2 Easy Ways to Add a Trailing Stop Loss in MetaTrader 4
Do you need to add a trailing stop loss to your orders as a MetaTrader 4 user? If so, you’re in luck! In this article, I’m going to show you two easy ways to add an MT4 trailing stop.
A trailing stop loss is an essential part of many trading systems. It can help protect you from unnecessary losses, and it can help you capture big moves in price when the market is volatile.
Using a trailing stop loss doesn’t work for every trading technique. It tends to work better with scalping techniques, but many traders prefer to add a trailing stop where they would normally take profits.
How to Use the Built-In MT4 Trailing Stop Loss
The first technique is to use the built-in MT4 trailing stop feature. To do this, simply right-click on the order that you want to add a trailing stop loss to, in the “Terminal” window (Ctrl+T). Navigate to “Trailing Stop”. Select your desired amount of trailing stop points from the preset menu, or select “Custom” to enter a custom number.
Note: Each point is worth 1/10th of a pip, so in order to add a 10 pip trailing stop to your order, you would need to enter a custom value of 100 points.
Using the built-in MT4 trailing stop, when price moves in your favor by the amount of pips that you set, your stop loss is basically moved to break even. From there, when price moves in your favor, your stop loss moves by the same amount.
Example: You set a custom trailing stop value of 200 points, giving you a 20 pip trailing stop. If price moves in your favor by 20 pips, your stop loss will moved to break even. If no new points are gained, your stop loss will not move. If price continues to move in your favor, your stop loss will continue to trail behind price by 20 pips.
If price eventually moves 400 points (40 pips) in your favor, your stop loss would be at +20 pips (40 total pips in your favor, minus your 20 pip trailing stop).
When using this method, you cannot move your stop loss to true break even, because you can’t lock in a set amount of pips (say 2 or 3) to cover your trading costs. It’s also important to note that the built-in MT4 trailing stop relies on your trading platform being open. It’s not handled by your broker’s server like a regular stop loss.
Add a Trailing Stop Loss to MetaTrader 4 with an EA
EAs are a slightly better way to add an MT4 trailing stop loss, in my opinion. There are many different trade management Expert Advisors (EAs) that can handle trailing stops and more for you. The one I’ve chosen to upload here is relatively simple, compared to other trade management EAs, but simple can be good.
The EA that I’ve uploaded adds a simple trailing stop feature, with a few more options than the built-in MT4 trailing stop. There is also a feature to move your stop loss to break even while locking in a set amount of pips (which can be useful for covering your spread cost and/or commission).
In order to use any EA that adjusts your trading levels, you have to allow automated trading. For this EA to work, and most others, you also need to allow DLL imports. Your MetaTrader 4 platform should be set this way by default.
To check your settings go to your “Options” (Ctrl+O or Tools > Options). Under the “Expert Advisors” tab, make sure “Allow automated trading” and “Allow DLL imports” are checked (see the image above).
Note: You can also allow these settings under the “Common” tab of the EA, but setting them through the EA has to be done each time the EA is applied to a chart.
How to Use the FPA=TrailingStop EA
Function: Set this to the number of pips you require the market to move in your favor before your break even is triggered. Set this to 0 or a negative number to deactivate the break even function.
Function: This is where your actual break-even level will go. The default value of 1 means, when/if your break even is triggered, your stop loss will move to your entry level +1 pip (useful for moving to true break even).
Function: This is the amount of pips you want as a trailing stop loss. If “Trail_before_break_even” (below) is set to “false”, this function will not be activated until your break even trigger is hit.
Function: When set to “true”, your trailing stop will begin trailing price right away. When set to “false”, your break even value must be triggered before this function is activated. If you disabled the break even feature (by setting Break_Even_Trigger_in_Pips to 0 or a negative number), you can manually activate this function by moving your stop loss to break even or better.
Function: Set to “true” if you want all of your trades to be managed by applying this EA to only one chart. You would only use this feature if none of the values above need to be changed from trade to trade.
- Download:FPATrailingStop.zip 44 Kb
We often refer to the double RSI trading signals indicator for Metatrader 5 as “RSI with RSI”. Two different RSI periods generate both entry and exit signals on any financial instrument. The indicator is expressed by orange and blue dots. The two dots are positioned above or below the candlesticks, as you can see on the picture above. How to trade with Double RSI Trading Signals? The Buy Signal: If you open a buy order when a blue dot appears on the activity chart. The Sell Signal: If you open a sell order when an orange dot appears on the activity chart. A simple tip is to use this indicator alongside other forex indicators and other technical tools for more accurate buy/sell trading signals.
The RSI with RSI Indicator for MetaTrader 5 (MT5) is based on the work of Peter Konner and uses 2 different periods to calculate two different RSI values. The entry signals are calculated based on those values. The first RSI has a period of 5 and the second RSI has a period of 17.
Scalping strategy consists of working in portfolios of many traders, especially those who prefer to trade in the short term. And it is very important to have in your arsenal is a good strategy that will bring a quick profit, not to eat fast deposit. And one of these scalping strategies is the system of The Secret Method V3.0. But, in spite of its secrecy, the strategy is easy to interpret and use in the trade.Characteristics of The Secret Method V3.0 Platform: Metatrader4 Currency pairs: EURUSD, AUDUSD, GBPUSD Trading Time: European sessions and start of American sessions Timeframe: M5 Recommended broker: lowcostforex Rules of trade by The Secret Method V3.0Long Trade: Indicator SwingMan breaks the zero level from the bottom up, and it appears blue arrow pointing up. Further attention is translated into price graph, which synchronizes indicator T3MA submitted by the green line. In this case, the price should be above the green line, or break through the line from the bottom up. Blue line of indicator Momentum (Mom) must also break through the zero level from the bottom up or be higher than 0. And bar should be green Short Trade: Indicator SwingMan breaks the zero level from the top to bottom, and it appears red arrow pointing down. Further attention is translated into price graph, which synchronizes indicator T3MA submitted by the green line. In this case, the price should be below the green line, or break through the line from the top to bottom. Blue line of indicator Momentum (Mom) must also break through the zero level from the top to bottom or be less than 0. And bar should be red. Stop Loss in the strategy The Secret Method V3.0 is fixed and is equal to 15 pips. You can also use a trailing stop. To this end, the archive has EA Quik_Trailing.ex4, which will be automatically manage open positions.In the analysis of the input signals in the position to be considered as support and resistance levels, which in this strategy displays on the graph indicator 1Pro4x Pivot Lines. Do not open the position if on the path of price is present level of resistance. In contrast, the level of support will be an additional signal to the opening position.During the day may come across a few trades, and given the multi-currency strategy, you can count on a decent profit at the end of the trading day. But before you start trading on the strategy The Secret Method, recommended some time to test it on a demo account to learn how to accurately recognize the signals to filter false and determine the most successful versions exit of trades. This scalping strategy is not complicated, but quite effective.In the archives The_Secret_Method_V3.0.rar: [HASHTAG]#TheSecret[/HASHTAG] TR.ex4 [HASHTAG]#TheSecret4[/HASHTAG] TF PSAR Bar4.ex4 1Pro4x Pivot Lines.ex4 1smSuper TRIX_PV_4col.ex4 BB_MACD_MT4_v6.ex4 Heiken Ashi.ex4 I_XO_A_H.ex4 MomentumVT.ex4 NonLagMA_v7.1.ex4 SweetSpots.ex4 T3.ex4 THV3 FFCal.ex4 Quik_Trailing.ex4 The_Secret_Method.tpl I wish only the profits