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
Trailing Stop on Profit
This trade management expert advisor for MetaTrader 4 and 5 automates stop-loss adjustments based on specific profit targets.
GitHub stars3
Forks1
Last update3 years ago19 Jun 2023
LicenceGPL-3.0
Overview
Unlike standard trailing stops, this tool remains inactive until a position reaches a user-defined profit threshold in points. It offers flexible trade selection by filtering positions based on magic numbers, order comments, or trade direction. Users can toggle the management logic via an on-chart button. The utility also includes a notification system for alerts through the terminal, mobile push notifications, and email.
- Profit-triggered trailing stop activation
- Trade filtering by magic number and comment
- On-chart graphical control panel
- Multi-channel notification alerts
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.
Input parameters
Read from Trailing Stop on Profit.mq5. Defaults are the author's; change them in the EA's Inputs tab.
| Name | Type | Default | Description |
|---|---|---|---|
TrailingStop | int | 50 | Trailing Stop, points |
Profit | int | 100 | Profit in points when TS should kick in. |
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 |
EnableNotify | bool | false | Enable motifications feature |
SendAlert | bool | true | Send alert notification |
SendApp | bool | true | Send notification to mobile |
SendEmail | bool | true | Send notification via email |
Show all 16 inputs
| Name | Type | Default | Description |
|---|---|---|---|
ShowPanel | bool | true | Show graphical panel |
IndicatorName | string | TSOP | Indicator 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/Trailing-Stop-on-Profit-MT4-5 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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