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
This management tool for MetaTrader 4 and MetaTrader 5 automates the adjustment of stop-loss levels based on the Parabolic SAR indicator.
GitHub stars1
Forks0
Last update3 years ago21 Jun 2023
LicenceApache-2.0
Overview
PSAR Trailing Stop does not open new positions but instead monitors existing trades to trail their stop-loss according to current indicator values. Users can filter which trades the utility manages using criteria such as symbol, magic number, or specific order comments. The expert advisor includes risk controls like customizable indicator step and maximum parameters, alongside a graphical user interface and multiple notification options.
- Automated Parabolic SAR trailing stop-loss
- Multi-criteria trade filtering by magic number and comment
- Integrated graphical control panel
- Configurable PSAR step and maximum parameters
- Support for MT4 and MT5 platforms
Details
Author
levimatther on GitHub
Type
Trade manager
Platform
MetaTrader 4 (MQL4) and MetaTrader 5 (MQL5)
Markets
Any symbol
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
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) |
EnableTrailingParam | bool | false | Enable Trailing Stop |
Show all 22 inputs
| Name | Type | Default | Description |
|---|---|---|---|
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 |
How to install it
- 1Download the sourceUse "Download source (.zip)" above, or clone levimatther/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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