new concept: trailing take profit
Info
The new concept: trailing take profit is a Expert Advisor for MetaTrader 5 that on contrast with trailing stop which a stop loss trails price until the price hits the stop loss and the position gets closed in profit, introducing trailing take profit which take profit trails price when a position is in loss and ultimately the position gets closed with a loss. for example, if a position is in loss and current price hits trailingtpstart (e.
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 new concept: trailing take profit
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
on contrast with trailing stop which a stop loss trails price until the price hits the stop loss and the position gets closed in profit, introducing trailing take profit which take profit trails price when a position is in loss and ultimately the position gets closed with a loss.
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: Professional Automatic Trailing Stop Utility for MetaTrader 5 - another powerful expert for MetaTrader 5 traders.
Also recommended: Expert Advisor ATR Trailing Stop - similar expert with strong performance on MetaTrader 5.
on contrast with trailing stop which a stop loss trails price until the price hits the stop loss and the position gets closed in profit, introducing trailing take profit which take profit trails price when a position is in loss and ultimately the position gets closed with a loss.for example, if a position is in loss and current price hits trailingtpstart (e.g. tailingtpstart is 500 points, when price reach 500 points from open price and the position is in -500 points in loss), take profit starts to trail price and trailingtpdistance is the max distance of trailing take profit and price.
i do not know it will help you or not, but this concept can be used in some ea without stop loss to lower loss in some points.
run the trailingtakeprofit ea.
if trailingtp_mode is true, the ea will run.
put the symbol name like, gbpusd in the ea.
set trailingtpstart . which is the points from current price that take profit starts to run and trail the price when a position is in loss.
set trailingtpdistance. which is the maximum distance in points between take profit and current price.
You may also like: Candle Stop Trailing Expert Advisor - 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>
#include <Trade\PositionInfo.mqh>
#include <Trade\SymbolInfo.mqh>
input bool TrailingTP_Mode = true;
input string Symbol_Name = "GBPUSD";
input double TrailingTPStart = 200;
input double TrailingTPDistance = 200;.......
⚠ 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.