Expert Break-Even Trailing Stop Loss
Info
The Expert Break-Even Trailing Stop Loss is a Expert Advisor for MetaTrader 5 that the expert break-even trailing stop loss transfers positions to break-even and/or trails stop loss on every currency pair or only on the current one. Adjustable parameters include:- Symbol: the EA works only with the current currency pair or with every position.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Expert Break-Even Trailing Stop Loss
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
The Expert Break-Even Trailing Stop Loss transfers positions to break-even and/or trails stop loss on every currency pair or only on the current one.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: VPS Toolkit: Secure Order Sending and Restart-Safe State for Expert Advisors - another powerful expert for MetaTrader 5 traders.
The Expert Break-Even Trailing Stop Loss transfers positions to break-even and/or trails stop loss on every currency pair or only on the current one.Also recommended: Automated Live Testing for Expert Advisors on Demo Accounts - similar expert with strong performance on MetaTrader 5.
Adjustable parameters include:
- Symbol: the EA works only with the current currency pair or with every position.
- Magic: the EA works with all magic numbers, only with positions opened by the user, or with positions opened by other experts.
- Break-even and trail sizes: if set to 0, the function will not be enabled. It is possible to choose break-even only, trail only, or both. If trail only is chosen, the first stop loss transfer will be similar to break-even transfer.
Break-even parameters include plus points, which determine how far the price has to go into the green to move the stop loss by a single step from the opening price in step breakeven points.
Trail parameters include plus points, which determine how far the price has to go into the green from the opening price for negative stop loss, or from the stop loss price if it is in the green, to move the stop loss by a single step in trailing step points. If the plus points of the trail are set less than the plus points of the break-even, then break-even is triggered first, and trail is triggered later.
Comments describe what is enabled, including trail and/or break-even or all off, and also the currency pair the expert is working with.
You may also like: Programmatically Attach Expert Advisors with Custom Inputs to MetaTrader 5 Charts - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#include <trade\trade.mqh>
ctrade trade;
enum checksymb
{
currentsymbol, // current symbol
allsymbols, // all symbols
};.......
⚠ 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.