Topic: Trailing Stops

Trailing Stop

Could someone tell me if I'm using the Trailing Stop Close correctly? It seems to me to be setting a stop, say 35, then moving (trailing) that stop with each (1) positive pip. In other words, if my position moves 5 pips into profit, my 35 pip stop loss would move 5 pips. I would then have a 30 pip loss if the position reversed completely on me. Is this correct?

And if so, can someone tell me where I can get an EA for MetaTrader that functions the same way, i.e. moves my stop one pip at a time. MT's trailing stop doesn't function this way and the success of my strategy depends heavily upon using a trailing stop close.

Thanks for a great program!

Re: Trailing Stops

That is right.
And also:
1. It moves when the current bar finishes. Not during the bar. Tr. Stop is constant until the end of the bar.
      - this help us to set the stop once for the period when trade manually.
2. TheTrailing stop cannot advance more than the previous two bars bottom. (I took this logic from PSAR and I think it works well).
3. When you average a position the Tr. Stop does not average its level, but takes the higher level from both stops (initial position stop and the currently added position stop) In that way it protects us better!