Question about Trailing Stop Loss

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Elixium
16
Elixium  

Hi. What I want to do is set my Trailing Stop Loss at e.g. 30 pips with an additional rule - it must allow for e.g. 60 pips of movement below the initial entry price of the trade before triggering & exiting the trade, if the price is above the initial trade entry price then it should function as a normal Trailing Stop Loss. Is this possible without downloading MT addons? Maybe someone knows of an MT addon that will do this?

Kenneth Parling
4730
Kenneth Parling  
check  CodeBase or Market or put it up as a job in Freelance 
Elixium
16
Elixium  
Kenneth Parling:
check  CodeBase or Market or put it up as a job in Freelance 

I see, here is my post better described:

Custom Trailing stop

- If market is above trade entry then act as a standard Trailing Stop. e.g. 30 pips.

- if market is below trade entry then act as a standard Stop Loss e.g. 60 pips.

William Roeder
19434
William Roeder  
There is nothing custom there. Place your ISL at 60 pips. Enable trailing at 30. Done.
Elixium
16
Elixium  
ISL? Initial Stop Loss? Is this functionality available by default in MT 5? It's not in MT4
William Roeder:
There is nothing custom there. Place your ISL at 60 pips. Enable trailing at 30. Done.
James D. Hunt
59
James D. Hunt  
Which platform are you using? 
Elixium
16
Elixium  
MT4
James D. Hunt:
Which platform are you using? 


https://www.mql5.com/en/code/11649

RoNz Auto SL-TS-TP v2.06 - expert for MetaTrader 4


I think this might work. We'll see.
William Roeder
19434
William Roeder  
Elixium: ISL? Initial Stop Loss? Is this functionality available by default in MT 5? It's not in MT4
  1. Yes
  2. Of course MT4 has stops.
    1. You can specify them in the open order dialog.
    2. Tools → Options (control-O) → Charts → enable Show trade levels and then you can drag the order or it's SL/TP to your desired price.
    3. You can use a GUI EA like mine (for MT4): 'Money Manager Graphic Tool' indicator by 'takycard' - Risk Management - Articles, Library comments - MQL5 programming forum - Page 6 #55
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