Stop loss

ariley17  

Hi I'm very new at this and put a trade on MT4, My stop loss was set and the candle came very close but didn't hit or trigger my alarm on trading view and the price on the graph was below my stop loss. I was taken out of the trade within 8 pips before my stop loss.

Is this normal and do I need to allow for this in future?

Fortunately while I am new I am only trading Penny's but this could be a big problem further down the line.  

Navdeep Singh  
ariley17:

Hi I'm very new at this and put a trade on MT4, My stop loss was set and the candle came very close but didn't hit or trigger my alarm on trading view and the price on the graph was below my stop loss. I was taken out of the trade within 8 pips before my stop loss.

Is this normal and do I need to allow for this in future?

Fortunately while I am new I am only trading Penny's but this could be a big problem further down the line.  

Did you considered spread?

Does your MT4 and TV have the exact same data feed?

Fernando Carreiro  
ariley17: Hi I'm very new at this and put a trade on MT4, My stop loss was set and the candle came very close but didn't hit or trigger my alarm on trading view and the price on the graph was below my stop loss. I was taken out of the trade within 8 pips before my stop loss. Is this normal and do I need to allow for this in future? Fortunately while I am new I am only trading Penny's but this could be a big problem further down the line.  

Please note that the following:

  • A buy order opens at the Ask price, and closes at the Bid price.
  • A sell order opens at the Bid price, and closes at the Ask price.

The OHLC chart prices are all Bid prices.

William Roeder  
ariley17: I'm very new at this and put a trade on MT4, My stop loss was set and the candle came very close but didn't hit or trigger my alarm on trading view and the price on the graph was below my stop loss.
  1. Why did you post your MT4 question in the MT5 General section instead of the MQL4 section, (bottom of the Root page)?
              General rules and best pratices of the Forum. - General - MQL5 programming forum? (2017)
    Next time, post in the correct place. The moderators will likely move this thread there soon.

  2. You buy at the Ask and sell at the Bid. Pending Buy Stop orders become market orders when hit by the Ask.

    1. Your buy order's TP/SL (or Sell Stop's/Sell Limit's entry) are triggered when the Bid / OrderClosePrice reaches it. Using Ask±n, makes your SL shorter and your TP longer, by the spread. Don't you want the specified amount used in either direction?

    2. Your sell order's TP/SL (or Buy Stop's/Buy Limit's entry) will be triggered when the Ask / OrderClosePrice reaches it. To trigger close to a specific Bid price, add the average spread.
                MODE_SPREAD (Paul) - MQL4 programming forum - Page 3 #25

    3. The charts show Bid prices only. Turn on the Ask line to see how big the spread is (Tools → Options (control+O) → charts → Show ask line.)

      Most brokers with variable spreads widen considerably at end of day (5 PM ET) ± 30 minutes.
      My GBPJPY shows average spread = 26 points, average maximum spread = 134.
      My EURCHF shows average spread = 18 points, average maximum spread = 106.
      (your broker will be similar).
                Is it reasonable to have such a huge spreads (20 PIP spreads) in EURCHF? - General - MQL5 programming forum (2022)