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Trailing Orders TL

The Trailing Orders TrendLine EA is an indispensable tool to help traders in manual trading by the resistance and support lines.


Operation

Using the "Draw Trendline" tool place a support and/or resistance line on the chart.

Then place a pending order and specify the name of the trend line for trailing the order in its comments.

Then the EA pick up the order and places it at a specified distance (Delta) from the selected trend line, and will trail the order based on the line until it is opened.

Attention: To display the name of the trend line on the chart, enable "Show object descriptions" in the chart properties.


External variables

  • Prefix - Prefix to link the lines and orders.
  • Delta, pips - distance from the line to order;
  • Show steps - enable/disable display of the trailing steps on the chart.


Features of the EA:

  • works with unlimited number of orders;
  • the change in the order position (trailing) happens at every new bar;
  • if the line has a gap (the "Ray" flag is turned off in the line properties) the EA stops moving the order at the end of the line;
  • if the trader incorrectly attaches the order to the line, for example when a Sellstop is attached to a resistance line, then such order will not be picked up by the EA, and a corresponding error message will be displayed on the chart.
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