How to Add a Stop Loss and Take Profit in MT5

Forex is getting alot of hype these days How to Add a Stop Loss and Take Profit in MT5 because of its amazing potential. Implementing a Stop Loss (SL) and Take Profit (TP) in trading is essential to manage risk effectively and should be an integral part of most trading strategies.

This indicator is designed specially to help forex traders Scalping Indicator to perform their tasks more effectively and easily.

How do you put a stop loss and take profit on MT5?

We hope that after going through this article your knowledge about this topic will be increased and you must have now been able to know about the impact of forex trading in market.

Forex is becoming the center of interest for many new traders and investors.

How to Add a Stop Loss and Take Profit in MT5

As forex is one of the most rapidly RSI Slope Divergence growing field.

It’s crucial to always factor in SL and TP for every position taken. In MT5, setting a stop loss and take profit can be executed either during the process of opening a new position or after a trade has been initiated.

For setting SL and TP for a new trade:

  • Open the New Order window to initiate a new trade.
  • Enter your predetermined SL and TP values into their respective fields.
  • Input the volume size and proceed Repainting Indicator to place your order.

To set SL and TP for an existing trade in MT5, there are two methods:

  1. By double-clicking on a trade in the trade window and adjusting the stop loss and take profit values accordingly.
  2. By dragging the stop loss and take profit levels directly on the chart.

setting SL and TP for a new trade

Forex trading can help you to become a millionaire or atleast financially free in just a short time. Utilizing the Trade tab: Navigate to the trade tab to view all open trades, including their sizes, stop loss, take profit, and entry price.

In cases where the Trade tab TDI Indicator isn’t visible, pressing CTRL + t can bring it up. Then:

  • Hover over the trade to be modified, right-click, and select “Modify or Delete.”

How to set stop loss on MT5 mobile

Using the chart: Instead of relying on the Trade tab, SL and TP levels can be set and adjusted directly on the chart:

  • To set SL and TP, click on the dotted line representing your entry position on the chart and drag the SL and TP to the desired levels.
  • For example, in the illustration showing the position on the chart as “SELL 0.5 at 0.67222.”
  • Dragging up on a Sell order will set a SL, while dragging downwards will set a TP, and vice versa for a Buy order.
  • SL and TP on the chart can be further modified by clicking and dragging the red dotted lines.