Trading Levels with Trailing Stop Loss
Info
The Trading Levels with Trailing Stop Loss is a Expert Advisor for MetaTrader 4 that this expert advisor (ea) operates by trading on either the breakout of support/resistance levels or the retreat from them. The support and resistance lines must be manually defined by the trader using the 'trend line' object available in the toolbar.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Experts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Trading Levels with Trailing Stop Loss
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
This Expert Advisor (EA) operates by trading on either the breakout of support/resistance levels or the retreat from them.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 4. Place the file in the MQL4/Experts folder and restart the terminal.
Description & Settings
Related: Scalper EA for Weekend Trading on BTC - another powerful expert for MetaTrader 4 traders.
This Expert Advisor (EA) operates by trading on either the breakout of support/resistance levels or the retreat from them. The support and resistance lines must be manually defined by the trader using the 'trend line' object available in the toolbar.Also recommended: Weekend Trading Strategy - similar expert with strong performance on MetaTrader 4.
The EA implements a trailing stop loss mechanism, moving the stop loss order as the price approaches the profit target.
Two primary trading modes are supported:
Retreat from the line: In this mode, a buy order is initiated when the price approaches a support level, indicated by an 'up' arrow. This occurs when the opening price of a bar is above the support line. Conversely, a sell order is initiated when the price approaches a resistance level, indicated by a 'down' arrow. This occurs when the opening price of a bar is below the resistance line.
Breakout of the line: In this mode, buy and sell orders are placed using the '↕' arrow. A buy order is triggered when the price breaks above the resistance level, and a sell order is triggered when the price breaks below the support level.
For improved visual clarity, the lines are color-coded based on their slope angle. If the trade directions are incompatible with the line's slope, the line will be displayed with zero thickness, indicating it is disabled for trading. The EA also includes a feature to simplify the placement of horizontal lines. If the second plot point of a horizontal line is moved to the left of the first plot point, the line will automatically adjust to a horizontal orientation.
You may also like: e-news-lucky$ - automated news trading expert advisor - excellent alternative for expert users on MetaTrader 4.
Source Code
#property version "1.0"
#property copyright "robotfx"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property strict
enum on_off_mode
{
on=0,
off=1,
};.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.