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Trailing Stop Loss MT4
The main purpose of this indicator is to show 2 lines of possible Trailing Stop Loss values:
- Yellow/Aqua line for Trailing Stop Loss closer to the current price
- Orange/Blue line for more risky (but more profitable) Trailing Stop Loss.
If the line (looks like a staircase) changed the colors from Yellow to Aqua (line #1) and/or from Orange to Blue (line #2) accordingly this mean that we have a situation when a trend changed its course to the opposite.
So, this Indicator can be useful to open positions too.
3 input parameters: Period1 = 50; Period2 = 60; VisibleBars = 1000.
Visible Bars is responsible for calculating lines of the Indicator from the current Bar to 1000 (or whatever logical number) Bars back.
Period1 and Period2 should be optimize for each currency pair and TimeFrame for the best result.