Stop Level for StopLoss (MT4 & MT5)

[anuj71]

Hello,

A little confusion about Stop Loss distance with Stop Level.

Which one of the following statements is correct regarding the calculation of stop loss?

1. Stop Loss should be a distance from the Order Open Price/Order Entry Price by Stop Level.

Or

2. Stop Loss should be a distance from the Bid/Ask Price by Stop Level?

Or

3. Stop Loss should be a distance from the Bid/Ask price as well as the Order Open Price?

Thank you.

[Carl Schreiber]

Depends on when you want to place SL: at the moment you open a position, for a pending order or when a position/pend. oder exists.

Maybe this helps you:

[anuj71]

Carl Schreiber #:
Depends on when you want to place SL

For Open Order (Not Pending Order)

Carl Schreiber #:
Maybe this helps you:

This is little confusing. I am trying to understand. Thanks for the image :)