Global Risk Manager Auto Stop Loss With Trailer
- Utilitys
- Jason Smith
- Version: 1.4
- Aktivierungen: 5
Global Risk Manager Auto Stop Loss
Automate Your Risk Management
This utility works seamlessly with any symbol, by intelligently setting your initial Stop Loss and Take Profit the instant a new position is opened.
Perfect for traders who enter manually or via an EA but want consistent, rules-based risk management applied automatically.
Why You Need This
Eliminates Human Error: Never forget to set a stop loss again. Ensures every trade is protected from the start.
Enforces Discipline: Removes emotion and inconsistency by automatically applying a logical, pre-defined risk management rule.
Works with Your Strategy: It doesn't matter how you enter trades—this EA will manage them for you.
Global Risk Manager Auto Stop Loss.
Its core function is to automatically set and intelligently trail your stop-loss orders to the previous candle's high or low, a classic and powerful price action technique.
On every market tick, it scans all your open positions. You can optionally filter positions by Magic Number, making it perfect for use with other EAs. It will only manage trades from your specified strategy, or all trades if you prefer.
For its stop-loss calculation, the EA applies a clear price action rule:
For BUY positions, it sets the Stop Loss (SL) to the low of the previous completed candle.
For SELL positions, it sets the Stop Loss (SL) to the high of the previous completed candle.
This technique logically places your stop beyond recent market structure, protecting your capital from normal retracements.
A key feature is its intelligent trailing mechanism. When enabled, the EA doesn't just set the SL once. As each new candle closes, it automatically moves the SL to the new previous candle's high or low.
This creates a dynamic, trailing stop that locks in profits as the trend moves in your favor, all based on clear market structure.
When disabled, it acts as a initial risk manager, setting the SL once when the trade opens and then leaving it alone.
Furthermore, you can incorporate a risk-reward strategy with the optional TP Multiplier.
If enabled, it automatically calculates a Take Profit (TP) level that is a multiple of the your initial stop loss (e.g: 2.0 for a 2:1 risk-reward ratio).
Core Function: Automates stop-loss and take-profit management for open positions based on previous candle high/low.
Logic:
Filters positions by a user-defined Magic Number . (If Magic Number is 0, processes all positions).
Trailing Logic:
If Enable Trailing is true :The EA continuously updates the SL to the most recent previous candle's high/low on each tick.
If Enable Trailing is false :The SL is set only once upon trade opening if no SL is present.
Take-Profit Calculation (Optional):
If TP Multiplier > 0 no TP is set on the position.
Input Parameters:
Enable/disable trailing logic
TP Multiplier : Risk-reward multiplier for automated TP calculation. Set to 0 to disable.
Magic Number : Manage positions only with this Magic Number. Set to 0 to manage all.
The EA automatically uses the timeframe of the chart it’s attached to.
If you want it to reference the previous M1 candle’s high or low, simply load the EA onto an M1 chart.
It does not need to be attached to the chart you intend to trade or monitor.”
Bug report
If you think you've found a bug in the Global Risk Manager Auto Stop Loss.
Do not rush the process.
- Write a precise description of the context.
- Write a description of the error as precise as possible.
- Attach the logs of the expert tab for the corresponding date.
- Attach the logs from the log tab for the corresponding date
