I have moved this discussion over to the MT4 section from the General Discussion. Here is the last message I posted, along with Igor's Breakeven EA attached.

Thank you for the quick post of this EA Igor! It is Saturday so I cannot test this Expert Live, but I have viewed the properties and its Input Value is 30. Does this EA move the Stop to Breakeven once my trade has moved 30 pips favorably in my entry direction? If so, that is awesome! I will test out Mon. on a demo trade. I have planned an exit strategy like this:

1) Enter MANUALLY based on my entry criteria
2) MANUALLY set initial Stop 30 pips behind entry
3) Once trade moves 20 pips in my favor, the EA will automatically move Stop to Breakeven ( I assume I will hae to change the Input Value in code to 20)
4) Take profit at +60 pips

I have a slightly more complex exit strategy that goes like this:

1) Enter MANUALLY based on my entry criteria
2) MANUALLY set initial Stop 30 pips behind entry
3) Once trade moves 10 pips in my favor, automatically move Stop to -15pips behind entry point.
4) Once trade moves 15 pips in my favor, automatically move Stop to -10 pips behind entry point.
5) Once trade moves 20 pips in my favor, automatically move Stop to Breakeven.
6) Once trade moves 30 pips in my favor, automatically move Stop to +10 pips after entry point.
7) Once trade moves 40 pips in my favor, automatically move Stop to +20 pips after entry point
8) Once trade moves 50 pips in my favor, automatically move Stop to +35 pips after entry point
9) Once trade moves 55 pips in my favor, automatically move Stop to +45 pips after entry point
10) Take profit at +60 pips.

It would be so cool to have a flexible EA that a trader could change the exact #'s in the EA to move stops in a stepping ( not trailing) fashion. I prefer moving stops in steps as opposed to trailing stops because I feel stepping stops allow more room for the trade to breathe, Examples:

Trailing Stop: I enter a L cable trade with a trailing stop of 20 pips. The trade moves +38 pips and then retreats 24 pips, lstopping me out at the 20 retreat level and leaving me with a profit of +18 pips.

Stepping Stop: I enter a L cable trade with a Moving Stepping Stop similiar to the 2nd one I listed above. The trade moves +38 pips and then retreats 24 pips. Because my Stop was moved by the EA to +10 once a move of +30 occurred, I am still in the trade L. After the bears have exhausted their power and the retrace has ended, the bulls continue their charge. My Stops are Stepped along the way, and I take profit at +60 pips (or whatever level you desire, depending on Timeframe preferrence) I like 60min chart trading.

Igor, or any other coding geniuses, are you willing to help me on my mission to find a more effective exit strategy? I am willing to share my manual entry criteria, I have backtested it visually & it is VERY PROFITABLE if it could be used with my suggested Stepping Stop Exit EA.

-Stu

Attached Files

BreakEvenExpert_v1.mq4 (3.1 KB, 1048 views)

I've wanted to do something like this for a while, but I've never really looked into writing EAs, just indicators. I'm not a big fan of EAs, as I believe that most purely-mechanical, totally-automated systems are doomed to failure. Good traders make money, not because they have some magic super system that the Follow, but because they have a good system, that gives them good setups, and they Trade those setups. (i.e. They use a little discretion when it comes to deciding whether or not to enter.)

Anyway, this is just my opinion, but I've wanted an EA that could handle my exits, once I manually entered a trade based on good setups. What you're talking about here sounds like just what I want.

I like the idea of a "stepped" SL instead of a trailing SL, too. If it was customizable, I could enter my trade, and then, based on support/resistance levels, pinpoint exactly where and when I'd want my SL to be moved.

Thanks Stu and Igor,

Keris

Keris,

It seems you are very good at making Indicators for MT4, would you be able to code this Stepping Stops EA?

-Stu

Is anyone able to create a 'Stepping Stops' EA I have mentioned? I use this method manually and it has a high probability of success as an Exit Strategy...

It is very good idea about this 'Stepping Stops' EA.
As I know Igorad is coding it already.

Good to hear, NewDig, thanx for keeping me informed! I have seen many great MT4 things in this website, already one of my favorites. Looking forward to Stepping Stops EA

I think a STEPPING Ea would be Great...but not linear
secure pip profits with a Tighter stop when it's high enough

basically just like what's described here

Put that STEPPING feature in with the EMA CROSS EA and THAT would be

Hi,

I just have finished 1st version of Stepped Stops EA.
I need help to test it, because it is possible only on real trade.

How to use?
Open position and then apply EA - the expert will make all rest.

Igor

Attached Files

StepStopExpert_v1.1.mq4 (4.6 KB, 1222 views)

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I just opened 4 trades and then attached the EA. I am not sure that I opened the orders in the right direction.

BTW it is very interesting to see how this EA works.
If it works it will be very usefull.

Attached Images

1.gif (49.3 KB, 2761 views)

It was more than 10 pips in profit for USDCHF and stop was moved on to -15 pips according to the original idea of Stu.

Attached Images

2.gif (48.8 KB, 2543 views)