Trailing stop for total pips EA

I've looked everywhere but can't find what I need. I'm looking for a trailing stop EA that sets a trailing stop in total pips for all positions. I have attached the swiss army ea which is good and will close all positions if a certain total pip loss or pip gain is achieved but I would like to have it also trail the total pips you are willing to lose.

Let me give an example to clarify what I mean.

I open a basket of 8 trades. The ea totals up the pips gained or lost so with the spreads I'm down let's say 30 or 40 pips. If the trades go against me by 300 pips in total then the EA will close down all the positions. If the trades go into profit by 200 pips then the EA will have trailed the max pips I am willing to lose to 100 pips. So, as the trade gets into profit, lets say 800 pips up then if it goes against me then it will close the whole basket down for a gain of 500 pips total.

I hope the above makes sense and that someone knows of something like this or would be willing to help?

Thanks.

In effect would this be like sharing the risk across all positions, and not using a blanket SL of say "20" for each and every position?

Exactly right, it doesn't matter what the configuration of profits or losses are it only tracks the total of pips.

How exactly would the trailing part work?

I'm not a coder but would it be possible to set a variable and call it something like "peak pips" being the highest profit in pips achieved? When the actual total pip count reaches a peak, let's say 1000 pips in profit and then the actual pip count goes backwards by x pips, a user definable amount, it would close all open trades.

Nobody can help with this then?

If anyone else is looking for something similar then this will help...

http://www.forexfactory.com/showthread.php?t=159563

You can set an equity value that you do not want to drop below so you can just alter that level as your basket increases in value. It's not an auto trailer but it's the next best thing.

I have created an ea that sort of does what you are talking about. Its more of a scalper type of ea whereby it attempts to lock in a small profit. It creates a high and low price based on the 5 min candles. The high and low would be from current time back to a few minutes after the order was opened. The OrderSelect option is the key so that multiple trades can all be accounted for individually.

For instance....for a long position or multiple long positions...here are the steps needed.

1) For each order opened the ea would establish the high and the low by accessing the 5 min candles following the opening of the order.

2) To obtain the profit value of the entire basket of trades use
double total_profit = AccountEquity() - AccountBalance();

3) If the current price falls below the high by a specified amount (you choose the trailing stop distance) AND total_profit > your profit desired

you then run the OrderClose function(s).


In place of step 3 above you could do the following if you would rather set the trailing stops.

Within the OrderModify function....set the stoploss to the high minus the trailing stop amount. But the totalprofit would have to be above your desire profit to proceed with the OrderModify funtion. The total number of lots would need to be factored in along with your trailing stop pip distance of course.

Would something like this help you? If you provide specifics...I'll attempt to code her up for you. If you are hedging trades....it would be a bit more complex but still doable.

ok....attached is the code that will for the most part do what you are asking.
Now...I am by no means a good programmer. And many of the good programmers that are on this site could improve this and make it more efficient. I'm still trying to learn mql4 as I go along. However....I do believe this is the code...in its fully expanded form....that will work for you.

There may be an error or 2 still in it as I have not attempted to compile this code within a functioning ea. Let me know if you need anything else.

Hope this helps.

Hugh,

my apologies because the code I sent will only work with 1 single currency pair. Since you are talking about 8 different currencys...my code will not work. The trailing stop function based on the high or low would surely fail.

I'll think about it some more but it may be a no go with mql4.

ok Hugh, with further thought, I think this actually can be done. The trick would be to close .01 lots of 1 pair(or the smallest lot amount you could) once the maximum needed profit is achieved. By doing that...you can place a time stamp by using the function OrderCloseTime() for that 1 small closure.

You could then reestablish the highs and lows of each currency by starting at that next 5 minute or even 1m candle. You could then set up the trailing stops from there.

Yes sir....as long as the OrderClose function will allow us to sell a portion of a trade(and I think it will) when the max profit is achieved...this is something that will work. And even if it did not...we could still just sell 1 of the 8 pairs and put the TS's on the remaining 7.

Sorry for the abundance of posts...I'll redo the code today or tomorrow.

Today is tomorrow