Trail and or Breakeven EA
User Notes:
This will be a very useful Expert Advisor for any trader placing manual trades. You can configure it to add a fixed stop to all trades.
You can also configure it to do a breakeven stop adjustment (with or with out lockin profit pips). This way your risk is eliminated whenever any of your trades reach a specified number of pips in profit.
You can also set the EA to Trail your trades stops immediately after being placed or following a breakeven adjustment.
Example sequence:
Fixed stop applied to new trade
New trade placed with Fixed stop
Price has reached Breakeven pips causing Stop to be adjusted to the trades Open price (Profit Lock-in) may also be specified
price has reached Breakeven pips and Stop adjusted to Open/Breakeven price
Stop Trailing price
Stop is Now Trailing price at Trail Distance pips
Expert Advisor
Purpose:
To manage the stop price of trades on the chart.
Through the EA inputs, users may specify one or a combination of the following be applied to all trades on the chart/instrument:
- no stop loss
- a fixed stop loss
- breakeven adjustment (with or without lockin pips), be made to the stop once a specified amount of profit pips is reached
- a trailing stop which may begin immediately or after a breakeven stop adjustment has occured
Inputs:
- StopMgmtType – possible values include
- No Stop
- Breakeven Only
- Trail Stop Only
- Breakeven and Trailing Stop combined
- BreakevenPips – number of pips the price must move into profit before a trades stop is adjusted to the open/breakeven price
- Lockin – number of pips in profit beyond the open price to adjust the stop to at the Breakeven event in order to “lock in” a profit (only available in breakeven only mode)
- TrailDistance – number of pips below the current price that the stop is maintained for Buy orders. Number of pips above the current price that the stop is maintained for Sell orders
- FixedStop – stop distance applied to trades with no stop. If this input is zero, no stop is applied
System Requirements
To run Metatrader 4 you should be using Windows 2000 or later, with a 2.0 GHz or faster CPU, and at least 512 MB RAM (although 1 GB is recommended). You should have a screen resolution of 1024 x 768 or higher, and an internet connection speed of 56 kbps or faster.