Edit: SHOOT! Just saw a more appropriate category to place this in… sorry! If a mod could move it that’d be fantastic.
Hey guys, hopefully I’m putting this question in the right place. Oanda is my broker, I use their trading platform to execute trades, but I use MT4 for charting. I’m slowly moving to MT4 to execute my trades as well.
Before executing a trade, I always set my stop loss and take profit levels.
What I’d like MT4 to do, is rather than taking profit at my pre-defined level, I’d simply like it to [I][B]automatically[/B][/I] move the stop loss to break even (or just a pip or two away so I’m not immediately stopped out). That way I lock in my profit yet give the trade a bit further room to run should it continue to blast through my profits. I understand what a trailing stop is, and that’s not what I’m looking for. I typically trade on shorter timeframes (15m and less), so the trailing stop is just a nightmare, and I can’t appear to set it up to only activate a trailing stop once a certain level is hit.
I can do this manually if I watch the trade, but I’d like this to be automatic in case I can’t follow the trades throughout the day. Eventually I’d like to add in the ability to scale in or scale out of trades at pre-defined levels, but for now I’m just looking for the basics.
Can anyone point me in the right direction? Is this an “expert advisor” issue? Does anyone know if it already exists, or if I’d have to create it? Thanks for any help or suggestions on how I can figure this out…