Trailing Stop is an effective forextool that allows to automate the process of placing stop-loss on the necessary level form current price. It perfectly suits for situations when the market is moving in one direction and a trader has no possibility to track price changes.
Unlike Stop Loss, Trailing Stop is not executed on a server but in a client metatrader terminal. So you should always remember that in case of turning off theTrailing Stop will stop moving along price and the Stop Loss level will be fixed on a value that existed at the moment of turning off the metatrader 4 terminal. In order to turn on Trailing Stop, you should open the window “Terminal”, select the necessary order, right-click on it and select the item “Trailing stop”.
You can apply the following options:
- Delete All – deactivate all Trailing Stop levels on any pending orders and opened positions;
- None – deactivation of a floating stop-loss on a long position;
- Custom – select the level by yourself.
When the Trailing Stop level is set, metatrader terminal constantly verifies the number of points from the entry point to the current price. If there is a necessary “gap”, Stop Loss will be set in accordance with the adjusted parameters. As long as price has started moving in the necessary direction, stop-loss automatically starts following it in proportion to the predefined interval. Thereby, the position for closing a trade in case of unfortunate market movement is automatically fixed on the stop-loss level.
What is mt4 indicator and how to Use it?
Mt4 indicator is a chart calculated by means of carrying out mathematical operations over open and close prices, maximal and minimal prices for a certain time period or a chart of another indicator.
What do traders need best mt4 indicators for? Their purpose is to indicate the direction of price movement and inform about reaching a certain area by price. Sometimes top forex indicators even detect this area, using resources of metatrader.
Fortunately, the Metatrader 4 trading terminal has a lot of built-in indicators so you don’t have to calculate anything manually. Computer will do all the work for you, and you will just receive ready signals about price movement that. All you need to do is to use these signals correctly. Built-in best mt4 indicators are divided into five groups for convenience: trend indicators, oscillators, volume indicators, Bill Williams’ indicators and custom mt4 indicators. In order to use the necessary good forex indicator, you should go to “Insert – Indicators” or use the corresponding button on the standard toolbar.
Having chosen an mt4 indicator, you will see the window with tabs, where you can select color and style of metatrader indicator lines, timeframe (it is desirable to use the same timeframe as you use on the chart) and other parameters.
Mt4 indicator can be placed on the chart as well as in a separate window. To edit the professional forex indicator or delete it, right-click on the indicator and select the necessary item in menu.
The use of indicators significantly increases your chances of success. It is much easier to create a profitable forex system in the basis of signals of indicators.