Parabolic Trailing Stop
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Parabolic Trailing Stop
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.
Description & Settings
The Stop Loss value of an open position changes when the following conditions are met:
The value of Parabolic SAR at index 1 is greater/less than the open price (for buy and sell trades respectively);
The value of Parabolic SAR at index 1 is less/greater than the Low/High of bar with index 1 (for buy and sell trades respectively);
Parabolic SAR on index 1 is formed after the position open time.
The inputs of the utility are:
base_tf
- the timeframe for the Parabolic SAR indicator to be used for trailing Stop Loss;
SAR_step
- price change step (the parameter of "Parabolic SAR", default is 0.1);
maximum_step
- maximum price change (the parameter of "Parabolic SAR", default is 0.11);
