A WP R Based Trailing Stop Module
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. This library provides a collection of modular, reusable code. It is utilized by developers to organize common functions, allowing for the integration of complex logic across multiple Expert Advisors, indicators, or scripts without the need for code duplication.
How to Setup and Use A WP R Based Trailing Stop Module
1. Storage: Place library files in the MQL/Libraries directory to ensure they are accessible to your projects.
2. Implementation: Include the library in your code using the #import directive, ensuring you match the exact function names and parameters.
3. Compilation: Ensure the library is present in the directory before you compile your main EA or script, as the compiler links them during this phase.
4. Management: Keep libraries organized in sub-folders if you manage many custom functions to maintain a clean project structure.
Frequently Asked Questions
Q: What is a library file used for? A: Libraries store reusable code modules, allowing you to centralize common logic used by multiple EAs or indicators.
Q: Is a library executable? A: No, libraries are non-executable files containing functions; they must be imported into an EA, indicator, or script to function.
Q: Can I update a library while the platform is running? A: You should compile your EA or script after updating a library to ensure the latest code changes are integrated.
Description & Settings
The trailing module is based on two stop levels: a short and a long one. The long stop level is similar to a fixed trailing stop. A short stop level is activated when the WPR indicator leaves the overbought/oversold areas. The width of the overbought/oversold areas is defined by the module settings.
Module settings:
Timeframe of WPR -
the timeframe of the module(may differ from the EA timeframe).
Period of WPR
- WPR calculation period. It can not be less than 3!
Stop levels of WPR-trailing (-50±StpLvl) -
setting the overbought / oversold levels relative to level
-50
. The value should be within the range of
(1;49)
Short stop
- short Stop Loss in points.
Long stop
- long Stop Loss in points
Locate the file
TrailingWPRwStops.mqh
in the
terminal_data_directory\MQL5\Include\Expert\Trailing
or any Trailing subdirectory (not to trash in the source folder), otherwise it will not be available to the Exert Advisor Wizard.
The figure shows an example of the module when opening a short position on EURUSD. When the WPR indicator leaves the oversold area (set by the
Stop levels of WPR-trailing (-50±StpLvl)
parameter), a short Stop Loss (a red line on the candlestick chart) is activated, which closes the position.
Fig. 1. An example of the module
