Guys I have question here that is there an option called "Time stoploss" which will trigger at particular time at market rate irrespective of loss or profit?
If one wants to use the concept of Time based Stoploss in their trading, it can be implemented with exit rules.
eg - after an entry, if price does not move in your favour in next x bars, then get out on x+1st Bar.
Time Stoploss is not very popular among trader and they prefer to wait for their price stop to hit. That is because most of them trade price or indicators based on price.
But if one trades time cycle, reversal days, market seasonality etc then time based stops are helpful.
Many option traders use time based stop to protect themselve against time decay. It can also be of use in anticipatory strategies where one is taking a trade in
anticipation of reversal / breakout / end of trend but if that doesn't happen in few bars then probably the anticipation is wrong.
As far as implementation is concerned, I don't think any Indian broker has such an advance order placement system. In other programmable trading platform, this can
easily be programmed. Some leading global brokers do have this option as an order type.
In absence of that, you will have to implement this manually i.e. a) define your time stop bar /trade review date ..b) wait for that bar to develop or date to arrive and c) place order after that.
Hope this helps.
Happy Trading
