Virtual Trailing Stop Expert Advisor
Info
The Virtual Trailing Stop Expert Advisor is a Expert Advisor for MetaTrader 5 that virtual trailing stop eathe virtual trailing stop expert advisor (ea) allows you to set stop loss and take profit levels that are not directly placed with your broker. Instead, these orders are managed on your local PC, making them invisible to the broker and others.
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 Virtual Trailing Stop Expert Advisor
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
Virtual Trailing Stop EAThe Virtual Trailing Stop Expert Advisor (EA) allows you to set Stop Loss and Take Profit levels that are not directly placed with your broker.
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.
Virtual Trailing Stop EAAlso 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.
The Virtual Trailing Stop Expert Advisor (EA) allows you to set Stop Loss and Take Profit levels that are not directly placed with your broker. Instead, these orders are managed on your local PC, making them invisible to the broker and others.
This invisibility offers several advantages. Firstly, it bypasses broker restrictions or unfavorable margin requirements for Stop Loss and Take Profit levels. Secondly, it circumvents issues with wide spreads or minimum distance requirements for placing orders, as the EA manages these levels internally.
The EA provides robust trailing stop functionality managed by three key variables:
Trailing Length: This determines the distance the virtual stop loss will follow the price.
Minimum Profit to Start Trailing: This sets the profit threshold required before the trailing stop mechanism activates.
Trailing Step: This defines the interval or distance the virtual stop loss will move in response to price movements.
Example Scenario:
Let's assume the following settings: Trailing Length = 5, Minimum Profit to Start Trailing = 2, and Trailing Step = 3.
When the position's profit reaches 7 points (2 points minimum profit + 5 points initial trailing distance), the virtual stop loss will be placed at the opening price plus 2 points (minimum profit).
Subsequently, if the price moves an additional 3 points in your favor, the stop loss will trail by 5 points (the trailing length). This process continues, with the stop loss following the price at the specified trailing distance.
If the price reverses and reaches the stop loss level, the position will be closed.
Trailing stops are visually represented by dashed lines on the chart.
To better understand and visualize the EA's operation, you can install it in the Strategy Tester and use the visualization mode.
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.