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REGISTER PARTICIPANTS Expert Price Action Trailing Stop Mt4

Discussion in 'Forex Market MQL5' started by James Goldman, Sep 13, 2020.

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  1. James Goldman

    James Goldman Moderator
    Staff Member Organizer

    Jun 15, 2020
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    A key element of trend trading is using a trailing stop loss in place of exiting trades with a pre-determined target. This allows for a trade to continue working in the direction of the trend. In good trends this is a very efficient way of profiting from the markets. The Expert Advisor is meant for securing/locking profit as the price moves in favor of a trade. The Expert Advisor can be placed on any chart and be used simultaneously with any other Expert Advisor. You can initialize your stop loss and let the Expert Advisor trails the stop-loss based on your desired Price Action method.

    The Expert Advisor uses price action setup and swing points to identify the most recent support/resistance level and place stop loss on the logical level, instead of simply picking a number which may or may not coincide with how the currency pair is actually moving.

    The EA performs the following tasks after you've taken a trade:

    • Initial stop loss placement once a position is open (optional).
    • Moves the stop-loss to break-even after profit hit the break-even threshold (optional).
    • Trails the stop-loss using your desired Price Action method (Hammer, Shooting Star, Engulfing, Piercing Line, Dark Cloud Cover, Three White Soldiers, Three Black Crows and Fractal Swing Points).
    • Start to trails only if profit more than certain percentage of your target (optional).
    • Initial Stop Loss (pips): Pips to lose per trade. The EA would only initialize stop loss placement for non-stop loss position. Set zero (0) if you don't want the EA to initialize stop loss for you.
    • Pips threshold to trigger break even (0=Off): The distance in pips in the profitable direction from an order open price, after which the break-even function is enabled. Set zero (0) if you don’t want to use the break-even function.
    • Pips for break-even: The distance in pips in the profitable direction from an order open price, where break-even is placed.
    • Minimum percentage of target profit to lock (0~100): Start to trail only if profit more than N% of your target. This function is disabled for positions without target price.
    • Hammer/Shooting Star: Enable/Disable Hammer & Shooting Star
    • Bullish/Bearish Engulfing: Enable/Disable Bullish/Bearish Engulfing
    • Bullish/Bearish Marubozu: Enable/Disable Bullish/Bearish Marubozu
    • Piercing Line/Dark Cloud Cover: Enable/Disable Piercing Line and Dark Cloud Cover
    • Three White Soldiers/Black Crows: Enable/Disable Three White Soldiers/Black Crows
    • Bullish/Bearish Kicking: Enable/Disable Bullish/Bearish Kicking
    • Fractal Swing Point: Enable/Disable Fractal Swing Point
    • How many bars on either side of fractal: Set total bars on either side to form a qualified fractal.
    • Trailing Shift: Set how many bars to delay before stop loss start move to next level after your desired Price Action method detected.



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