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Follow and Trap

This Expert Advisor is designed for semi-automated trading to help traders catch a favorable pulling back when there is a significant price movement on the chart.

How to use

  1. Wait for the moment when price is moving fast at a desired timeframe. Use the custom indicator Average Speed that can be downloaded for free at https://www.mql5.com/en/code/1544 to determine when the price has a high speed movement.
  2. Select "Follow & Trap" in the Navigator and drag it into desired chart.
  3. When the price goes up, set the parameter "FollowUp" to "true" and leave the parameter "FollowDown" as is.
  4. The Expert Advisor will place a sell stop on the distance specified in the parameter "Distance" below the price and then the sell stop will follow the price if it continues to go up until a roll back occurs and the stop loss triggers. The Expert Advisor will continue managing its profitable positions using the build-in Trailing Stop feature.
  5. If the price goes down, set the parameter "FollowDown" to "true" and leave the parameter "FollowUp" as is.
  6. Remove and run the Expert Advisor again if you want to open a new position.

Input parameters

  • FollowUp - catch a roll back opportunity when the price goes up;
  • FollowDown - catch a roll back opportunity when the price goes down;
  • Lot - fixed trade volume;
  • Distance - distance from the price in pips for placing a stop order;
  • SL - Stop Loss in pips;
  • TP - Take Profit in pips;
  • UseTrailingStopLoss - activates the feature intended for modifying the Stop Loss of a position when the price goes in a profitable direction;
  • UseTrailingTakeProfit: activates the feature intended for modifying the Take Profit of a position when the price goes in a profitable direction so that it is not hit in case the terminal loses connection with the broker server;
  • TrailingStep - distance in pips the price needs to go in a profitable direction for the Expert Advisor to modify the Stop Loss or Take profit.
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