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Attachments: I'm seeking a trailing stop EA that surely must exist, any ideas?
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I'm seeking a trailing stop EA that surely must exist, any ideas?

Here you go,

bool Own_Symbol_Only.......set to true to control only currency pair that is the same as the chart the EA is placed on. False controls all trades.
Attached File(s)
File Type: mq4 Ben_trail_stop_v2_ECN.mq4   4 KB | 811 downloads
Anyone have any ideas on how to make 2 digit brokers work?????
My stoploss automatically moves to zero after a few pips on 2 digit brokers...
ANyone with any thoughts??????

Pip = Point;
if (Digits == 2||Digits == 5){Pip *= .001; D_Factor = 10;}
Trail_From *= Pip;
Trail_Max *= Pip;
Quoting 4XWeezal
Anyone have any ideas on how to make 2 digit brokers work?????
Sorry, can't answer your question... But who is a 2 digit broker and why would somebody use one?

Greetings.
MikeFT
Very interesting thread and great work

Inspired from CaveMan's "CaveManager" I would like to ask if you'd be able to integrate another trailing function - a second instance.

 

  1. instance a regular trailing stop like we all know.
  2. instance the one you've already created.

I'm also wondering if in general it needs to be trailing or if a trailing stop can be modified in the way that it moves the s/l (change order/position).

The reason I'm asking and please correct me, if I'm wrong:
In case of a faulty Internet connection/computer etc. the trailing won't work anymore. Our client terminal needs to perform the trailing.

Imagine this:
Initial SL is 50, we are 100 in profit, trailing is set at 50 Pibs.
If it returns, the close would be at +50.
Worst case is that our initial s/l will be hit, right?

Looking forward for your thoughts.

Greetings.
MikeFT

Hello kenny and ben.

I am new to forex factory. Found a nice thread at the first time itself.
Backtest results seems to be good.
Can i know how you got those back test results. Can you please tell me in detail how to work on this ea. I am a bit confused

thankyou
  • Post #26
  • Quote
  • Edited 3:09am May 21, 2010 2:02am | Edited 3:09am
4XWeezal,

Please can you tell me which broker you are using and which instrument.

Mike, the 2 digit brokers that 4X was referring to would be the JPY pairs on your normal 4 digit broker......but, as you say, why anyone still uses 4 digit brokers is beyond me.

I am not sure I fully understand your question and request. You are correct in your assumption on the example you mentioned. When you enter the trade, if you get to 10 pips profit, the SL will be set to +5 pips. Now the worst case is that you will close the trade at +5. If your trade never makes it to +10(and accordingly +5 SL), the trade would be stopped out at the initial SL set by you.

I have hardly ever had internet connectivity issues. First off, you should be running this off a VPS and if you are really concerned then you can always appoint a second VPS as a backup with "looser" settings. If the connection issue is your broker, then no amount of software will fix the issue. Also note that this EA moves the actual server side stops, so the trade closure will be handled by your broker irrespective of whether your terminal is connected or not.
rajchumar,

I have removed the trading portion of this EA. I placed the original trades as a way to test the EA. The results are misleading as you cannot see the drawdown that is created by leaving trades open indefinitely. It could quite easilly blow your account.

The idea behind this EA, is that you make your trade and then you can set the EA on it to run a trailing stop for you in order to let your winners run. It is a way of maximising your pips without having to sit in front of the computer. Please note, there is no regular stoploss, this EA uses stoploss to exit when you have a profit. If your trade runs into the negative, it is up to you to determine your own exit strategy.
hi kenny,
thanks for your reply. i will use this Ea for sure. keep going.

best regards
Excellent work. Tested this out today and loving it already

Would it be possible to set the initial stop loss/take profit figures automatically when an order is taken on an instrument this EA is attached too?
Ok, herewith the latest version. Just addresses the issue of stoplevels.

Also there is a boolean(true/false) function that allows the EA to make some simple trades in order that you may backtest the trailing stop function on your favourite instrument.

4XWeezal, please test and see if it works. I tested it on XAGUSD at FXDD so it should work fine with 2 digit instruments.

leanerdavid, I will look at the issue of initial stops in the next version.
Attached File(s)
File Type: mq4 Ben_trail_stop_ECN_v5.mq4   5 KB | 903 downloads
Quoting kennyhubbard
Ok, herewith the latest version. Just addresses the issue of stoplevels.

Also there is a boolean(true/false) function that allows the EA to make some simple trades in order that you may backtest the trailing stop function on your favourite instrument.

4XWeezal, please test and see if it works. I tested it on XAGUSD at FXDD so it should work fine with 2 digit instruments.

leanerdavid, I will look at the issue of initial stops in the next version.
Hi Kenny

Many thanks, its great that you are doing this for everyone. Excellent tool, and genuinely appreciated.

