I like to know if there is a EA or a software that would set a Stop loss nearer to TP. Let's say I do instant execute buy trade @ 150 and after a while the price went up to 170 and my TP is 200 and I decided to have a SL for 160 which is higher than what I originally bought. Is there any free EA or software can help me with this?
Yes, it is stop loss moved by the trailing stop to breakeven.
You can ask to modify your EA for that using Freelance, or search CodeBase for Breakeven EA for example.
Is correct, Trailing Stop is integrated in the Metatrader, or is available as an order manager. Right mouse click on the order and menu Trailing Stop.