A Trailing Stop Loss is an advanced Forex risk and trade management option for orders to allow the them to proceed and lock the already achieved profits while the market movement is in a favorable direction and more profit chances are generated while the trade is still opened.

This is done via MT4 by setting multiple Stop Loss points with a fixed points gap in-between, as long as the market price moves in a profitable direction it passes the Stop Loss levels, that last passed Stop Loss level becomes the new dominant one locking in the profits gained by that trade preventing The loss of them if the market movement was changed to the opposite unfavorable direction.

MT4 by default allows the trader to enable Trailing Stop Loss and determine the points gap between each two levels, this might not be satisfying for many traders.

Trailing Stop Forex Robots are a favored choice for those traders as they provide more simple and effective trade and risk management control options than those in the default MT4 Trailing Stop.

Here are 8 Downloadable Free MT4 Trailing Stop Forex Robots that can be used to manage the trades and lock in profits too!

1- e-Trailing Forex Robot

How e-Trailing EA Works

It works on one currency chart at a time, so if other charts have open trades, it needs to be attached to each of them.

It generates automatic trailing stop for all of the open trades or those that would be opened in the future.

Parameters

• AllPositions; the trailing stop is used for all of the positions.
• Profit Trailing=true; the trailing stop will be activated to a trade once it starts making profits and protect (locks in your profits), while =false; the trailing stop will be activated on opening a new position.
• TrailingStop; the trailing stop size in pips.
• TrailingStep; the trailing stop step.
• UseSound; enable or disable the use of sounds.
• NameFileSound; the sound file name.

Download e-Trailing Forex Robot

2- Swiss Army EA V1.51

How Swiss Army EA V1.51 Forex Robot Works

It can apply breakevens and trailing stops with setting and removing take profits and Stop Losses in addition to a variety of conditions for closing trades.

It prints to the screen allowed doable options, which helps to figure out what it does.

It needs some more time on a demo account to well understand how it really works.

User Guidelines

For the first time users, Download Swiss Army EA v1.51 Guidelines

Download Swiss Army EA v1.51

3- Tight Trailing Stops Forex Robot

How Tight Trailing Stops Forex Robot Works

It sets a really tight Stop Loss order and trailing stops and it might be incompatible with some Forex brokers

Parameters

• UseTightStop=true, it enables setting up a trailing stop.
• TrailingAct is trade profit in pips after which the trailing stop will be activated, if set to 15 for example, the trailing stop will be activated when the trade is in 15 pips of profit.
• TrailingStep is the amount in pips by which the trailing stop will trail.

Download Links

• Download Tight Trailing Stops Forex Robot
• Download Tight Trailing Stops Forex Robot Manual

How Break Even Expert v1 Forex Robot Works

This is a pretty good expert advisor. It sets the StopLoss to Breakeven when "x" a preset amount of pips in profit is has been gained.

In the figure above, "Breakeven=30" which simply means that the robot will move the StopLoss to Breakeven once its profits reaches 30 pips.

Download Break Even Expert v1 Forex Robot

5- Trailing Stop Forex Robot

How Trailing Stop Forex Robot Works

It modifies Trailing Stop Loss on all the profitable open trades.

It also closes all the trades and can take specific profits when the trading account is in profit as a whole.

I has an instructions manual Trailing Stop Manual with parameters explanation.

Download Trailing Stop Forex Robot

6- EMA Trailing Stop v1.4 Forex Robot

How EMA Trailing Stop v1.4 Forex Robot Works

It uses a trailing stop based on exponential moving average (EMA).

Parameters

• EMA Period=13, 13 EMA will be used by the robot to trail stop the trades.
• TrailAllSymbols=true, all the currency pairs will be trailed regardless of the one it is attached to on the chart.
• CloseWhenProfit; when the sum of all profits gained from all open trades reaches this preset value, trailing starts and all the trades will be closed.
• TrailOnlyInProfit=true, a trailing stop will be activated only on profitable trades, while if =false all the trades will be trailed.
• EMAShift the EMA bar used as a trailing stop, setting it to zero (0), every EMA bar tick will be used.
• magicNumber.from and magicNumbe.to; determine the numbers that should be it trail, magic number 0 are usually for manual trades where the robot will monitor and trail manual trades along with chosen magic numbers.

Download EMA Trailing Stop v1.4 Forex Robot

7- Trailing With Partial Close Forex Robot

How Trailing With Partial Close Forex Robot Works

It closes partial positions when each target is achieved with 6 different types of trailing stops. It's better to download and play around with on a demo account to figure it out as it has so many parameters.

Download Trailing With Partial Close Forex Robot

8- Trade Protector 1.2 Forex Robot

How Trade Protector 1.2 Forex Robot Works

This is a bit different trailing stop Forex robot as it's based on the so called principle; Proportional Trailing Stop, by which it determines a % ratio of pips to be protected by a trailing stop according to the trend move direction.

When the % ration is set to "x", the robot will move the Stop Loss to "x %" of the difference between the current market price and the price by which the order was primarily activated / executed.

The formula for Proportional Stop Loss = | Current Price - Order Open Price | x Ratio - Spread

Parameters Explained

• logging=1; logs will be saved in the expert\files directory, =0; no logs will be saved.
• nTrailingStop=35; the initial trailing stop will be 35 pips until the trade profit reaches the nPropSLThreshold value.
• nPropSLThreshold=12; after reaching 12 pips, the profit proportional trailing stop will be activated.
• dPropSLThreshold=0.35; this is the multiplying factor and is calculated as: (PropSL = Profit * dPropSLRatio-Spread)
• nUseEscape=0.1 or 0 escape misplaced trades once they make a minimal profit.
• nEscapeLevel=0; the size of acceptable loss in pips for a trade to be terminated once it reached the next high.
• nEscapeTP=35; the take profit level in pips, if set to a negative value then it will be considered as a pre-determined trading loss to risk.

Download Trade Protector 1.2 Forex Robot

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