Moving stop-loss to a breakeven is popular among traders who wish to safeguard their gains and to let the profits run without incurring a risk of loss. With Move Stop to Breakeven MT4 EA, you can have your stop-loss orders moved to a breakeven point automatically when a positive price move covers some specific distance.
What Is Move Stop to Breakeven EA?
Move Stop to Breakeven MT4 EA is an expert advisor that can manage stop-loss of your trades.
In particular, this expert advisor can detect when the current price is at some specified minimum distance from the trade's open price and move the stop to breakeven.
In many cases, you might want to increment the stop-loss of a specific value when the price is far enough from the current stop.
This is similar to a Fixed Step Trailing Stop EA, but instead of continuously trailing the stop, this EA only moves it once.
Why Use Move Stop to Breakeven EA?
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 Move Stop to Breakeven expert advisor, the stop-loss is moved to a breakeven point once some fixed step is conquered by the price.
There are several advantages of using Move Stop to Breakeven MT4 EA:
- Filtering options to select which trades are managed.
- It doesn't require human interaction.
- Limit losses.
- Notifications when the stop-loss is updated.
This expert advisor supports the following input parameters to be configured by the trader:
- Points Of Distance From The Open Price — how many points should the price move for the EA to move the stop-loss to breakeven?
- Apply To — select which types of orders to apply a trailing stop to.
- Filter By Magic Number — true or false depending on whether you want to modify only the orders with a specific magic number.
- Magic Number — specify the magic number in case the above is true.
- Filter By Comment — true or false depending on whether you want to modify only the orders with a specific comment.
- Comment — specify the comment if the above is true.
- Enable Trailing Stop — if true, the EA is active and is trailing stop-losses.
- Enable Notifications feature — if true, the EA will send notifications upon triggering.
- Send Alert Notification — if true, the EA will issue native on-screen alerts.
- Send Notification to Mobile — if true, the EA will send push-notifications to your mobile device.
- Send Notification via Email — if true, the EA will send emails when it updates a stop-loss.
- Show Graphical Panel — if true, a graphical panel will appear on the chart to control the expert advisor.
You can download the expert advisor using the link below and install it by following the presented instructions.➥ Download MQLTA MT4 Move Stop to Breakeven
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.
MT4 Move Stop to Breakeven EA Installation
To install the EA, please follow the instructions below:
- Download the expert advisor archive file.
- Open the MetaTrader 4 data folder (via File→Open Data Folder).
- Open the MQL4 Folder.
- Copy all the folders from the archive directly to the MQL4 folder.
- Restart MetaTrader 4 or refresh the expert advisors list by right-clicking the Navigator subwindow of the platform and choosing Refresh.
Or you can read a more detailed instruction on how to perform the installation.