This MetaTrader expert advisor functions as a trade manager that automates stop loss adjustments for existing positions. It specifically waits until a trade reaches a user-defined profit threshold in points before initiating a trailing stop. The tool includes flexible filtering options to manage specific symbols, magic
Trade manager · MT4 · MT5
PSAR Trailing Stop
PSAR Trailing Stop is a management utility for MetaTrader 4 and 5 that automates the adjustment of stop-loss levels for open positions.
GitHub stars16
Forks4
Last update2 years ago9 Aug 2024
LicenceApache-2.0
Latest release1.062 years ago
Overview
Instead of manual movement, it follows the Parabolic SAR indicator values to lock in profits or minimize losses as a trend progresses. The software includes filtering options to target specific trades by symbol, magic number, comment, or trade type. Users can define a profit threshold before trailing begins and receive notifications via alerts, emails, or mobile push messages. It features a graphical chart panel for toggle control.
- Parabolic SAR indicator integration
- Multi-factor trade filtering
- Profit-based activation threshold
- Visual on-chart control panel
- Multi-channel notification system
Details
Author
EarnForex on GitHub
Type
Trade manager
Platform
MetaTrader 4 (MQL4) and MetaTrader 5 (MQL5)
Markets
Forex
Timeframes
Any timeframe
Risk profile
No grid, martingale or hedging logic was found in its code or README. That says nothing about how it performs: backtest it first.
EA files
Topics
expert-advisorforexmetatradermetatrader-4metatrader-5mql4mql5mt4mt5parabolic-sar
Input parameters
Read from MQLTA MT5 PSAR Trailing Stop.mq5. Defaults are the author's; change them in the EA's Inputs tab.
| Name | Type | Default | Description |
|---|---|---|---|
Comment_1 | string | ==================== | Expert Advisor Settings |
PSARStep | double | 0.02 | PSAR Step |
PSARMax | double | 0.2 | PSAR Max |
Shift | int | 0 | Shift In The PSAR Value (0=Current Candle) |
Comment_2 | string | ==================== | Orders Filtering Options |
OnlyCurrentSymbol | bool | true | Apply To Current Symbol Only |
OnlyType | ENUM_CONSIDER | All | Apply To |
UseMagic | bool | false | Filter By Magic Number |
MagicNumber | int | 0 | Magic Number (if above is true) |
UseComment | bool | false | Filter By Comment |
CommentFilter | string | | Comment (if above is true) |
ProfitPoints | int | 0 | Profit Points to Start Trailing (0 = ignore profit) |
Show all 25 inputs
| Name | Type | Default | Description |
|---|---|---|---|
EnableTrailingParam | bool | false | Enable Trailing Stop |
Comment_3 | string | ==================== | Notification Options |
EnableNotify | bool | false | Enable Notifications feature |
SendAlert | bool | true | Send Alert Notification |
SendApp | bool | true | Send Notification to Mobile |
SendEmail | bool | true | Send Notification via Email |
Comment_3a | string | ==================== | Graphical Window |
ShowPanel | bool | true | Show Graphical Panel |
ExpertName | string | MQLTA-PSARTS | Expert Name (to name the objects) |
Xoff | int | 20 | Horizontal spacing for the control panel |
Yoff | int | 20 | Vertical spacing for the control panel |
ChartCorner | ENUM_BASE_CORNER | CORNER_LEFT_UPPER | Chart Corner |
FontSize | int | 10 | Font Size |
How to install it
- 1Download the sourceUse "Download source (.zip)" above, or clone EarnForex/PSAR-Trailing-Stop from GitHub, and unzip it.
- 2Open the data folderIn MetaTrader choose File, then Open Data Folder, and go to MQL4/Experts or MQL5/Experts.
- 3Copy the filesCopy the .mq4 / .mq5 file into Experts, and any .mqh files into the Include folder the code expects.
- 4Compile in MetaEditorOpen the file in MetaEditor and press Compile. Fix any missing includes the compiler reports.
- 5Test before you tradeRun it in the Strategy Tester, then attach it to a demo chart and allow algorithmic trading.
Third-party code. ForexR did not write, test or endorse this EA, and the summary above was generated automatically from its README and code. ForexR lists only repositories with readable source code and never hosts files. Read the code, backtest it and use a demo account first; automated trading can lose money quickly.
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