When sending TradingView alerts to MT4/5 you may need to use Trailing stops. TradingView to Anywhere sends your orders with Trailing stops using 3 parameters:
- Trailing Trigger (TT) - This is the number of pips/points after which trailing is activated.
- Trailing Distance (TD) - This is the distance between your SL and the market price in pips/points.
- Trailing Step (TS) - This is the number of pips/points movement in the market after which your SL is adjusted.
Example: Buy EURUSD q=0.5 TT=500 TD=300 TS=150, buys 0.5 lots of EURUSD. Trailing is triggered after 50pips and SL is placed in such a way that it is 30pips away from the market price. As the market trends higher and higher, the SL will be adjusted after every 15 pips movement in such a way that the SL is maintained 30 pips away from the market price.
You can also use percentage values instead of points.
Example: Buy EURUSD q=0.5 TT=2% TD=1% TS=0.5%. Trailing is triggered after a 2% point movement. The distance between the SL and the market price will be maintained at 1% and adjusted after every 0.5% movement in the market price.
Important:
- Be aware of the minimum allowed pips/points allowed by your broker for trailing.
- Take note of whether your broker uses pips or points. 1pip = 10points.
- Do not restart your Meta Trader instance after placing the orders, otherwise trailing will be erased.