Trailing bot with time period protection for Mt5
- Utilities
-
Georgios Baizanis
32 years of experience in Trading, ex private banker, I am making my living now out of trading as professional trader. - Version: 1.0
- Activations: 5
Apart from the usual profit trailing parameters (Trailing points start, Trailing stop points and position magic to trail), it supports some additional very useful functions:
A. Virtual trailing
and
B. Trailing periods definition
Virtual trailing
If enabled, allows you to do profit trailing hidden from the broker. When the moment to close the position has reached, the bot triggers a MARKET order to the broker. That allows you to avoid trailing profit modification requests rejections from your broker as some brokers do not allow tight/close profit trailing.
Trailing periods definition
This is the most interesting part. What most traders, even advanced ones today do not know is the fact that some but not all brokers tend to increase a lot the spreads of specific instruments for a few milliseconds at market opening or for a few minutes during high impact news releases (US NFP, US CPI and FED interest rate decision).
So, if you happen to have positions open during those moments, very often you experience seeing your positions closing with loss, despite the price sent by your conventional trailing bot to your broker for Close of position was a profitable one and you suffer eventually big slippage.
Examples:
a. Broker X has on average 10 points spreads on XAUUSD. However, for the first 10 milliseconds during market opening at 01:00:00 daily, they adjust their spreads to 500!. That is 50X higher spreads.
b. Broker Y that also has on average 10 points spreads on XAUUSD, the adjust the spreads to 500, 3 seconds prior to High impact US news and 1 minute post those events.
If you do not know how your broker behaves, would be very useful to use the below tool, to extract the ticks history for your trading symbol i.e XAUUSD from your brokers Mt5 terminal on such events to study the behavior of your broker:
https://www.mql5.com/en/market/product/189921
How the “Trailing bot with time period protection” is particular useful in the above cases
Having studied the behavior of your broker, knowing for example the first 10 seconds for the market opening for XAUUSD their spreads are 500 and then drop down to 9, you can set the trailing parameters as such:
-“Earliest trailing time”: 01.00.10 (so as no positions are closed before that time from the trailing bot. First trailing after market opens will be attempted from 01:00:10 onwards that spreads go back to normal(9). That helps you avoid huge slippage suffering and all related traps.
-“Latest trailing time”: 23:58:59 (Is important to know when trading for XAUUSD ends daily. Check the contract specifications on your Mt4 terminal. For most brokers will be 23:59:00. So setting the time to 23:58:59 or a bit earlier, will help you avoid sending modification requests when there is no more trading. The broker may still send quotations until 23:59:59 but no trading is allowed. When broker servers receive too many order modification requests when market is closed until trading starts again 1 hour or so later, they may complain to you and freeze your trading account).
For Mt4, please buy the equivalent bot here:
https://www.mql5.com/en/market/product/190208
