WPR-Based Trailing Stop Module
Info
The WPR-Based Trailing Stop Module is a Library for MetaTrader 5 that this trailing stop module utilizes two stop levels: a short stop and a long stop. The long stop level functions similarly to a fixed trailing stop.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Library works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Libraries folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use WPR-Based Trailing Stop Module
1. Storage: Place library files in the MQL/Libraries directory to ensure they are accessible to your projects.
2. Implementation: Include the library in your code using the #import directive, ensuring you match the exact function names and parameters.
3. Compilation: Ensure the library is present in the directory before you compile your main EA or script, as the compiler links them during this phase.
4. Management: Keep libraries organized in sub-folders if you manage many custom functions to maintain a clean project structure.
Frequently Asked Questions
Q: What is a library file used for? A: Libraries store reusable code modules, allowing you to centralize common logic used by multiple EAs or indicators.
Q: Is a library executable? A: No, libraries are non-executable files containing functions; they must be imported into an EA, indicator, or script to function.
Q: Can I update a library while the platform is running? A: You should compile your EA or script after updating a library to ensure the latest code changes are integrated.
What this tool does
This trailing stop module utilizes two stop levels: a short stop and a long stop.
Typical Use Case
This Library excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Library works on MetaTrader 5. Place the file in the MQL5/Libraries folder and restart the terminal.
Description & Settings
Related: stop loss trailing classes library for mq l5 - another powerful library for MetaTrader 5 traders.
This trailing stop module utilizes two stop levels: a short stop and a long stop. The long stop level functions similarly to a fixed trailing stop.Also recommended: asq risk analytics engine: comprehensive risk assessment for trading strategies - similar library with strong performance on MetaTrader 5.
The short stop level is activated when the Williams' Percent Range (WPR) indicator exits the overbought or oversold areas. The boundaries of these areas are configurable within the module's settings.
Module Settings:
WPR Timeframe:
Specifies the timeframe for the WPR indicator calculation. This can be different from the Expert Advisor's main timeframe.
WPR Period:
Sets the calculation period for the WPR indicator. This value must be at least 3.
WPR Stop Levels (-50 ± stplvl):
Defines the overbought and oversold levels relative to the -50 level. The value must be between 1 and 49.
Short Stop Loss:
Sets the trailing stop loss in points for short positions.
Long Stop Loss:
Sets the trailing stop loss in points for long positions.
File Location:
Place the trailingwprwstops.mqh file in the terminal_data_directory\mql5\include\expert\trailing directory, or any subdirectory within trailing. This ensures the file is accessible to the Expert Advisor wizard.
The provided illustration (Figure 1) demonstrates the module's operation when opening a short position on EURUSD. When the WPR indicator exits the oversold area, as defined by the 'WPR Stop Levels' parameter, a short stop loss is activated. This stop loss is visualized as a red line on the candlestick chart and triggers the position's closure.
Figure 1. Module Example
You may also like: mq l4/5-json lib - excellent alternative for library users on MetaTrader 5.
Source Code
#include <expert\experttrailing.mqh>
class ctrailingwprlongshortstps : public cexperttrailing
{
protected:
ciwpr *m_wpr;
enum_timeframes m_wpr_timeframe; // wpr: timeframe
int m_wpr_period; // wpr: period of calculation
int m_wpr_stoplevel; // wpr: signal level (-50 m_wpr_stoplevel)
int m_long_stop; // long stop value
int m_short_stop; // short stop value.......
⚠ 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.