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
- 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.
- Select "Follow & Trap" in the Navigator and drag it into desired chart.
- When the price goes up, set the parameter "FollowUp" to "true" and leave the parameter "FollowDown" as is.
- 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.
- If the price goes down, set the parameter "FollowDown" to "true" and leave the parameter "FollowUp" as is.
- Remove and run the Expert Advisor again if you want to open a new position.
- 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.