Trailing Stop
Info
The Trailing Stop is a Expert Advisor for MetaTrader 4 that manages all orders in the terminal. If the required profit is not met, it waits.
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 Trailing Stop
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
Manages all orders in the terminal.
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: MD Scalper EA: Trend/Reversal Scalping with Trailing Stop - another powerful expert for MetaTrader 4 traders.
Manages all orders in the terminal. If the required profit is not met, it waits. Suitable for manual trading and expert advisors lacking a trailing stop.Also recommended: APB Channel EA: Heikin-Ashi Reversals with Keltner Channel Confirmation and Swing Structure Stops - similar expert with strong performance on MetaTrader 4.
Once the required profit is reached, the drawdown is set and trailed accordingly. The drawdown is a percentage of the profit. For instance, with a minimum profit set to 1000 and a percentage of 20, the orders will close if the profit falls to 800. If the price moves further, reaching 2000, the allowed drawdown will be 400, resulting in a total profit of 1600.
The drawdown is not fixed, as absolute values may not be practical.
The percentage can be set to 0, functioning as a total take profit, or to 100, acting as a breakeven. However, it's important to note that as some orders close, others may become losing trades.
Note: The EA operates independently of quote arrivals after the first quote. To modify parameters during trading, change the chart and/or timeframe, and disable the EA using the button. Remember to check its status after each compilation.
You may also like: Quantora Trailing Stop Manager: Automatic Stop Loss for MT4 - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
extern double percent_of_profit =33;
extern double minimum_profit = 1000;
double profit,profit_off,result;
bool trail_enable=false,close_start=false;
int init()
{
profit_off=0;
result = 0;.......
⚠ 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.