When trading, especially in forex, pips are a standard unit used to measure price movement. You can set your take-profit and stop-loss levels using pips by applying the "Profit per unit" or "Loss per unit" conditions in your strategy.
Example:
If you'd like to close a position once it gains 10 pips, you could write:
"If profit per unit is above 10, close position."
Similarly, to limit your losses to 10 pips:
"If loss per unit is above 10, close position."
These conditions allow for precise control over your risk and reward levels and are especially useful when trading assets that move in small increments, like currency pairs.
Note: All screenshots and examples are for technical demonstration purposes only. They should not be considered as recommendations for any specific trading strategy, nor do they constitute any form of advice. Please click here for further explanation