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Trailing Stop - Best Practices

  • #1
  • First Post: Jan 16, 2007 8:35am Jan 16, 2007 8:35am
Hello FF community.

I am having one hellova time trying to code a good, consistently working Trailing Stop loss on my EA. Below is the code that I use. I have had some indications that seem contradictory so I am starting this thread to help me and everyone else find the last word from the MQL4 writers about how is the best way to code a trailing stop.

I have seen the code below work at some points and not work at some other points for no apparent reason.

Inserted Code
if (OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES))
      {
       if (OrderType()<=OP_SELL && OrderSymbol()==Symbol())
         {               
            if (OrderType()==OP_SELL)
               {
                  if(TrailingStop>0)  
                     {                 
                        if((OrderOpenPrice()-Ask)>(Point*TrailingStop))
                           {
                              if(OrderStopLoss()>(Ask+Point*TrailingStop))
                                 {
                                    OrderModify(OrderTicket(),OrderOpenPrice(),Ask+Point*TrailingStop,OrderTakeProfit(),0,Green);
                                    return(0);
                                 }
                           }
                     }                
               }
         }  
      }
  • #2
  • Jan 16, 2007 8:44am Jan 16, 2007 8:44am
First replace this

if (OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES))
{

if (OrderType()<=OP_SELL && OrderSymbol()==Symbol())
{

if (OrderType()==OP_SELL)
{

by

if (OrderSelect(ticket,SELECT_BY_TICKET,MODE_TRADES))
{

/ /You have 2 if condition that do the same thing
if (OrderType()==OP_SELL && OrderSymbol()==Symbol()) /
{

Sorry for my bad english translation
  • #3
  • Jan 16, 2007 9:00am Jan 16, 2007 9:00am
Now that you have verify if you condition is a sell
then you verify if you trailing stop meet the requirement
replace
if(TrailingStop>0)
{

if((OrderOpenPrice()-Ask)>(Point*TrailingStop))
{

by
if ( TrailingStop>0){

double newSl = Ask + (TrailingStop*Point)// Give the new Stoploss,price where it should be

//the newSl < OrderOpenPrice() simulate the Mt4 Platform Trailing(Platform side)
// You can remove and it will start as soon the TS is below the SL(Like Forex.com TrailingStop(ServerSide))
if( newSl < OrderOpenPrice() && newSL < OrderStopLoss() ){
// you verify that the new SL is below the OpenPrice and below the Stoploss, if that the case then you have your new valid SL and you modify your sl

}

}
Sorry for my bad english translation
  • #4
  • Edited 9:32am Jan 16, 2007 9:17am | Edited 9:32am
There is 3 questions to ask?
1- Does the transaction is the one i'm looking for

if (OrderType()==OP_SELL && OrderSymbol()==Symbol())

2- Does my TrailingStop meet the requirement

if( newSl < OrderOpenPrice() && newSL < OrderStopLoss() ){

3- If so then modify my Stoploss

OrderModify(OrderTicket(),OrderOpenPrice(),newSL,OrderTakeProfit(),0,Green);
Ps. see newSL added in Ordermodify


If you put return after OrderModify, it will cause a stop of the function...
so if you have more than one open transaction it will not do the second...
So it depend on how you manage them....
If you have more than one transaction for the same currency to apply your Trailing stop then do not put return...
if you have only one transaction at any time for the same currency then puting return will be faster or the program will work less(Well not a big diffence)...
Ps.: Usually return is at the end of a function, not in the middle of it... In this case, a good way to program it will have been to put a break instead of the return(A break, because i suppose you have a 'for' loop higher in your code to get your Transaction(OrderSelect))
Sorry for my bad english translation
  • #5
  • Jan 16, 2007 1:09pm Jan 16, 2007 1:09pm
OK so it should then be something along the lines of:

Inserted Code
    for(cnt=0;cnt<OrdersTotal();cnt++)
     {
      if (OrderSelect(cnt,SELECT_BY_POS,MODE_TRADES))
       {              
        if ((OrderType()==OP_SELL)&& (OrderSymbol()==Symbol()))
         {
          if ( TrailingStop>0)
           {
            double newSl = Ask + (TrailingStop*Point);                                                                                                                              
            
        if( newSl < OrderOpenPrice() && newSl < OrderStopLoss() )
             {                                                     
               OrderModify(OrderTicket(),OrderOpenPrice(),Ask+Point*TrailingStop,OrderTakeProfit(),0,Green);
           break;
             }
            }
           }                
          }
         }
  • #6
  • Jan 16, 2007 1:22pm Jan 16, 2007 1:22pm
2 things:
1- Ask+Point*TrailingStop in the OrderModify should be replace by newSL: Its already define and you use it to compare... But its good anyway....
2- for(cnt=0;cnt<OrdersTotal();cnt++) <- Its good, if you dont delete(OrderDelete()).Otherwise you must reverse the loop

The script i comment as not been tested by myself... Its just base on logic... but i'm pretty sure it will work...

