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Topic: similar to trailing stop

i would like to use the concept of trailing stop,but the option provided by the mt4 is like on every tick. i dont want that. i only want to move the stoploss on certain conditions,

For easier understanding, I've place ABCDEF on the y-axis.

    part 1
State 1 - Sell at B, Stoploss at A, Takeprofit at F
A - Sell Order Stoploss
B - Current market price, Sell Order
C
D
E
F- Sell Order TakeProfit

State 2 - Market moves down to C, move Stoploss to B,
A
B - Sell Order, Sell Order Stoploss
C - Current market price
D
E
F - Sell Order TakeProfit


State 3 - Market moves down to D, move Stoploss to C
A
B - Sell Order
C - Sell Order Stoploss
D - Current market price
E
F - Sell Order TakeProfit.

I have an EA with Bar closing, CCI oscillator, closing hourly high low.
since I dont want any trades on friday and sunday. I will add Days of the week. Do we have something for adjusting stoploss like  i have mentioned above.

Re: similar to trailing stop

The Trailing Stop is difficult to be backtested reliably, which is our main goal. Because of that, you can use a Trailing Stop as a Closing Point of the strategy only. Beside of that, the Trailing Stop works at the way you describe.

It have several modes of shifting:
- on every new highest tick (only in the MT trader)
- on a predefined delta tick value. (also only on the trader)
- on a new High when the bar closes. This is the default behaviour because it works best in both modes: the backtester and in the trader.

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