Virtual Trailing Stop
This professional-grade solution for MetaTrader 5 helps traders achieve greater efficiency in their daily workflow. 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 Virtual 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
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MQL5 code by
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Virtual trailing can place stop loss and take profit, and trail the position in such a manner that stop orders are not visible to broker, i.e., they are not place with your dealing center, but on your PC; so nobody, except of your PC and yourself, can see your plans.
Along with the invisibility, there is another very useful thing: Many brokers have very large spreads and the levels of placing stop orders, so now these levels cannot harm you, the EA just ignores them.
As far as I can judge, everything is clear regarding stop loss and take profit. I'm going to describe trailing only.
Trailing is managed with three variables:
trailing length;
minimum profit for starting;
trailing step.
Virtual stop loss follows the price at the distance equalling to the trailing length. Minimum profit is when to start placing the virtual stop loss. Trailing step is upon which interval we will move the virtual stop loss.
Assume, we have set the values to 5, 2, and 3, respectively.
As soon as the position profit reaches 7 points, the virtual stop loss will move by the position open price [;us 2 points of the minimum profit. Further, when the price goes 3 points in the profitable direction, the Stop Loss will be moved by 5 points to profit, and so on, following the price at a distance of 3 points. If the price rolls back to the stop level, the position will be closed.
Trailing stops are shown as dashed lines.
To understand the EA easier and faster, you can install it in the tester and see how it works there in the visualization mode:
