Break Even and Trailing Stop EA
This is a dual function EA. It offers both trailing stop and break even(BE) or breakeven-plus(BE+) functions. This EA sets BE/BE+ and Trailing stops for both manually and auto-opened trades. To use only the BE/BE+ function of the EA, type in the number 3, under BlockID in inputs, when initializing the EA. To use only trailing stop, type in 2.
Trailing stop is a more flexible variation of a normal exit order. Trailing stop is the practice of moving the stop-loss level closer to the current price when the price moves in your favor. Trailing the stop-loss allows traders to limit their losses and safeguard their profits. It is a very popular practice. This EA will manage your order's stop-loss by moving it at fixed steps. A trailing stop will allow a stop order to follow the last traded price based on a pre-set distance, and will automatically move to lock in your profits. It follows a simple rule and doesn't rely on any indicators.Moving stop-loss to a breakeven (entry point) is popular among traders who wish to safeguard their profits and to let their trades run without incurring a risk of loss. With this EA, you can have your stop-loss orders moved to entry point automatically when a positive price move covers some specific distance. In particular, this expert advisor can detect when the current price is at some specified minimum distance from the trade's open price and move the stop to breakeven (that is; entry point). This is similar to a trailing stop, but instead of continuously trailing the stop, it is moved once to entry point.
Alternatively, moving stop-loss to a breakeven-plus is essential if your broker charges you commissions per trade. This ensures that you are truly trading at zero risk. N/B: Breakeven plus means your stops are moved to entry point plus some pips (you will set this in the input section).
Click "https://www.mql5.com/en/market/product/83389" for the MT5 version of the same EA.
Magic Number: Leave it blank.
OnProfitPips: Sets the amount of pips on profit for a trade before your breakeven or breakeven-plus is activated.
BEPoffsetPips: This sets break even offset. Leave it at 0, to use as breakeven. Type in a value in pips, to use as a breakeven-plus. It could be 3, 5, 10, or any value you choose. Take note, this is in pips. If you type in 5, this means that your stop loss will be moved to open price plus 5 pips in profit. That is your breakeven-plus(BE+).
tStopPips: Sets trailing stop in pips.
tStepPips: Sets trailing step in pips.
BlockID: This enables you to either deactivate the trailing stop or break even function of the EA. Just type in "2" to deactivate break even function of the EA. Or type in "3" to deactivate the trailing stop function of the EA.
Take note: This EA will work whether you have manually or automatically set stop loss or not.