A trailing stop is a tool that helps many Forex traders to protect their profits and limit their losses. With the Supertrend Trailing Stop MT4 EA, you can have your trades' stop-loss levels follow the famous Supertrend indicator line.
What Is Supertrend Trailing Stop MT4 EA?
Supertrend Trailing Stop MT4 EA is an expert advisor that can manage stop-loss of your orders.
In particular, this expert advisor can use the Supertrend line for stop trailing purposes.
Supertrend is a popular indicator among traders — it is based on a mix of price averaging and ATR.
Other than being a good source of entry and exit signals, Supertrend indicator is remarkable for stop-loss allocation as well.
Trailing a stop-loss to te Supertrend line can be a good strategy to let the trend's profit run.
Why Use Supertrend Trailing Stop MT4 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 Supertrend Trailing Stop MT4 EA, the stop-loss follows the Supertrend Line.
There are several advantages of using MT4 Supertrend Trailing Stop expert advisor:
- Filtering options to select which trades are managed.
- A stop-loss is set automatically if there is none.
- The stop-loss follows the price when moving in the favor of the trade.
- It doesn't require human interaction.
- Limit losses.
- Secure profits.
- Avoid margin calls.
- Notifications when the stop-loss is updated.
This expert advisor supports the following input parameters to be configured by the trader:
- ATR Multiplier — a multiplier to use with ATR value in Supertrend.
- ATR Period — a period for ATR indicator in Supertrend.
- ATR Max Bars — a number of bars to calculate Supertrend indicator values on.
- ATR Supertrend Timeframe Calculation — timeframe for ATR calculation in Supertrend.
- Apply To Current Symbol Only — if true, TS will apply only to the current chart's symbol; otherwise, will trail orders on all symbols.
- 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 Supertrend Trailing Stop
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 Supertrend Trailing Stop 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.