The Trailing Stop-Loss MT4 forex indicator has two functions, it provides buy/sell trading signals and has a trailing stop-loss that works.
Buy/sell forex signals from this indicator work as follows:
- A buy signal occurs when the red line gets positioned below the candlesticks. This is an uptrend.
- A sell signal occurs when red line gets positioned above the candlesticks. This is a downtrend.
Trailing stop-loss function:
- For buy trades, trail your stop-loss up 1-2 pips below the red line until you get stopped out of the buy trade.
- For sell trades, trial your stop-loss down 1-2 pips above the red line until you get stopped out of the sell trade.
The indicator works best for scalping and day trading purposes during the London and New York trading sessions.
The GBP/USD 5-Minute chart below displays the Trailing Stop-Loss Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Trailing Stop-Loss MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Buy the currency pair when the red line of Trailing Stop-Loss MT4 indicator gets aligned below the candlesticks. Trail your stop-loss up below the red line.
Sell Signal: Sell the currency pair when the red line of Trailing Stop-Loss MT4 indicator gets aligned above the candlesticks. Trail your stop-loss down above the red line.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (mode, delta price) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trailing stop loss
Copy and paste the trailing-stop-loss-level.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)