Parabolic Trailing Stop Indicator
Info
The Parabolic Trailing Stop Indicator is a Expert Advisor for MetaTrader 5 that this indicator adjusts the stop loss value of an open position based on specific conditions related to the parabolic sar indicator. Conditions for Stop Loss Adjustment:- The Parabolic SAR value at index 1 should be greater/less than the open price for buy/sell trades.
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 Parabolic Trailing Stop Indicator
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
This indicator adjusts the stop loss value of an open position based on specific conditions related to the Parabolic SAR indicator.
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: Safe Risk Manager EA - Daily Loss, Break-Even, and Trailing Stop Management - another powerful expert for MetaTrader 5 traders.
This indicator adjusts the stop loss value of an open position based on specific conditions related to the Parabolic SAR indicator.Also recommended: Risk Pilot Pro - Drag-to-Trade Risk Panel with Break-Even, Trailing and Daily Loss Guard - similar expert with strong performance on MetaTrader 5.
Conditions for Stop Loss Adjustment:
- The Parabolic SAR value at index 1 should be greater/less than the open price for buy/sell trades.
- The Parabolic SAR value at index 1 should be less/greater than the low/high of the bar with index 1 for buy/sell trades.
- The Parabolic SAR on index 1 should be formed after the position open time.
Indicator Inputs:
- base_tf: The timeframe for the Parabolic SAR indicator used for trailing stop loss.
- sar_step: Price change step (default: 0.1).
- maximum_step: Maximum price change (default: 0.11).
You may also like: Professional Automatic Trailing Stop Utility for MetaTrader 5 - excellent alternative for expert users on MetaTrader 5.
Source Code
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⚠ 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.