This will be EA support trading.
What is a 'Trailing Stop'
A stop order that can be set at a defined percentage away from a security's current market price. A trailing stop for a long position would be set below the security’s current market price; for a short position, it would be set above the current price. A trailing stop is designed to protect gains by enabling a trade to remain open and continue to profit as long as the price is moving in the right direction, but closing the trade if the price changes direction by a specified percentage. A trailing stop can also specify a dollar amount instead of a percentage.
BREAKING DOWN 'Trailing Stop'
The trailing stop is more flexible than a fixed stop loss, since it automatically tracks the stock’s price direction and does not have to be manually reset like the fixed stop loss. Like all stop orders, the trailing stop enforces trading discipline by taking the emotion out of the “sell” decision, thus enabling traders and investors to protect profits and investment capital.
A trailing stop loss order is a risk reduction tactic where the risk on a trade is reduced, or a profit is locked in, as the trade moves in the trader's favor. A trailing stop loss is not a requirement when day trading, rather, using it is a personal choice.
- TrailingStopLoss: as a position gains in profit, a stop loss follows as well
- MinStepTrailing: as a position gains in profit smallest
- TakeProfit: Take profit value. If you do not want to use it, fill it out with 0 (zero). With Buy greater than 2 orders or Sell greater than 2 orders will activate change TakeProfit
- onAlert = true/false (Displays a message in a separate window.)
- onSendNotification = false/true. (Sends push notifications to the mobile terminals, whose MetaQuotes IDs are specified in the "Notifications" tab. (Strict use restrictions are set for the SendNotification() function: no more than 2 calls per second and not more than 10 calls per minute. Monitoring the frequency of use is dynamic. The function can be disabled in case of the restriction violation.))
Note: This is a very useful EA for better human-machine interaction.
2. Update set SL after deducting cost