Trailing Stop Indicator
Info
The Trailing Stop Indicator is a Expert Advisor for MetaTrader 4 that this indicator adds a trailing stop to your entry signals. Define your entry conditions in the longrule() and shortrule() functions, which should return "1" for long and "-1" for short conditions, respectively.
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 Indicator
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 indicator adds a trailing stop to your entry signals.
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.
This indicator adds a trailing stop to your entry signals. Define your entry conditions in theAlso recommended: APB Channel EA: Heikin-Ashi Reversals with Keltner Channel Confirmation and Swing Structure Stops - similar expert with strong performance on MetaTrader 4.
longrule()and
shortrule()
functions, which should return "1" for long and "-1" for short conditions, respectively.
You can set the trailing stop distance in pips as an external input. The trailing stop will adjust with each tick.
Recommendations:
- Compatible with 4 and 5-digit brokers.
- Always test on a demo account first.
- This indicator provides only a trailing stop exit strategy; it does not include other exit logic.
An example strategy is provided in the template for reference.
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"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.00"
#property strict
extern double stoplosspips = 20.0; // trailing stop (pips)
input double lots = 0.1; // lots
extern int slippage = 5; // maximum slippage (pips)
input int magicnumber = 1443192709; // magic number
double buytrailingstop=0.0;.......
⚠ 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.