Teailing the Donchian Channel Trailing Stop system, this work is done for you in real-time. Trade Ticket: Select which position will have stop loss applied. Account to trade on.
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Time Frame: Number of Periods: The number of periods for the Donchian Channel calculations. Pip Offset: Pip Offset set to a positive number, 5 for example, would set the stop loss 5 pips beyond the current Donchian Channel value. Pip Offset set to a negative number, -5, would set the stop loss 5 pips before the current Donchian Channel value. Regardless of whether the position is a buy trade or a sell trade, a Pip Offset set to a positive number will result in a stop set further away than the current Donchian Channel value. Only Positive Stop Movement: Select No if you want your stop to move to any value that Donchian Channel generates.
Select Yes if you want to restrict your stop trailinb move only ttailing a positive direction. So for buy positions, your stop will only move to a higher price, and for sell positions, your stop will only move to a lower price. Manage Existing Stop?: Select Yes if you already have an existing stop loss that you want the strategy to manage. If the position becomes profitable, Stop Loss can be manually shifted to a break-even level.
To automate this process, Trailing Stop was created. This tool tariling especially useful when price changes strongly in the same trailinv or when it is impossible to watch the market continuously for some reason. Trailing Stop is always attached to an open position and works in client terminal, not at the server like Stop Loss, for example. To set the trailing stop, one has to execute the open position context menu command of the same name in the "Terminal" window. Then one has to select the desirable value of distance between the Stop Loss level and the current price in the list opened.
Trailing Stop Strategies Explained – The Forex Guy’s MT4 Trade Panel
Only one trailing stop can be set for each open position. After the above actions have been performed, at incoming of new quotes, the terminal checks whether the open position is profitable. As soon as profit in points becomes equal to or higher than the specified level, command to place the Stop Loss order will be given automatically. The order level is set at the specified distance from the current price.