A price at which to exit a position using a limit order (profit target)
Any formula specifying a price per share
ExitLimit specifies a "target" price, implemented as a DAY limit order. The formula is re-evaluated each day, so it can function as either a static or moving target, depending on how it is specified.
ExitLimit is always evaluated using the day prior to exit day as the most recent bar in the formula.
A simple fixed 5% profit target could be specified as FillPrice * 1.05 for a long position or FillPrice * 0.95 for a short position.
An ATR-based target might be expressed as FillPrice + 2 * ATR(14) for a long position or FillPrice - 2 * ATR(14) for a short position.
A strategy can include any combination of an ExitRule, ExitLimit and/or ExitStop (stop-loss). Whichever one is determined to have occurred first will be the one used in the test. The type of exit that occurred for each trade is displayed in the Reason column of the Trade List.
For more information on how the backtest engine works, see Backtest Engine Details.