In the above example, there are two things to note (if you haven’t picked up): Therefore the trailing step is simply the amount (usually in pips)by which a trailing stop loss order moves when price by a certain “x” amount, usually in pips as well. Thanks Bryan. With a trailing stop-loss, the trader moves the stop-loss up (above $54.05) as the price of the stock price moves up, reducing the risk of the trade while the stock is moving favorably. If the price goes to 1.1205 the stop loss will follow to 1.1195. Does the trailing stop and the trailing step need to be equal? For a long position, place a trailing stop loss below the current market price. The second price type is the little staircase icon. nTrailingStop=35 means that 35 pips for initial trailing stop until the trade reaches:profit=nPropSLThreshold. In my opinion this is one of the most suitable indicators for Trailing Stop. trailing stop loss order also set at 50 pips. Trailing Stop is one of the most common practice in Risk Management. To purchase a trailing stop loss, talk to your broker to see whether it is an option. It’s a super software, loaded with all sorts of enhanced features, settings and configurations. The trader determines when and where they will move the stop-loss order to reduce risk. X You’ll notice that the bar will drop below the sell icon and it not sell. I have not personally tried the inputs for this expert advisor but here are the inputs and what they mean: If you are looking for a trailing stop expert advisor that moves trailing stops to the high or low of the previous bar or candlestick, this is the one. (definition from Investopedia). It has 6 different types of trailing stop techniques you can apply. If the stop-loss is eventually moved above $54.25, then the trader will make a profit even if the stock hits the stop-loss price. For example if you see an ATR of value 30 you can expect the price to move up and down the current price of 30 pips in average. I find the auto trailing stop in Metatrader too limited. To enable the automatic trailing stop in MT5 the process is the same as MT4. It’s set as a negative number, so if you’re looking at a 3% TSL, it would be set as -3%. TrailAllSymbols:  it will trail all open trades in your account and not just the currency pair it is attached to if you select “true”. Chandelier Exits are another common ATR trailing stop-loss indicator that can be applied to price charts, as well as the Parabolic SAR stop-loss indicator, although it is not based on ATR. You place a trailing stop order to sell with an offset of $2 which means that the initial trailing stop value is $23. • Close all trades and take specified profit when entire account is in profit. The system automatically chooses the ask price for Buy orders and the bid price for Sell orders. Trailing Stop simply means to move the Stop Loss price in favour of the trade in some situations. Right-click on the geometrical figure of the desirable study value and choose. Forex Trading 200 | Forex Trading Strategies | Forex Indicators. You will not protect the paper profit you made from the stock's recent rise. ATRTrailingStop Indicator Applied to EURUSD 1-Minute Chart. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/4\/43\/Use-a-Trailing-Stop-Loss-Step-1-Version-3.jpg\/v4-460px-Use-a-Trailing-Stop-Loss-Step-1-Version-3.jpg","bigUrl":"\/images\/thumb\/4\/43\/Use-a-Trailing-Stop-Loss-Step-1-Version-3.jpg\/aid23712-v4-728px-Use-a-Trailing-Stop-Loss-Step-1-Version-3.jpg","smallWidth":460,"smallHeight":345,"bigWidth":"728","bigHeight":"546","licensing":"