Anyone know of any trading software that already has a feature to set automatic stop and take profits that adjust as a trade progresses?
For example, lets suppose you are long some pair with a stop loss of 30 pips and take profit of 60 pips. But if you are up 10 pips then you want your stop loss to adjust to break even and then if you’re up 40 pips then you want your stop loss to be at +20 pips from your entry and so on.
A simple script will do that for you in MT4/MT5.
I thought that all platforms have such feature on default. Personaly I prefer ninja trader and also protrader 2.
Just place a trailing stop … simple as that
Oanda offers what you are looking for in regards to the initial setup up of default exits.
I have seen Expert Advisors for Metatrader 4 that can get you more detailed trade management while you’re in the market.
MBT offers such ability to be able to create various types of trail stops. Ninja also has the ability for the user to make such stops.
Auto filling the stop loss and take profit boxes at levels preset in the script (and adjustable obviously in case the strategy changes). Right now I …