VWAP into Set Target Profit. For the stop, drag Entry Price off the Trade node, subtract 8 with a Math node, and wire that into a Set Stop Loss.
Each trade now aims at VWAP wherever it has drifted to, so a trade that takes a while to work has a different target from one that snaps back.
Settings
It has no settings. Which leg it sets is decided when you drag it off a Trade node.
Use something else when
When it doesn't behave
The strategy stopped trading when I added the target
The target is at or below the fill price when longs open, so the engine refuses them. With a target at VWAP, that's every long taken above VWAP. Add "price below VWAP" to the entry condition.