Hi Milanese,
thanks for your fast reply and update.
Hi users,
I do not venture to ask once again for a trailing stop for this EA, because we recently talked about to use a second EA for this feature, which was not scheduled to implement.
Please excuse in advance, if I talk again about trailing scenarios. Maybe a reader can advice for a simple EA, which can trail multiple orders by the below described conditions.
In our team (only veterans at retirement and all over 60
) we did test the EA for scalping at high volatility periods (open-, news-events) on demo-accounts by different brokers.
Btw: First to say and greetings to “Jemook”, because GP provides the fastest tick-signals, which is probably not the same as the access rate in “ms”, (refer to the below right corner of the Empty4-window) in comparison with other brokers, as we observed and compared the signals in the order-windows simultaneously.
We oldtimer and I expect, that there will not be a big difference to live-accounts during high-speed periods, because demo- and live-accounts sometimes do not correspond and during high speed movements, the criminals slow down the amount of tick-rates, due to higher volume, and increase the slippage or even shut down their servers. With VPS I do not have experiences.
Why trailing might be useful and important?
Not only during fast movements in one direction (called spikes), we can stack automatically orders as many as defined by stack distance in reference to the direction and as long as the move performs until open end.
Basically there are two possibilities:
First to close each order by defined TP-Levels (as the EA actually and already provides) and second to use a trailing-stop to pyramide orders in order direction until open end.
Before starting the EA, we can define and prepare SL and/or TP and modify afterwards, if required. That’s one of the methods to close each order at defined TP-Levels, if TP hit.
That’s a common procedure and will work during normal trading hours and normal price speed (Vola). Anyway, we can use the automatic trailing-stop provided by the Empty4-terminal as needed.
The automatic trailing-stop via terminal however is not a jumping SL and will move pip by pip, if there is any price-movement in order direction. Be aware to use it, because the value of e.g. 50 (by 5-digit-accounts), means 5 Pips…
It will work also with minor trailing movements with 5-digit broker-accounts, which do not have the prohibition for trailing < 15 Pips as 4-digit-broker did have in the past.
But back especially to high-volatility periods (trading spikes, open , news) and such scenarios.
As fast as spikes perform, they often and mostly can turn back with the same speed.
If not, because of a subsequent homerun, we still remain in profit. Welcome, we can harvest.
On the other side, if there are no stops (TP/SL) defined, if the price turns back, the account can run very quickly into a huge loss or margin call, if the account is not enough capitalized to survive such drawdowns by temporarily and automatically entered orders during spikes, especially when this occurs during absence.
Manually and during spikes (within minutes and sometimes even seconds), we will not get a chance to change resp. to adapt multiple orders without any tool, be it in the case of slippage, because of getting no fill (requotes via order-window) or simply by personal reaction time to modify several opened orders just in time.
Scripts works only one time to modify the orders and their are not a big help. Anyway I found, that scripts, such as “close all open orders in profit” works relative fast, even in high volatility periods, but we have to be live to attach a script just in time.
In situations of being absence, if spikes occurs, you might be very happy, if you had have activate “Move OppositeOrderwithPrice”, to minimize losses by this hedging and stacking feature, to survive hopefully only with a floating loss, you can compensate afterwards.
Btw, some Brokers as also GP do not take margin for hedge-orders.
Try it first at demo!
In addition and a further example of clarification.
If there are two orders already performing in profit by identically settings and the third pending will hit in price direction, we will place the SL`s of the first and second order to the entry of the second position.
What will happen?
In the worst case the price returns and close the first order by the already placed trailing-SL in profit at the entry position of the second order, however the latest entered third order will return and close in loss at the same stop-level (at the second-order).
Profit and loss will remain equal. We will get a Zero-sum situation in this session, but no loss.
If price moves on in the right direction, the fourth and further pendings will become hit and start performing.
If live, without a trailing-feature, now the manually work will start to protect the profit by trailing the stops for each working position. That is time-consuming and awful.
If we are not online resp. live in the market, actually we can only use TP/SL-levels to manage and to protect the trades in advance.
That are the basic scenario for my request concerning a trailing feature, especially for fast scalping-events and the reason, I request a trailing feature.
To avoid confusion, I don´t mention advanced order-methods, such as variable lotsize and
taken partial-profit or adapting the trailing-stop dynamically in regard and in accordance to the price-movement. There are still a lot of advanced trailing-possibilities, e.g. which might be used with price-action and/or money-management or indicators, but let us keep it as simple as possible.
In addition: For coding such trailing feature in an easy to use way
To work with an automatic trailing-stop, there is no need for a TP, because we trail orders only in profit, in price-direction and open end, until price turns back and will close all open orders
at the latest trailed SL-level.
Keep in mind, that the latest entered order mostly close in loss or by the worst case e.g during the starting period, the price will turn and not move in the designated order direction to start trailing. In such starting scenario, we will run into loss by the security-SL or a floating-loss, if the hedge-order in the opposite direction has been used and opened.
We have to define, when trailing should start, independent from a defined security SL in the starting period, before price hits the next pending in profit (as a condition) and in price-direction. Then trailing should start and the SL has to jump, if price will move further on X-pips into profit.
It is the basic attribute, that trailing will start only in profit.
The parameter needed might be:
1. Trailing on/off for buy- and/or sell-orders
2. Start trailing for all open orders after X pips in profit and than
3. Move/jump the SL for all open orders X-pips”.
Under normal condition, the trailing distance will be equal in reference to the stacking order distance.
I´m not a coder, but I could imagine, that the EA has to supervise (by internal loops) all open and new positions in profit, be it sell or buy.
I assume, that there are some conflicts, which might be occur, if there are already open orders (swing and longterm, sell and buy), which should not managed in that way as for the new orders by the trailing-feature. I don´t know any trailing-EA, which can filter resp. distinguish old and new orders and they have the lack of managing multiple orders simultaniously.
Despite of using separate instances a feature (such as an additional comment) might be needed to distinguish or filter the new orders for this special purpose, similar to the procedure, which Milanese did suggest to reset the EA, by changing the magicnumber. Thanks for this hint.
I do not yet have other ideas to solve this scenario.
I hope that the walk through of the order-management and trailing was not to much boring.
Please post your comments and your experiences, as I did above to improve this master tool.
Do not hesitate to ask questions.
It make no sense to code features by Milanese, I respect it, to waste spare time and spend efforts for features, which are not requested by the majority.
Moving on…
Thanks to Milanese…
Trade well my friends
Over60
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