How far did price move in your direction before it would have stopped you out? This parameter is great for recording that answer.
Keep track of this to see if you are getting a good portion of what’s available to you, based on your strategy, or if you’re consistently cutting your profits way shorter than you have to.
Pips available is a theoretical number that you go back to your charts and measure after the trade is done. For some styles of trading, you may not know this answer for a day or two or perhaps longer, if you’re a long-term trader.
Here’s an example of how you might use it:
You are in a trade and you saw a potential profit at one moment of 45 pips. You closed it at 37 thinking that’s as much as it was going to give you. 45 is the Most Pips Seen (another parameter on the setup tab, also known as Maximum Favorable Excursion).
You come back later in the day, or the next day, and see that you exited on a pullback and then it kept going 120 pips before completely reversing and taking out where your original stop was. You would enter 120 pips as the Pips Available, using this standard parameter.
Read the information about the Calculation Parameter to see how you can easily set up a single parameter that will give you a ‘score’, using the number of pips you make on a trade ÷ the number of pips you shown in this pips available.