David
Quoting kennyhubbard
4XWeezal,
...
When you enter the trade, if you get to 10 pips profit, the SL will be set to +5 pips. Now the worst case is that you will close the trade at +5.
...
Also note that this EA moves the actual server side stops, so the trade closure will be handled by your broker irrespective of whether your terminal is connected or not.
Thanks for the clarification.
I wasn't sure if the stops with trailing stops are set on the server side of it the client just closes the order as soon as a trailing stop level is hit.

I guess I was a bit to tired when I posted the last time...

Regarding my previous request:
I've been talking about another instance for the trailing stop.

Yours is a percentage, starting at a specific level.
So if I'm 100% in the positive, 50% is enough for the trade to develop.
Other scenario: If I'm only 20 in Profit, 50% is much less to let the trade develop, but too much to let it tun into a loser Therefor it would be nice to have another trailing instances (#1 below):
1. A regular trailing stop, starting at x pips with y pibs.
2. Your % trailing starting at a higher x pib value with y % and a max y.

Hope it makes more sense now.
Quoting MikeFT
Thanks for the clarification.
I wasn't sure if the stops with trailing stops are set on the server side of it the client just closes the order as soon as a trailing stop level is hit.

I guess I was a bit to tired when I posted the last time...

Regarding my previous request:
I've been talking about another instance for the trailing stop.

Yours is a percentage, starting at a specific level.
So if I'm 100% in the positive, 50% is enough for the trade to develop.
Other scenario: If I'm only 20 in Profit, 50% is much less to let the...
I totally agree with this. In a perfect world a % based trailing stop would run somewhere along the lines below in my opinion.

+20 pips - Trails at 10%
+30 pips - Trails at 20%
+40 pips - Trails at 30%

and so on up to a maximum of trailing at say, 70%

Something along these lines would help locking in profits without hitting trailing stops too soon. Obviously the above figures are just examples, the individual user would set their own thresholds as they see fit.
Ok, gimme a couple of days and I'll look into it.
thanks Kenny...I will give it a shot.
I still use 4 digit..not sure what advantage 5 has.. I think what happens is the point turns out to not properly process... -----example 40.00 instead of .0040and does not properly process the trailing stop through....I added programming to my regular ea and changed to * = .001 and seems to work okay.. will need to review. thanks for your programming. this opens up a lot of ideas.
Quoting kennyhubbard
Ok, gimme a couple of days and I'll look into it.
That'd be great. Looking forward to it.

Thanks.
MikeFT
Some suggestions (mine in particular) are probably drifting into areas where it would be appropriate to start charging for your time. I would understand totally if you did!

Anyway, with apologies, I wanted to suggest yet another feature. Geared towards those of us trading using pin bars. but likely of use to many people not using pins.

The initial stop loss could be based on % of the previous bar. Using the guidelines in the attached pin bars pdf.

So, we have made a sell trade at the start of the next bar after the pin bar:

http://img525.imageshack.us/img525/1721/image3lj.jpg

The stop loss is then auto placed at 61.8% up the previous bar (perhaps with the option to add additional pips, 61.8% + 10 pips for example)

http://img163.imageshack.us/img163/3097/image1ses.jpg

Using the % stop loss in and % profit out it would be possible to set up auto exits based on fibs.
Attached File(s)
File Type: pdf Pin bars-advanced.pdf   113 KB | 577 downloads
Hi guys,

I have been away so I have not had much time. I will look at the above suggestions in due course..........

Quoting 4XWeezal
thanks Kenny...I will give it a shot.
I still use 4 digit..not sure what advantage 5 has.. I think what happens is the point turns out to not properly process... -----example 40.00 instead of .0040and does not properly process the trailing stop through....I added programming to my regular ea and changed to * = .001 and seems to work okay.. will need to review. thanks for your programming. this opens up a lot of ideas.
4XWeezal,

Please tell me what broker you are using. The benefit of 5 digit brokers are that it offer more accurate price allowing subpip spreads. It is also a step in the evolution of retail forex. Brokers that do not offer it are getting left behind.

I am somewhat surprised that the Point value of 0.001 is working for you on a 2 digit instrument, since the Point value should be 0.01. How are you testing this?

learnerdavid, I will still look at the pinbar stoploss, but I suspect that it may be better to create a separate stratgey for that as this one serves a particular purpose and I am not sure I could effeciently combine them without it becoming cumbersome.
Hi

Yes, I agree that fibs based pinbar stoploss is a little too specific for this EA. It is something I will look at myself, and of course share if it doesn't happen on these forums.

In the meantime your work so far has been excellent, and I look forward to seeing the next installment.

David
Hi Ben and others

this is really interested trailing stop script here

can you maybe help me in resolving my problem?

im junior member so im not aloved to open threads...and i apologize if the question is to away from this thread.

my mt4 doesnt want to place trailing stop loss (TSL) if the traid doesnt go 15 pips in my direction.

im trying to win (take profit) 20 pips on breaktrough and i start with 20 pips SL,

but i would like to manage TSL to move acordingly when i go to profit even 1 pip.

example:
if my traid goes 5 pips in my direction, if it comes back in oposite direction that i loss just 15 pips.

is this possible?

plz help, and sry for my bad english and poor knowladge
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