Break Even and Trailing Stop Functions
Info
The Break Even and Trailing Stop Functions is a Library for MetaTrader 4 that this library includes two essential functions for trade management: break even and trailing stop. Break Even Function:The Break Even function automatically adjusts the stop loss to the order's opening price once a specified profit threshold is reached.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Library works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Libraries folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Break Even and Trailing Stop Functions
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.
What this tool does
This library includes two essential functions for trade management: Break Even and Trailing Stop.
Typical Use Case
This Library excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Library works on MetaTrader 4. Place the file in the MQL4/Libraries folder and restart the terminal.
Description & Settings
Related: csync Event Class for Windows API - another powerful library for MetaTrader 4 traders.
This library includes two essential functions for trade management: Break Even and Trailing Stop.Also recommended: keyboard trade - similar library with strong performance on MetaTrader 4.
Break Even Function:
The Break Even function automatically adjusts the stop loss to the order's opening price once a specified profit threshold is reached. This threshold, known as 'breakeven', is configurable via an input variable. When the market price moves favorably beyond this breakeven point, the stop loss is set to the order's entry price, effectively locking in potential gains and eliminating the risk of loss.
Trailing Stop Function:
The Trailing Stop function dynamically moves the stop loss in alignment with favorable price movements. This function requires a 'trailingstop' input, which defines the number of points the stop loss should trail the current market price. The stop loss is only adjusted when the price continues to move in the intended direction and the profit exceeds the specified trailing stop distance. This helps to secure profits as the trade develops while still offering downside protection.
You may also like: take profit based on current profit - excellent alternative for library users on MetaTrader 4.
Source Code
#property library
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
input double magic = 280456;
input double breakeven = 30;
input double trailingstop = 50;
void breakeven()
{.......
⚠ 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.