This is a dual function EA. It offers both trailing stop and break even functions. This EA sets breakeven and Trailing stops for both manually and auto-opened trades. You can decide to use both functions at once or only one at any time. To use only the breakeven function of the EA, type in the number 3, under BlockID in inputs, when initializing the EA. To use only trailing stop, type in 2. To use both, leave it blank as it is.
Trailing stop is a more flexible variation of a normal exit order. Trailing stop is the practice of moving the stop-loss level closer to the current price when the price moves in your favor. Trailing the stop-loss allows traders to limit their losses and safeguard their profits. It is a very popular practice. This EA will manage your order's stop-loss by moving it at fixed steps. A trailing stop will allow a stop order to follow the last traded price based on a pre-set distance, and will automatically move to lock in the profit. It follows a simple rule and doesn't rely on any indicators.
Moving stop-loss to a breakeven is popular among traders who wish to safeguard their gains and to let the profits run without incurring a risk of loss. With this EA, you can have your stop-loss orders moved to a breakeven point automatically when a positive price move covers some specific distance. In particular, this expert advisor can detect when the current price is at some specified minimum distance from the trade's open price and move the stop to breakeven (that is; entry point). This is similar to a trailing stop, but instead of continuously trailing the stop, it is moved once to entry point.
INPUT PARAMETERS
Magic Number: Leave it as it is.
OnProfitPips: Sets the amount of pips on profit for a trade before your breakeven is activated.
tStopPips: Sets trailing stop in pips.
tStepPips: Sets trailing step in pips.
BlockID: This enables you to either deactivate the trailing stop or break even function of the EA. Just type in "2" to deactivate break even function of the EA. Or type in "3" to deactivate the trailing stop function of the EA. Leave that space blank, to use both functions.
