Think of it as a better trailing stop-loss function.
This EA will take allow you to take better control of your trades by automatically calculating and applying stop losses based on a few simple parameters. It allows each position you open to have better risk management, setting a stop loss at a percentage of your available equity or balance (based off lot size). However, the main use of this EA is to carefully control a positions stop loss in a “trailing” manner, attempting to get the most of each trade.
The EA will run in as many different currency pair charts as you have open, and for any number of trades.
Note – This EA does NOT do anything in the strategy tester. It requires an open position before it can take over. It also does NOT open positions for you, it is still up to you as the user to make the decision when and where to enter the market based on your research, knowledge and even luck. This EA will simply help you exit a position with money in your pocket and the least amount of fuss. As with everything in the trading world, test it out in a demo account before going live.
To disable the auto trailing stop-loss (to be referred to as ATSL for the remainder of the document) functions for a particular position, simply set a take profit. The EA will ignore any position with a take profit set to anything other than 0.
Due to content length limits, please see the https://www.mql5.com/en/blogs/post/723157 for further reading and explanation of the use of the EA parameters.
- Updated the averaging function check distance multiplier