Is there any way in any trading software or tool anywhere to make it so that when a take profit amount is reached, THEN a trialing stop is activated? In other words, i want the trade to run freely until a stop loss or take profit is it, but if the take profit point is hit, i want to then activate a small “trailing stop” from this point forward, just IN CASE the trade continues on PAST my take profit point.
Can this be done?
i think so look at the programs developed for mt4
You can do it in both Ninjatrader and Multicharts.
I was looking for something just like this for a long time. I read your post during my searches, so I thought I would respond in case it might help anyone else in the future like me. I found an Expert Advisor for MT4 that I really like so far. It adjusts the stop loss based on target points you set, and if your 100% take profit hits, then it’ll activate a trailing stop indefinitely. So far, it’s helped me lock in profits and I’m waiting for my first 100% take profit trade so I can see the trailing stop in action and catch a big mover.
Like I said, it was frustrating for me to find something like this that I wanted, so I wanted to help anyone else out there.
It’s called “Auto Trailing Stop by TP Percent with Profit Lock”