Inserted Code
  for(cnt=0;cnt<OrdersTotal();cnt++)
     {
      if (OrderSelect(cnt,SELECT_BY_POS,MODE_TRADES))
       {              
        if ((OrderType()==OP_SELL)&& (OrderSymbol()==Symbol()))
         {
          if ( TrailingStop>0)
           {
            double newSl = Ask + (TrailingStop*Point);                                                                                                                              
            
        if( newSl < OrderOpenPrice() && newSl < OrderStopLoss() )
             {                                                     
               OrderModify(OrderTicket(),OrderOpenPrice(),Ask+Point*TrailingStop,OrderTakeProfit(),0,Green);
           break;
             }
            }
           }                
          }
         }
Sorry for my bad english translation
  • #7
  • Jan 16, 2007 1:28pm Jan 16, 2007 1:28pm
When you use OrderModify its not a bad idea to use a
if(!OrderModify(...)){
Print("OrderModify returned the error of ",GetLastError());
}
So if you have a Error in your OrderModify it will print the error...

Its good to use this method in almost any Order.
Sorry for my bad english translation
  • #8
  • Jan 16, 2007 1:47pm Jan 16, 2007 1:47pm
I just noticed something:
if the 'For' loop is just to ajust the SL
then the
Inserted Code
 if ( TrailingStop>0)
should be place before the for

Inserted Code
 if ( TrailingStop>0){
for(cnt=0;cnt<OrdersTotal();cnt++){
//....
}
}
this way you dont loop for nothing,, because the condition to adjust you trailing stop is to have at least a value in the TrailingStop variable, so if you dont have anything in it, why looping (quicker) ...

Also you can change/add the spread and/or the minimum broker requirement pips...

exemple:
IBFX require 5 pip minimum to place order...
So the Trailling Stop must be greater than the minimum allowed by your broker or the spread.... Logic...

If you dont include the spread and/or minimum requirement by broker... then the OrderModify can return sometime error(If you print error)...
Sorry for my bad english translation
  • #9
  • Jan 16, 2007 2:23pm Jan 16, 2007 2:23pm
OK so to summarize, here is the new code:

Inserted Code
if ( TrailingStop>0)
    {
     for(cnt=0;cnt<OrdersTotal();cnt++)
     {
      OrderSelect(cnt,SELECT_BY_POS,MODE_TRADES);
       {              
       if ((OrderType()==OP_SELL)&& (OrderSymbol()==Symbol()))
         {
           double newSl = Ask + (TrailingStop*Point);            
            if( newSl < OrderOpenPrice() && newSl < OrderStopLoss() )
            { 
OrderModify(OrderTicket(),OrderOpenPrice(),newSl,OrderTakeProfit(),0,Green);
               if(!OrderModify(OrderTicket(),OrderOpenPrice(),newSl,OrderTakeProfit(),0,Green))
                 {
                  Print("OrderModify returned the error of ",GetLastError());
                 }
              } 
             }
            }                
           }
          }
  • #10
  • Jan 16, 2007 4:08pm Jan 16, 2007 4:08pm
This seems to be working fine now. even handles multiple trades. Thanks for your great assistance man!
  • #11
  • Jan 16, 2007 5:02pm Jan 16, 2007 5:02pm
Hi, I am a programmer in Turbo Pascal and C++, since 2 weeks I am learning MQL4. Upto now I have written some programs in MQL4 and they work fine. I have written a program for my TrailingStops, but it only works for the first open order, in the second order the TrailingStop only starts to work when the first order is closed and so on. Is it possible to write a syntax for a second and third order or does it only works on the first???
Many thanks.
  • #12
  • Last Post: Jan 16, 2007 5:10pm Jan 16, 2007 5:10pm
It depend on how you write it...
But yes it should work if you want it...

Post you code will see....

But like Halcyon said "even handles multiple trades", it work for more than 1 order...

Quoting janochek
Hi, I am a programmer in Turbo Pascal and C++, since 2 weeks I am learning MQL4. Upto now I have written some programs in MQL4 and they work fine. I have written a program for my TrailingStops, but it only works for the first open order, in the second order the TrailingStop only starts to work when the first order is closed and so on. Is it possible to write a syntax for a second and third order or does it only works on the first???
Many thanks.
Sorry for my bad english translation
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