A trailing stop is a risk management method that is very popular among Forex traders. With the ATR Trailing Stop MT4 EA, you can make your orders' stop-loss levels use an ATR-based distance from the current price.
ATR Trailing Stop MT4 EA is an expert advisor that can manage your stop-loss orders.
In particular, this expert advisor can use average true range (ATR) values to set the stop-loss for your orders.
Average true range is a popular indicator among all financial traders. It can be used to measure volatility of the price movements.
This makes the ATR indicator good not only for risk-based position sizing but also for using as a stop-loss distance.
Trailing your stop-loss with the ATR value can be a good idea in several situations.
Risk management is one of the most important aspect in trading. Having a stop-loss will protect you from margin calls and big losses.
In many cases, it is useful to have a trailing stop, which is a "moving stop". A trailing stop is a stop-loss where the value is updated when the price moves in the favor of the trade.
There are many types of trailing stop — it can be a fixed step change or it can follow some indicator.
In the case of ATR Trailing Stop MT4 expert advisor, the stop-loss distance follows the volatility-derived ATR values.
There are several reasons for using ATR Trailing Stop MT4 EA:
This expert advisor supports the following input parameters to be configured by the trader:
If you set Apply To Current Symbol Only to false, the EA will calculate ATR for the order's symbol, regardless of the symbol it is attached to. However, the timeframe for ATR calculation will be taken from the chart the expert advisor is attached to.
You can download the expert advisor using the link below and install it by following the presented instructions.
The installation is very easy to perform; the same is the use. Once you run the expert advisor, you can set all the necessary input parameters.
Make sure you enable Live Trading in the Common tab when attaching the EA and also in the platform's menu Tools→Options→Expert Advisors. Otherwise, it won't be able to modify orders.
To install the EA, please follow the instructions below:
Or you can read a more detailed instruction on how to perform the installation.
You can open a trading account with any of the MT4 Forex brokers to freely use the presented here expert advisor for MetaTrader 4.
Do you have any questions or suggestions about this expert advisor? You can discuss ATR Trailing Stop with other traders and MQL developers on our forum.