Smart Trailing Stop Expert Advisor
Info
The Smart Trailing Stop Expert Advisor is a Library for MetaTrader 4 that this library provides a smart trailing stop function that operates based on the previous candle's data. Example:The system first verifies if a new candle has formed.
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 Smart Trailing Stop Expert Advisor
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 provides a smart trailing stop function that operates based on the previous candle's data.
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: Universal Trailing Stop Library for MetaTrader Expert Advisors - another powerful library for MetaTrader 4 traders.
This library provides a smart trailing stop function that operates based on the previous candle's data.Also recommended: Function Library and Experts for Trailing - similar library with strong performance on MetaTrader 4.
Example:
The system first verifies if a new candle has formed. For buying positions, the trailing stop loss adjusts based on the low of the previous bar (low[1]), moving in the profit direction. Conversely, for selling positions, the trailing stop loss adjusts based on the high of the previous bar (high[1]), also moving in the profit direction.
Smart Trailing Stop Functionality
- Adapts to new candle formation.
- Trailing stop for buy positions uses previous bar's low (low[1]).
- Trailing stop for sell positions uses previous bar's high (high[1]).
- Stop loss always moves in the profit direction.
You may also like: Break Even and Trailing Stop Functions - 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
extern int magic = 280456;
extern int step = 10;
extern bool usesmarttrail = false;
bool newcandle()
{.......
⚠ 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.