Opening a position from a trailing stop trigger

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Hi there, I'm new to Forex and I'm currently learning the ropes on a demo account on MetaTrader 5.

How can I use a trailing stop to open a position? Currently, I can only add a trailing stop to positions that are already open, and so the trailing stop is used to close the position. I'd like to test a strategy where I open a position a certain number of pips after the daily high or low, depending on the direction of the trend. I can't just watch it, I need to leave a wide trailing stop running overnight, as daily highs or lows often happen while I'm asleep.

I also need it to set a SL and TP.

Should I get an EA for something like this, or is there a way to do it just with the options the platform comes with?

Thanks very much for your time, I'm a bit overwhelmed by all these new and interesting things

All right, take care,

--Jotto

 

Hi Jotto, Did you find something?

I'm also looking for a trailing OPEN script.

Here's my idea: When you're in an uptrend you want to get in at a swing low.

But how to maximize profitability? My idea is to enter a pending buy order when you're in the down swing a few pips above the current price. When price retraces further, the entry level for the pending order is adjusted and lowered 1 pip for every pip the price drops.

This trailing continues untill price has reached the end of the retracement and when it goes up it hits the pending order and the buy order is a fact.

The same can be done for a downtrend wit a pending sell order.

Any ideas?

Jotto:
Hi there, I'm new to Forex and I'm currently learning the ropes on a demo account on MetaTrader 5. How can I use a trailing stop to open a position? Currently, I can only add a trailing stop to positions that are already open, and so the trailing stop is used to close the position. I'd like to test a strategy where I open a position a certain number of pips after the daily high or low, depending on the direction of the trend. I can't just watch it, I need to leave a wide trailing stop running overnight, as daily highs or lows often happen while I'm asleep. I also need it to set a SL and TP. Should I get an EA for something like this, or is there a way to do it just with the options the platform comes with? Thanks very much for your time, I'm a bit overwhelmed by all these new and interesting things All right, take care, --Jotto
 

Hi Maurice,

I haven't managed anything yet. The problem with me is that I have no idea how to code even simple scripts. I'm left with a decision to make: either take the time to learn it myself, or find someone else who can help me with setting up an EA. Either of these is possible, as I have the time, but this strategy is also so simple that it would be easy to find someone to help with it.

First I'm going to examine some guides on making EAs and check out some examples I could learn from, to size up the task. I'll either trek along and figure something out eventually, or I'll get very confused and ask my brother to help me, who can code but doesn't know Forex.

Whatever I end up with, I'll be sure to keep this thread updated with it, and hopefully I can come back and share with you the coding for this function. Or, maybe we'll stumble upon someone who does know more about this. We'll see.

All righty then, take care.

 

Hi Jotto,

I know how to code MQL4, it's just that I tried to find a script before I spend time making one myself. But now that I have searched and didn't find anything, I think I'll have to code it myself.

I did code different trailing stoploss scripts not so long ago, so it shouldn't be too hard.

Maybe you can tell me your idea about what the EA should do. I'll make a start with it and maybe you can help testing it out in a couple of days.

Maurice

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