The Trailing Stop Level indicator for Metatrader 5 is a versatile trading tool that works for both stop loss levels and trade entry signals.
The indicator gets displayed in the price chart as two colored lines that appear above and below the candlesticks.
The indicator uses two colors to determine buying and selling state:
- The yellow colored trailing stop line indicates a buy trend.
- Place a stop loss below the yellow line and trail up your stop.
- The red colored trailing stop line indicates a sell trend.
- Place a stop loss above the red line and trail your stop down.
- Reverse the trade when the stop line changes its color.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
The Trailing Stop Level indicator works for all possible time frames and trading instruments supported by the MT5 trading platform.
Configurable parameters and input settings: percent (30.0), style, colors.
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The following chart shows how the Trailing Stop Level Forex indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Trailing Stop Level Indicator?
Find a simple trading example below:
- A buy signal arises when the yellow trailing stop level line appears in the chart.
- Place your stop loss below the yellow line and trail up your stop loss.
- The buy trade will be automatically closed when your trailing stop loss got hit.
- A sell signal arises when the red trailing stop level line appears in the chart.
- Place your stop loss above the red line and trail down your stop loss.
- The sell trade will be automatically closed when your trailing stop loss got hit.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Trailing_Stop_Level.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration