Any trader knows that proper exit out of the trade is at least as important (may be even more important) than the entry. Forex Expert Advisor ArgoTrail is designed to help you exit from your trades at the best possible moment.
How to work with this EA? Assume we are trading a trend movement of the price. In this case, the common approach is to exit the trade when the trend movement is exhausted and the price returns to its moving average or some other indicator. Of course, you can sit before your computer and wait for this to happen, but a better idea is to let an EA to close your trade for you. ArgoTrail EA is made exactly for this purpose. It has a wide assortment of different built-in indicators. All you have to do is to choose your favorite indicator and let the EA do the work for you.
Assume we have opened a long position with the trend. In this case, the EA will close the position when the price crosses the indicator (let’s say, moving average) from above.
In the information box of the EA in the left-upper corner of the chart, we can read (i) that trailing is active (EA is allowed to close orders), (ii) that the selected indicator is the moving average with period 20, (iii) the EA is working in the Trend mode, (iv) that there are no open orders at the moment. Beside this, EA draws the selected indicator on the chart, thus allowing for the visual control of your trade.
If we have a short trade opened (and the EA is working in the Trend mode), the EA will close the trade when price crosses the indicator from below.
In other words, in the Trend mode, EA assumes that the indicator gives the position of the Stop-loss of the trade. Note that EA will not assign any stop-loss to your order(s); it will just close the trade when the price crosses the indicator. In this way, our broker will have no idea of when we are going to exit our trade (the so-called "stealth mode").
Apart from trading along the trend, the EA supports also the CounterTrend mode. In this mode, the EA assumes that the selected indicator gives the position of the Take-Profit of the trade. So, in the CounterTrend mode, the EA will close the long trade when the price crosses the indicator from below. For the short trades, vice versa.
When started with the default settings, the EA works in the information mode only (so that no trades are modified or closed by mistake). The EA draws the selected indicator, displays the information about the orders and shows the distance to the closing point. In order to allow the EA to modify or close your trade, you should set the flag Trailing to TRUE in the settings.
The EA supports a wide choice of the most popular indicators: Moving Average (with the selection of the averaging method (SMA/EMA/…) and the averaged price (close, high, low,..)); the high and low extremums of the last X bars, Ichimoku Tenkan and Ichimoku Kijun, Parabolic SAR, Bollinger bands. Any indicator can be shifted by a given number of pips up or down.
The EA supports the mode in which only profitable orders are closed. The EA can work with multiple orders; selection by magic number or ticket is supported. After each closure of the trade, the EA can make a screenshot, which is stored on the disk, to be later used for trade analysis.