Le Man Stop: Trend-Following Stop Loss Indicator
Info
The Le Man Stop: Trend-Following Stop Loss Indicator is a Indicator for MetaTrader 5 that le man stop is a trend-following indicator designed to display stop loss levels directly on your chart for existing positions. It visualizes two distinct stop loss lines, one for long positions and one for short positions, each represented by a different color.
Usage
This tool is typically used for trend following strategies across multiple currency pairs.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Le Man Stop: Trend-Following Stop Loss Indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
Le Man Stop is a trend-following indicator designed to display stop loss levels directly on your chart for existing positions.
Typical Use Case
This Indicator excels in trend following on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: BrainTrend2Stop: Trend Reversal Detection Indicator - another powerful indicator for MetaTrader 5 traders.
Le Man Stop is a trend-following indicator designed to display stop loss levels directly on your chart for existing positions.Also recommended: Round Price-Ext Indicator - similar indicator with strong performance on MetaTrader 5.
It visualizes two distinct stop loss lines, one for long positions and one for short positions, each represented by a different color.Key Features:
- Displays stop loss levels for both long and short positions.
- Customizable with six configurable parameters.
Configurable Parameters:
Period
- The calculation period for the indicator.
Coefficient
- Determines the deviation of the stop line from the current price.
Fast MA Period
- The calculation period for the fast Moving Average.
Fast MA Method
- The calculation method for the fast Moving Average.
Slow MA Period
- The calculation period for the slow Moving Average.
Slow MA Method
- The calculation method for the slow Moving Average.
Calculations:
If DMA > 0:
If DMA < 0:
Where:
You may also like: Donchian Channels System HTF - excellent alternative for indicator 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.