Pip by Pip Trailing SL Manager
- Utilities
- Rajiv Ishwar
- Version: 1.0
- Activations: 5
Install as an EXPERT ADVISOR for it to work. This product will not work in strategy tester because it requires trades to be opened first. Therefore, the 1 month rental option for $10 is included for you to test the product. That is the lowest price allowed by the website.
The trailing stop loss (TSL) on MetaTrader 4 only works on set ranges. For example, if the TSL is set at 20 pips or 200 points, the trailing SL will move to sell/buy price only once 20 pips/200 points are gained. It does not allow the SL to move with each pip. It will then only move again once another 200 points/20 pips are gained.
This TSL manager works on a pip-by-pip basis.
This TSL EA/utility moves the stop loss continuously after every pip should the trade move in your direction. If the trade reverses, the SL remains at 20 pips from the maximum point reached on that trade. Using an example of 200 points/20 pips TSL, if the trade moves 5 pips in your direction and then reverses, the loss will be 15 pips and not 20 pips as with a static stop loss.
The advantage of using a continuous SL trailing is that average losses are minimized and winning trades are maximised with long-term use. By minimizing losses and letting gains run for as long as possible, profitability is maximized in the long term. This tool allows one to use such a tactic as part of your overall trading strategy. Do not give up after a few attempts as trading is based on probabilities and any trader has losses.
It is simple to use. Ensure that "Auto Trade" is active for this EA/utility to work. You can turn it on and off as you wish.
