BreakEven Stop

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Hello,

I'm new with MT4...

I used another platform that is dismissed now..and want to make the switch to MT4...

Is BreakEven Stop available in MT4??

To explain it I will try to explain 3 examples..

Initial StopLoss===> always fixed

Trailing Stop===> ''follows'' the profit at set-up distance

BreakEven Stop ===> only triggered when the profit hit a certain level...and set up to the entry price...

let say buy a 1,00....initial stop at 0,90....breakeven set-up at 1,00 but only triggers when the profit hits 1,10.....

therefore breakeven will replace the initial stop...and will be replaced by tailing if the trade is good..

Is this possible and how to code that ??

Thanks in advance for your help

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cyps:

Hello,

I'm new with MT4...

I used another platform that is dismissed now..and want to make the switch to MT4...

Is BreakEven Stop available in MT4??

To explain it I will try to explain 3 examples..

Initial StopLoss===> always fixed

Trailing Stop===> ''follows'' the profit at set-up distance

BreakEven Stop ===> only triggered when the profit hit a certain level...and set up to the entry price...

let say buy a 1,00....initial stop at 0,90....breakeven set-up at 1,00 but only triggers when the profit hits 1,10.....

therefore breakeven will replace the initial stop...and will be replaced by tailing if the trade is good..

Is this possible and how to code that ??

Thanks in advance for your help

Yes, hear is your expert.....

[[Deleted]]

pannek:

Yes, hear is your expert.....

Wow,

Thx Pannek for Your help. It's really appreciated.

BUT I don't quite understand how Your code works....I thing in Your code the breakeven is the LAST stop....Is this correct...??

PLZ don't be offended if I'm wrong because I don't understand Your code

In my mind I wanted to have 3 separate inputs;

1- ''initial'' (regular) STOPLOSS

2- ''regular'' TRAILING STOP

3- BREAKEVEN STOP

Then when a trade is open....because of the spread it's in ''loss'' area....then the ''initial'' STOPLOSS prevail.....

If the price goes in a ''profit'' area and reaches the previously inputted level....the BREAKEVEN STOP kicks in, and it is equal to the entry price, or might be 2-3 pips ''better''....

And it's only if the price continues to go to the ''right direction'' and the TRAILING STOP reaches the BREAKEVEN level that the TRAILING STOP takes over and prevails from that moment till it's triggered, a profit target is reached or the transaction is manually stopped.

Here's a pic from my last platform...:

-red line is the initial stop,

-pink represents the breakeven and the entry price (notice that it was only triggered once certain ''profit'' was made

-doted line is the trailing stop, it follows it's logic (stairs) and at one point it crosses the breakeven and takes over...

Plz notice that at the time of this screenshot, the transaction was still running, and that the arrow represents the open price, and it's situated at the beginning of the following candle