Trailing Stop Light - Become a Trailing Stop Master

Hello, ladies and gentlemen, this time, we look at a tool that will undoubtedly be useful for everyone who uses trailing stop in his forex trade.

The name of this tool is TrailingStopLight, and its author is well-known forex software programmer Cmillion. TrailingStopLight is made as an expert adviser (EA) and is quite simple to use. Cmillion assures that it is the fastest software to control the trailing stop.

Little help for beginners. What is trailing stop?

Trailing stop is an algorithm of Stop-Loss orders level control. After setting a trailing stop (for example, X pips) the following occurs:

• MetaTrader does not take any action until the time when profit on the opened position reaches X pips. After this MetaTrader sets Stop-Loss order at the distance of X pips from the current price (in this case - on the break-even level).
• After the first step, MetaTrader sends a command to change the level of the Stop-Loss order at the distance of X pips from the current quote every time the distance between it and the old order level exceeds X pips. As a result, the Stop-Loss order is “pulled” to the current price.

How to activate this trailing? Open position in the “Terminal” window, right click on our order in the “Trade” tab, and in the menu that appears, choose Trailing stop->X points.

Thus, Trailing Stop - it is our insurance, in case the price reverses and goes against us.

Trailing Stop is always watching the price and moves stop-loss when the price moves towards our position.

Trailing Stop will close our order with profit (provided that the level in points specified during trailing stop setting has been achieved) if the price goes against our position.
A small illustration of the trailing stop work:

• Point A - Opening a buy order
• Point B - trailing stop activates and moves the stop-loss position along with the price.
• Point C - Price starts to decrease and goes against our purchase, stop-loss remains unchanged.
• Point D - the price goes up again, trailing moves stop orders along with it.
• Point E- the price reached the maximum and started going down. Stop-loss is not changed.
• Point F - stop-loss triggered, not allowing us to lose profits obtained previously.

Thus, a trailing stop all the time moves the stop-loss level along with the price, helping us to keep our profits.

So, we’ve dealt with simple trailing, and what are the advantages of TrailingStopLight compared with the standard trailing stop?

• Setting the standard trailing takes time, TraingStopLight is automatically activated
• If you use pending orders, the standard trailing stop can be added only after the pending order is executed. TrailingStopLigth automatically starts trailing the order after its execution. Also, using TrailingStopLight you can set the trailing stop step (see below).
• You can directly set the stop-loss and take-profit, then these values will be set automatically.
• There is a function of a simple break-even exit.

What is a trailing stop step? By default, the trailing stop moves Stop-Loss after the price when X pips of profit are reached (trailing stop level), and then moves the stop whenever profit increases by 1 point (greater than X). So, default trailing stop step is 1. If we change the trailing step (using TrailingStopLight), after reaching the level of X points, stop-loss orders move for the next time only after the price increases on N points more (in the direction of profit). N is a trailing stop step. Thus, the stop-loss will move every N points, after reaching the level of X.

---

TrailingStopLight is installed just like any other EA, here is a guide, if you have problems.

Once you have copied the expert to the folder with MT4 terminal, attach it to the currency chart where you want to use a trailing (timeframe is not important, you can open additional charts with an expert to make it work on many pairs simultaneously) and set the required parameters in settings. Thereafter TrailingStopLight starts to work.

Attention! TrailingStopLight does not open trades by itself! It only controls the orders opened manually or by other robots.

Description of TrailingStopLight

Stoploss = 0, // Stop Loss if 0, stays unchanged
Takeprofit = 0; // Take Profit if 0, stays unchanged
TrailingStop = 20; // Length of Trail, if 0, then there is no trailing
StepTrall = 0; // Trall Step - to move stop-loss no closer than StepTrall
NoLoss = 10 // Transfer to break-even at a given number of pips, if 0, then there is no transfer to breakeven
MinProfitNoLoss = 0; // Minimum profit when translated to break-even

Download EA”TrailingStopLight”