MetaTrail tracks the current price level of a currency pair in relation to the open order and adjusts the Stop Loss level according to the price, maintaining the profit. This algorithm of Stop Loss management is called Trailing Stop.
It should be noted that MetaTrail does not open orders but controls the orders opened manually or by another EA.
The following functions can be modified in MetaTrail:
- TakeProfit - in points, 0 - disabled. At the opening of a new order, its TakeProfit level will be as specified in the settings.
- StopLoss - in points, 0 - disabled. At the opening of a new order, its StopLoss level will be as specified in the settings.
- TrailingStop - in points, 0 - disabled. Difference in price between the current price of a currency pair and StopLoss. If the price is becoming profitable, the StopLoss is adjusting according to the price movement. The StopLoss follows the price at the distance of a set number of points. When the price is moving in an unprofitable direction, the StopLoss remains the same.
- TrailingStep - in points, 0 - TrailingStop disabled. TrailingStop step. This value defines the distance of TrailingStop movement. Example: TrailingStop = 10, TrailingStep = 5. When the the current price level becomes 15 (10+5) points more profitable than the StopLoss level, MetaTrail will change the StopLoss level by 5 points.