Break Even&Trailing Stop
Info
The Break Even&Trailing Stop is a Library for MetaTrader 4 that this library has two functions: breakeven & trailingstop. BreakEven: this is a function to make StopLoss==OrderOpenPrice( ) when the condition is met: the difference between price and OrderOpenPrice is more than BreakEven (defined as an input variable).
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&Trailing Stop
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 has two functions: BreakEven & TrailingStop.
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: Trading signals function - another powerful library for MetaTrader 4 traders.
This library has two functions: BreakEven & TrailingStop.
BreakEven: this is a function to make StopLoss==OrderOpenPrice( ) when the condition is met: the difference between price and OrderOpenPrice is more than BreakEven (defined as an input variable).
Also recommended: Zero MQ asynchronous communication - similar library with strong performance on MetaTrader 4.
TrailingStop: this is a function to make StopLoss moving after price by a definite number of points defined as an input variable (TrailingStop) and it's condition is the price moving in the right way and the difference between price and OrderOpenPrice is more than TrailingStop.You may also like: Tester Control - excellent alternative for library users on MetaTrader 4.
⚠ 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.