how to lock profits in mt5 - page 2
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i think this is something close to what i am looking for.
1) can we do this in mt5, or we have to get some EA?
2) instead of it trailing the 'maximum favorable excursion' AUTOMATICALLY, it is possible to trail manually?
Of course, you can trail manually. You only have to move your Stop Loss everytime you want (when your profit reaches certain levels, etc.). If you want to monitor constantly and trail automatically, you need an EA. Regards.
thanks, bro. got it now.
thanks, bro. got it now.
mohanrao620: thanks for the replies, guys. i think i could not explain it well.
i am looking for a feature where we can lock profits without closing a position, or taking partial profits. and where we can keep moving the lock profit level further and further when the position goes in our favor. at no point we will be closing the position on our own, it will be closed automatically only when the level falls to the lock profit level.
in the example given in op, we place an (buy) order, it moves 50 pips in our direction, we move the lock profit to 30 points manually, then pips move another 50 points in our favour, now it's at 100 pips total in our favor, so we lock profits at 80 pips manually, and it goes like that.
hope it's clear now what i am looking for.
i think this is something close to what i am looking for.
1) can we do this in mt5, or we have to get some EA?
2) instead of it trailing the 'maximum favorable excursion' AUTOMATICALLY, it is possible to trail manually?
It was clear form the beginning, and I will repeat - that is called a "Trailing Stop-Loss" - there are no partial closes and the order is not closed while it moves in your favor. It is ONLY closed when it falls back to your "profit protection level" just as you have explained.
So I repeat, that is called a "Trailing Stop-Loss" and it is even built into MetaTrader's terminal. You can just right-click an order, select "Trailing Stop" from the context menu and then select the distance in Points (not pips).
For more sophisticated variations of trailing-stops, just search the CodeBase.
It was clear form the beginning, and I will repeat - that is called a "Trailing Stop-Loss" - there are no partial closes and the order is not closed while it moves in your favor. It is ONLY closed when it falls back to your "profit protection level" just as you have explained.
So I repeat, that is called a "Trailing Stop-Loss" and it is even built into MetaTrader's terminal. You can just right-click an order, select "Trailing Stop" from the context menu and then select the distance in Points (not pips).
For more sophisticated variations of trailing-stops, just search the CodeBase.
Initially i was confused because i was trying the 'take profit' option, but it is clear now.
thanks for the explanation.