trailing stop
Info
The trailing stop is a Expert Advisor for MetaTrader 5 that this is a simple expert advisor with an implemented trailing stop. it has only two parameters:trailingstop — the distance between the price and the stop loss level.
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 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.
What this tool does
this is a simple expert advisor with an implemented trailing stop.
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: Quantora Break Even Manager MT5 - Automated Stop Loss Protection - another powerful expert for MetaTrader 5 traders.
Also recommended: Professional Automatic Trailing Stop Utility for MetaTrader 5 - similar expert with strong performance on MetaTrader 5.
this is a simple expert advisor with an implemented trailing stop.it has only two parameters:
trailingstop — the distance between the price and the stop loss level.
trailingstep — protection against to frequent modification of position.
how trailingstop works — the example of the buy position:
originally the stoploss of a position is equal to zero, we wait for the following condition to be met
if(m_symbol.bid()-exttrailingstop>m_position.priceopen())
— i.e. when the bid minus trailingstop is greater than the position open price priceopen:
stoploss is moved to the priceopen level (position open price):
now, when the position has stoploss (i.e. when stoploss is not equal to zero), wait for the following condition to be met:
if(m_symbol.bid()-exttrailingstop-exttrailingstep>m_position.stoploss())
— i.e. when the bid minus trailingstop minus trailingstep is greater than the stoploss price: so here we need to additionally check trailingstep — this prevent position modification on every tick:
stoploss is then moved to bid minus trailingstop:
here is why we need a protection in the form of trailingstep:
You may also like: Simple EMA Cross Expert Advisor with Stop Loss, Take Profit, and Magic Number - 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.