Guide 5.2
Beginner, 6 min read. Checked with Scalpel 1.12.8 on .
In short
To move your stop or target, grab the red stop line or the green take-profit line on the chart (or its price tag on the right-hand axis) and drag it: the line, its P&L chip and its tag follow the mouse, and the new level takes effect when you let go. With no target set, drag the green + TP handle on the entry line up to add one. Double-click a line to put it back to its default. The stop stays at least one tick under the last price and within 8R of your entry; the target within 8R above entry, and dragging it down through entry removes it.
Your stop and target are levels Scalpel watches (guide 5.1), so moving them is instant: there is no order at the broker to modify or cancel. Dragging is the quickest way to put the stop under a level that matters on the chart, or to push the target up to the next resistance.
Before you start
Hover the red stop line or the green take-profit line until the cursor turns into an up-and-down arrow. You can grab anywhere within a few pixels of the line, or on its coloured price tag on the right-hand axis, which is easier on a busy chart. If the two lines are close, the take-profit wins.
Hold the mouse button and drag. The line, its chip and its price tag move with the cursor and snap to the stock's tick (1c on most stocks). The chip shows what the level would realise at each price, in dollars and R, so you can see the new risk before you commit.
Release the button. The level is live from that moment, in the mode you are trading (SIM or LIVE). The keyboard goes back to the cockpit, so your hotkeys work straight away.
When you move the working stop, the catastrophe net (the hidden backstop under it) moves by the same amount, so it stays the same distance below.
If a position has no take-profit (you set Take profit (R) to 0, or dragged the target away), a small green + TP handle sits just above the entry line at the right edge of the chart. Drag it up and let go: that price becomes your target.
Drag the take-profit down to your entry or below and let go: the target is cleared and the + TP handle comes back. The position then exits only on a stop, a manual sell or a flatten.
Double-click a line (two clicks within about a third of a second) to put it back to its default:
| Level | Can go | Cannot go |
|---|---|---|
| Working stop | Anywhere from 1 tick under the last price down to 8R under entry | At or above the last price (it would fire at once); further than 8R down |
| Take-profit | From 1 tick above entry up to 8R above entry | Further than 8R up (it stops there); at or below entry clears it |
With a 12c stop on a 5.50 entry and the last trade at 5.70, the stop can go from 5.69 down to 4.54, and the target from 5.51 up to 6.46. The limits stop a slip of the mouse from parking a line somewhere absurd, or through the market. A line pulled off the chart is pinned to the edge so you can always grab it back; right-click the price axis to return it to auto-fit.
You can drag a stop into profit. While price is above your entry, a stop can sit at or above the entry, to lock in a gain. A stop that B (breakeven) or trailing has already lifted stays where it is when you grab it; it is only ever held under the last price. Dragging works both ways, though: you can also pull a stop back down, so watch the chip before you let go.
More on the reasoning in the blog post Stops that live in the app.