Trailing Stop Manager

Introduction

This is a trade manager EA. It will detect an open trade and apply a number of different user selected trailing stops to the position simultaneously, always using the tightest stop loss out of all the different methods that have been turned on. The various different choices of trail are:

• X bar trail to break-even: e.g. adjust the stop loss up towards break-even at the lowest low of the last X bars until break-even is reached.
• Risk-reward trail to break-even: e.g. move the stop loss to break-even once the market reaches a multiple of (e.g. 1.5 times) the initial risk
• X bar trail: e.g. trail the stop loss at the lowest low of the last X bars until stopped-out.
• Parabolic Stop & Reverse (PSAR) trail: trail the stop loss at the PSAR indicator reversal point
• Moving average trail: trail the stop loss at the moving average value

How to Use This EA

The EA is applied to the chart where it will remain dormant until it detects a trade for whatever symbol the EA has been applied to. At this point it will start to manage the position, working a trailing stop order for it until the position is closed out.

Inputs Overview
For each stop loss type there is a separate section. Each type has a true/false switch for turning that stop loss on. In addition the required input parameters for each stop loss are given.

For all stop types apart from the PSAR and the Risk-reward Trail to Break-even, there is a buffer or cushion input as well. This is a buffer amount to adjust the stop beyond the technical level so for e.g. the XBarTrail for a long position the stop would be adjusted below the X bar low by the cushion amount. The Cushion can be specified either in pips or in ATR multiples.

Note that for the break-even stops, there is an additional cushion,  specified by the BEProfitCushionType and BEProfitCushionValue inputs, which is the amount of profit to lock in beyond break-even. So if this is set to e.g. 1 pip then the break-even stop-loss will actually lock in 1 pip of profit.

Inputs

XBar Trail to Brk Even Section

XBarTrlBE_ON: true/false to turn the X Bar trail to break-even on/off.

XBarTrlBE_NBars: the number of bars back to trail the stop

XBarTrlBE_CushionType: specify the cushion type for the XBar Trail to Break-even stop

XBarTrlBE_CushionValue: specify the cushion size for the XBar Trail to Break-even stop

Risk Reward to Brk Even Section

RRwdBE_ON: true/false to turn the risk/reward to break-even on/off

RRwdBE_Level: the risk/reward profit level (i.e.the profit multiple of the initial risk)

Brk Even Cushion Settings

BEProfitCushionType:   specify the break-even profit lock in cushion type

BEProfitCushionValue:   specify the break-even profit lock in amount

XBar Trail Section

XBarTrail_ON: true/false to turn on or off the X bar trail of the lowest N bars (for longs) or highest N bars (for shorts)

XBarTrail_NBars:  the lookback length for the trail

XBarTrail_CushionType:  the cushion type for the XBar Trail

XBarTrail_CushionValue:  the cushion size to be added to the lowest low/highest high to define the stop level

PSAR Trail Section

PSarTrail_ON: true/false to turn the parabolic stop & reverse trail on or off

PSarTrail_Step: the PSAR step input

PSarTrail_Max:  the PSAR max input

General Info Section

InstantSLCreation: if set to true then as soon as the EA detects a new position without a stop loss, it will create one based on the current trailing stop loss parameters

SpreadPnts: the bid/ask spread size, expressed in points, to be added to the stop loss for short positions

ATRLength: the ATR Length parameter to use for calculating the ATR cushion values

MyMagicNumber: If this is a positive number then the EA will only operate on tickets with this magic number. If it's negative then it will work on all positions for the symbol to which the EA has been applied