Fixed Step Trailing Stop EA is an expert advisor that can manage your order's stop-loss by moving at fixed steps. Below you can download this free expert advisor for MetaTrader 4. Show This EA follows a simple rule and doesn't rely on any indicators. You will see it in more detail and with some examples. What Is Trailing Stop?In case you are new to the concept of trailing stop: trailing stop is the practice of moving the stop-loss level closer to the current price when the price moves in your favor. Trailing the stop-loss allows traders to limit their losses and safeguard their profits. It is a very popular practice. As you may have read in books and forums, one of the first rules in Forex is Cut your losses short and let your profits run. MT4 Fixed Step Trailing StopAbout MT4 Fixed Step Trailing Stop EAUsing a trailing stop is a very popular practice among traders. With the MT4 Fixed Step Trailing Stop EA, you can have the stop-loss of your trades incremented by fixed values when the price moves far enough. What Is MT4 Fixed Step Trailing Stop EA?MT4 Fixed Step Trailing Stop EA is a free open-source expert advisor that can manage the stop-loss levels of your trades. In particular, this expert advisor can use two parameters to increment the stop-loss according to your preferences. In many cases, you might want to increment the stop-loss by a specific value when the price is at specific distance from the current stop. This trailing stop-loss EA allow you to do exactly this: to trigger a stop-loss increment when the price reaches a specific threshold. Why Is MT4 Fixed Step Trailing Stop EA Useful?Risk management is one of the most important aspect in trading. Having a stop-loss will protect you from margin calls and big losses. In many cases, it is useful to have a trailing stop, which is a "moving stop". A trailing stop is a stop-loss where the value is updated when the price moves in the favor of the trade. There are many types of trailing stop it can be a fixed step change or it can follow some indicator. In the case of the MT4 Fixed Step Trailing Stop expert advisor, the stop-loss follows the price with fixed increments. There are several advantages of using MT4 Fixed Step Trailing Stop EA:
ParametersTrailing Stop Fixed Step ParametersYou can configure this expert advisor with the following input parameters:
RulesThe EA abides by the following rules:
ExamplesThese two examples explain the mechanics of this EA. Example BuyBuy order: EUR/USD with open price at 1.2630, stop-loss at 1.2620, trailing stop distance at 20, trailing stop increment at 10.
This will continueuntil the stop-loss is hit or the order is otherwise closed. Example SellSell order: EUR/USD with open price at 1.2710, stop-loss at 1.2720, trailing stop distance at 20, trailing stop increment at 10.
This will continueuntil the stop-loss is hit or the order is otherwise closed. Trailing Stop DemonstrationIn the image below, you can see a demonstration of the expert advisor as it moves the stop-loss for a EUR/USD buy trade with 10 pips trigger distance and 5 pips increment step. Demonstration of the EA with Red Overlay Text Labels Added for ClarityHow to Download and Use Fixed Step Trailing Stop EA?You can download the expert advisor using the link below and install it by following the presented instructions. Download MQLTA MT4 Fixed Step Trailing Stop The installation is very easy to perform; the same is the use. Once you run the expert advisor, you can set all the necessary input parameters. Make sure you enable Live Trading in the Common tab when attaching the EA and also in the platform's menu ToolsOptionsExpert Advisors. Otherwise, it won't be able to modify orders. MT4 Fixed Step Trailing Stop EA InstallationTo install the EA, please follow the instructions below:
Or you can read a more detailed instruction on how to perform the installation. Frequently asked questionsWhat settings to use to replicate the standard MetaTrader trailing stop behavior, for example, 20 pips trailing stop updating every pip?
ConclusionUsing a trailing stop is a good practice with many trading strategies because it can help limiting your losses. This version of a trailing stop EA follows some very simple rules and uses no indicators. You can open a trading account with any of the MT4 Forex brokers to freely use the presented here expert advisor for MetaTrader 4. |