Forex stop loss trailing
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This trailing stop moves the stop loss up or down with the order price after it first reaches profit threshold, thereby "locking in" profit and providing loss protection. If you further indicated that your trailing step is 5, then the market would have to move up 5 pips more in profit before your stop would rise 5 pips above breakeven. It would then adjust increasingly upwards on that basis, locking in 5 more pips of profit for each additional 5 pip gain. We will thus need three external variables for this new trailing stop, one indicating the profit threshold, the other indicating the trailing stop, and the last indicating the stepping distance: Let us examine the code for this trailing stop: You will notice the for loop and the OrderSelect function from our order loop code. It will loop through the order pool and examine each order to see if we need to apply a trailing stop to it. There are two conditions that must be determined prior to activating the two trailing stop: We are asking the program to watch if the ask price is greater than the open price loss the TrailingStart value. For instance, if the trailing start was set to 50 pips, then the trailing stop can only be activated only if the market reaches 50 pips in profit. It makes much more sense to have the trailing stop be activated after a profit threshold than loss the onset. Check for TrailingStop and TrailingStep. This second condition checks to see if the current stop loss is less than the current price minus the trailing stop and trailing step. For instance, if the trailing start were 50 pips, trailing stop 25 pips and the trailing step 5 pips, then when the trade moves in profit by 50 pips, condition1 is activated, the program can proceed to condition2, checking for TrailingStop and TrailingStep. Condition2 then makes sure that the first stop is adjusted 25 pips below the 50 pips profit threshold. If forex trade continues to move in profit, the trailing stop would move up an additional 5 pips for each additional 5 pip increase, as defined TrailingStep amount. We determine the stop loss distance by subtracting our trailing stop setting, multiplied by vPointfrom the current bid price. This is stored in the variable tStopLoss. Forex pass the tStopLoss variable as our new stop to the OrderModify function. Prices can be quoted up to eight decimal places, and NormalizeDouble helps to round that down to 4 or 5 digits digits for JPY pairs. We are adding a Print function here to our code to give us a print read-out on our journal tab of when this trailing stop was activated. In general, the trailing stop conditions for the sell orders follow the same logic as the buy orders. So now, how does this custom function get inserted into our Start Function so that our code knows that we are working with it? We simply put a single line anywhere within the start function, preferably near the beginning of the function: Trailing so, then the custom function, TrailOrderwill be activated. If not, if both or either field remains at the default of 0, the trailing stop remains deactivated. That is all there is to it. You now have a sophisticated trailing stop mechanism as an extra weapon in your arsenal.
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