Function library for maintaining positions with a simple trailing stop
Info
The Function library for maintaining positions with a simple trailing stop is a Library for MetaTrader 4 that with the help of this library it is possible to implement the ability to maintain positions with a simple trailing stop in any expert advisor. This library is universal and is designed to be able to connect to virtually any EA using the #include compiler directive and granting the EA the ability to maintain positions with a simple trailing stop.
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 Function library for maintaining positions with a simple 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
With the help of this library it is possible to implement the ability to maintain positions with a simple trailing stop in any Expert Advisor.
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: ALG L I B - Numerical Analysis Library - another powerful library for MetaTrader 4 traders.
With the help of this library it is possible to implement the ability to maintain positions with a simple trailing stop in any Expert Advisor. This library is universal and is designed to be able to connect to virtually any EA using the #include compiler directive and granting the EA the ability to maintain positions with a simple trailing stop.
Also recommended: Simple Unit Test include library for new MQ L4 - similar library with strong performance on MetaTrader 4.
In order to connect the library to an EA it is necessary to make the following changes:1. Insert the compiler directive before the declaration of functions:
2. Declare the global variables:
3. Declare the external parameters:
4. Insert the line at the end of the start() function:
5. Place the library file a-SimpleTrailing.mqh into the terminal folder ...\experts\include\
Once the library is connected, the EA will have the following external parameters:
The TrailingPositions() function can take on the following parameters:
- symbol name ("" - current symbol);- operation (-1 - any position, 0 - Buy, 1 - Sell);- MagicNumber (-1 - any magic number).
This allows to narrow the scope of the trailing stop operation. For example, trail only Euro:
Or trail only Pound Sells:
And if the EA uses a magic number, then it must be passed to the maintenance function:
You may also like: Script Calling Library for MT4 build 600 and later - 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.