If you have included a Stop Loss or Take Profit in your strategy it will by default be exercised as part of the regular monitoring of your strategy.
As we store Stop Loss and Take Profit values in Tradeworks they are not automatically displayed in MT4. We do this to ensure that your broker cannot see where your Stop Loss and Take Profit Levels are.
When the Stop Loss or Take Profit level, either in “Amount” (Deposit Currency) or in “PIPs” - whichever is first - is breached, the position is closed at the market price.
It is possible to have Tradeworks send the Stop Loss and Take Profit (measured in pips) to your broker by ticking the little box next to the pip value:
But, why can't I see the SL/TP inside MT4?
You have set the SL/TP in Tradeworks to be sent to your broker. But still, you cannot see it. There may be a very good reason for this. It is a little technical but, please continue reading the below.
When we set the SL or TP at your broker, then we begin by opening the position. When that is done we are able to calculate where your SL/TP levels are based on the actual open price of the position.
Then we send an order to modify the position so it now includes the SL/TP as per your instructions.
Now, if the market is very volatile (like during the Brexit referendum) there is a real chance that the price may already have moved significantly when we attempt to set the SL/TP. If this happens, we may get a rejection from the MT4 server as it will NOT accept a SL that shall trigger instantly.
We will always attempt to set the SL/TP 20 times if the MT4 server rejects our instructions. Then, for your safety, we take over the monitoring of the SL/TP on our servers. In this case, your strategy will quickly determine that the SL has been triggered and we will send instructions to close the trade to the MT4 server.
As a result, the trade may be closed without the user ever seeing the SL/TP in MT4.
Read more about how to set your Stop Loss and Take Profit in Tradeworks.