To set a trailing stop on mt4, you need to go to the terminal and right-click on the already open position.
It is very easy to set a trailing stop loss on your position on mt4 platform take a position and set the stop loss and target orders if you want (never trade without a reasonable stop loss).
the first technique is to use the built-in mt4 trailing stop feature. To do this, simply right-click on the order that you want to add a trailing stop loss to, in the terminal window (ctrlt). Select your desired amount of trailing stop points from the preset menu, or select custom to enter a custom number.
it is very simple 1 point in the trailing stop order in mt4, is 0. Meaning, if you want to set the trailing stop order on 10 pips, you have to choose 100 points.
This trailing stop ea modifies trailing stop loss on all open trades that are in profit on teh current account and the charts where it is attached to. It also closes all trades and can also take specified profits when the entire trading account is in profit.
If you want trailing stop is used for all positions, click true, default is false. Profit trailing select true, and it will activate trailing stop as soon as your trade starts making profits and it will lock in profit locks false is selected.
When setting up trailing stop, i noticed that it is in points and not pips.
(for example, if the price moves 5 pips in profit then the sl is moved 5 pips although it stills below in the case of a buy order or above in the case of a sell order) i think that making something like check for the difference between the actual price and the sl then if its greater than the sl specified on the input then add the ammount of the trailing step value in pips to the sl, (to avoid the ea to over.).
the trailing stop loss is meant to capture profit while minimizing loss. A candle can move several pips in your favor only to retreat within the same candle back to a position where you would not realize any of those gains. It would be only because the trailing stop loss fires at the close of a candle.
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