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Yes it works.
Not exactly according to the Stu idea. Not by 10 pips.
This stop is moving by 5 pips (default settings) when in profit already.
Anyway it works.
I think Stu was right with his idea: it should be moved by 10 pips when in profit. I wil finish with this trades and will try to change the settings of this EA.
The EA works, but needs some fine tuning. I thank you Igor for working on this, I feel it is a potentially very good Exit Strategy method.
Here is what happened today using this indicator:
-L GBP/USD 1.7359 (2006.03.08 @ 16:47GMT)
-Placed EA active
-Initial Stop set by EA 1.7329
-Price moved 1.7364
-Stop stepped to 1.7334
-Price moved 1.7369
-Stop stepped to 1.7339
-Price moved 1.7374
-Stop stepped to 1.7344
-Price moved 1.7379
-Stop stepped to 1.7349
-Price moved 1.7384
-Stop stepped to 1.7354
-Price reached 1.7489
-Stop remained at 1.7354
-Price fell, reached low of 1.7361
-now at 1.7365 (2006.03.08 @ 00:10GMT)
So basically, in the current state of this Step Stop EA, when the price is moving 5 pips favorably, the stop is being moved 5 pips in the direction of trade.
While this is a good method, I think it could be even better with a little lovin' from Igor's magic programming fingers!
Below I will share what I believe would have been a more effective use of the Step Stop EA for the same trade above. Here is what I envision:
-L GBP/USD 1.7359 (2006.03.08 @ 16:47GMT)
-Placed EA active
-Initial Stop set by EA 1.7329
-Price moved 1.7369 (+10 pips from entry)
-Stop stepped to 1.7344
-Price moved 1.7379 (+20 pips from entry)
-Stop stepped to Break Even
-Price moved 1.7389 (+ 30 pips from entry)
-Stop stepped to 1.7369
-Price fell, hitting our Stop 1.7369
-We have +10 pip gain in the books and in the bank
-Price reached low of 1.7361
-now at 1.7365, (2006.03.08 @ 00:10GMT)
So, if our indicators are favorable and we think the price will go back up again, we can re-enter Long!
OR
We can look for an entry Short if our indicators suggest
Now, it is also possible that the Price will continue to rise after hitting bottom of 1.7361. In this case, Igor's 1st version would still have us in the trade L, which would also be profitable. We could even add more lots given directional confidence.
How can I customize this indicator to perform like I have mentioned just above?
Funny someone else would also thing of this, I have been having some good luck with the heder ea on this forum, but I did not like th SL, or th trailing stops, so this weekend I modified it for trailing steps, it is still in testing and modification stage, but below is how the code is set up.
extern int LevelProfit1 = 15; // the first level of the profit
extern int LevelMoving1 = 3; // the first level of the transfer
extern bool UseCloseOneThird = True; // to govern all positions
extern bool UseSound = True;
extern string NameFileSound = "expert.wav";
The code scans the orders in the Mt4 orderbook for the orders that are OP_BUY or OP_SELL for the charts symbol.
When a stop is moved to breakeven the variable BE is turned to TRUE to stop any other order modifications.
From my readings the limitations here is that this code works ok for a single open order ( buy or sell). But if you have multiple open orders ( buy and or sell, no matter) the BE variable would prevent further action beyond the first open order action, because the BE variable is TRUE.
I have attached this EA onto a GBPUSD chart. I also have another GBPUSD chart open with a different EA. If I place an order for GBPUSD how does this EA know which GBPUSD order it should be working on ?? I have the correct chart open when I place a trade but I don't know if that means MT associated the open trade with the chart that was open when I placed the trade ... does that make sense ?
Does anyone know if this expert can be used to just move the stop loss once. So that once I am in profit say 20 pips it would move my stop to 5 pips profit and either let it hit my t/p or come back to hit the stop. That would be a very great tool I think.
Linear Mode
