Dynamic Trailing Take Profit

Dynamic Trailing Take Profit

The standard Trailing Take Profit that I am used to normally involves the following:

Take Profit: $10 

Trailing Step: $5

There is often a trade off between using a higher trailing step 1) It allows the trade to run longer, but the major downside is that the take profit can miss out on securing the higher profit levels (when it reverses just below the Take Profit amount).

As a result I would like to achieve a dynamic Trailing take profit that reduces in size every dollar the trade is above the take profit level.

There will be two inputs:

Min Profit e.g. $40

Initial Lock Profit Step e.g. $20.

For every dollar the the profit rises above the min profit the lock profit step will reduce. I.e. when profit is $50, profit will be locked at $40. (Because the $50 is $10 above $40, the $10 above the Min Profit will be subtracted from the Initial Lock Profit Step amount (i.e. $20 - $10 = $10). Eventually When the Profit reaches $60 then is will lock in that profit (as the Lock Profit step will now be $0).

Note: Feel free to develop this your own way, but ideally I want to be able to add it easily into the "Account Manager.mq4" EA attached.