Can TS be managed automatically or do you have to manage it manually? | Forex Factory

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Can TS be managed automatically or do you have to manage it manually?

  • #1
  • First Post: Jan 26, 2007 3:58pm Jan 26, 2007 3:58pm
I know how to set a stop loss, but how do set up a trailing stop in an EA? Can it be managed automatically by the platform or do you have to write the code to manage it?

I don't understand the need for both a stop loss and a trailing stop. I see people say things like "There's a 100 pip stop loss and a 20 pip trailing stop." As the price moves, the TS moves with it, so why do you need a stop loss? You'll never hit the 100 pip stop loss, because you'll hit the 20 pip trailing stop long before that. Right? I'm probably missing something so if someone could enlighten me, that would help. Thanks.
  • #2
  • Jan 27, 2007 12:05am Jan 27, 2007 12:05am
  •  tesla
  • | Joined Oct 2006 | Status: Friendly Neighborhood Programmer | 533 Posts
I'm not sure what you would consider automatic. If you're asking if you can do something like OrderSetTrail(...) then the answer is no.

Basically you check to see if price has moved and use the OrderModify(...) function to adjust the stop.
  • #3
  • Jan 27, 2007 12:54am Jan 27, 2007 12:54am
Quoting locutus
I know how to set a stop loss, but how do set up a trailing stop in an EA? Can it be managed automatically by the platform or do you have to write the code to manage it?

I don't understand the need for both a stop loss and a trailing stop. I see people say things like "There's a 100 pip stop loss and a 20 pip trailing stop." As the price moves, the TS moves with it, so why do you need a stop loss? You'll never hit the 100 pip stop loss, because you'll hit the 20 pip trailing stop long before that. Right? I'm probably missing something so if someone could enlighten me, that would help. Thanks.
Some EAs include trailing stops some don't. So it depends on the EA you are using whether you can set the TS or not. Even if the EA does not include TS you can right-click on the open trade in Terminal window and then select the Trailing Stop to specify the TS in pips. Some brokers do not support TS by default. You need to request this service from them.

TS is different from SL. Actually TS is a system that moves SL. Suppose you have a 100 SL and a 20 TS in place. If the price moves in your favor but less than 20 pips the SL remains where it is. If the price moves in your favor more than 20 pips (say 23 pips) the system moves the SL 3 pips (i.e. 23-20) above the trade open price (i.e. breakeven or BE). Now if the direction of price changes the SL remains where it is and the worst case scenario is that the trade closes with 3 pips in profit.

In general TS is a tool to move SL and reduce the risk of loss. I have written an EA that controls the movement of TP and SL according to price movements. You may give it a try. It's absolutely free. Visit the following link.
http://www.forexfactory.com/showthread.php?t=14098

Good Luck,
Al
  • #4
  • Jan 27, 2007 5:05am Jan 27, 2007 5:05am
Quoting aparsai
Some EAs include trailing stops some don't. So it depends on the EA you are using whether you can set the TS or not. Even if the EA does not include TS you can right-click on the open trade in Terminal window and then select the Trailing Stop to specify the TS in pips. Some brokers do not support TS by default. You need to request this service from them.

TS is different from SL. Actually TS is a system that moves SL. Suppose you have a 100 SL and a 20 TS in place. If the price moves in your favor but less than 20 pips the SL remains where it is. If the price moves in your favor more than 20 pips (say 23 pips) the system moves the SL 3 pips (i.e. 23-20) above the trade open price (i.e. breakeven or BE). Now if the direction of price changes the SL remains where it is and the worst case scenario is that the trade closes with 3 pips in profit.

In general TS is a tool to move SL and reduce the risk of loss. I have written an EA that controls the movement of TP and SL according to price movements. You may give it a try. It's absolutely free. Visit the following link.
http://www.forexfactory.com/showthread.php?t=14098

Good Luck,
Al
Thanks for the answer to the 2nd question. You misunderstood my first question. When I said "how do I set up a trailing stop in an EA?", I wasn't referring to setting a TS on an open order. I've been learning MQL and I want to know how to write the code for a TS. I thought it might be something that the platform can control automatically like a SL. Tesla gave me the answer. You have to track the price movement and use OrderModify.
Thanks.
  • #5
  • Last Post: Jan 27, 2007 7:34am Jan 27, 2007 7:34am
Quoting locutus
Thanks for the answer to the 2nd question. You misunderstood my first question. When I said "how do I set up a trailing stop in an EA?", I wasn't referring to setting a TS on an open order. I've been learning MQL and I want to know how to write the code for a TS. I thought it might be something that the platform can control automatically like a SL. Tesla gave me the answer. You have to track the price movement and use OrderModify.
Thanks.
Good luck then.
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