StopLoss based on close MT4

[Urum]

Hi

I need a way to place a stoploss that will only get triggered if price closes above/below a certain price level on a certain timeframe. I was told an EA can do this in MT4, but I don't know where to look for such an EA.

 

[Pharaoh]

The logic is easy.

If close price < X, close order (or move S.L. to Y, depending on how you want to do this)

Sadly, I'm not a coder.

 

[Urum]

Yeah it's really simple I know, but I don't understand the MQL4 programming language either.

Btw how do you guys deal with this in MT? I mean you place a stop, price comes down takes you out for a few pips and then goes up without you.

 

[Pharaoh]

Setting stops is something of an art. If you set them too close, you'll get taken out frequently. If you set them too far, you give away too much of your money when the market disagrees with your trade plan.

Sive covers this pretty thoroughly here:

Chapter 35

 

[FringFX]

Yeah it's really simple I know, but I don't understand the MQL4 programming language either.

Btw how do you guys deal with this in MT? I mean you place a stop, price comes down takes you out for a few pips and then goes up without you.

It really depends on your strategy.

If your strategy dictates that the current condition is still valid to get in on a trade, then you reenter. otherwise, you stay out and wait for the next opportunity.

 

[Urum]

Yeah, it sounds easy when said but I find it hard to reenter, even I tried but then price again takes me out without the close, and only when I give up price goes 100 pips in my direction

 

[FringFX]

whether to reenter or not...
you just need to test it out further, according to your own comfort zone and strategy.

There are times when you need to reenter quickly after getting stopped out, while on other occasions you need to wait for a few minutes or hours before you reenter.