As you may already know, fractals can be a very useful indicator. Below you can download a free expert advisor for MetaTrader 4 that uses fractals to trail the stop-loss level of an order.
In case you are new to the concept of trailing stop: trailing stop is the practice of moving the stop-loss level closer to the current price when the price moves in your favor.
Trailing the stop-loss allows traders to limit their losses and safeguard their profits. It is a very popular practice.
As you may have read in books and forums, one of the first rules in Forex is Cut your losses short and let your profits run.
In short, fractals are represented with arrows and highlight points where the price stops and reverses.
The presented MT4 expert advisor uses call the MQL4 function
iFractals() to retrieve the value of fractals.
The expert advisor moves the stop-loss of the selected orders by assigning the value of the most recent fractal.
Trailing Stop is a very popular practice in the Trading Environment. With MT4 Fractals Trailing Stop EA, you can have your orders' stop-losses assigned to a recent Bill Williams Fractals indicator's values automatically.
MT4 Fractals Trailing Stop EA is an expert advisor for MetaTrader 4 platform that can manage your stop-loss levels of your orders.
In particular, this expert advisor can use the recent fractals reading to set the stop-loss for your positions.
Recent fractals outputs can be used as important levels of support or resistance and can act as good values for stop-loss.
Trailing the stop-loss to a recent fractal can be a viable strategy in several situations.
This expert advisor supports the following input parameters to be configured by the trader:
Warning! For the email and mobile notifications to work, you have to configure them in your platform beforehand. Native on-screen alerts do not require additional configuration.
The expert advisor is configured to work according to the following rules:
Remember that it is supposed to move the stop-loss level solely in the direction of the order, and never to increase the SL distance. This is because of fundamental risk management rules.
We can see some ideal examples of this expert advisor in work below. The trailing stop moves the stop-loss level when it detects a new fractal and meets the conditions.
Risk management is one of the most important aspect of Forex trading. Using 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 trade's favor.
There are many types of trailing stop — it can be a fixed step change or it can follow some indicator.
In the case of MT4 Fractals Trailing Stop Expert Advisor, the stop-loss follows the value of the most recent fractals indicator values.
There are several advantages of using MT4 Fractals Trailing Stop EA:
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.
One of the uses of the fractals indicator is detection of support and resistance levels. With this expert advisor, you can trail the stop-loss level to these prices. The free download also includes the open source code for the EA for you to study it and improve it according to your requirements.
You can open a trading account with any of the MT4 Forex brokers to freely use the presented here expert advisor for MetaTrader 4.