Any trader with some experience knows that proper exit out of the trade is at least as important (may be even more important) than the entry. Today we present our free Forex Expert Advisor ArgoTrail for the MetaTrader 4 platform, which is designed to help you to exit from your trades at the best possible moment.
How to work with this EA? Assume we are trading a trend movement of the price. In this case, the common approach is to exit out of the trade when the trend movement is exhausted and the price returns to its moving average or some other indicator. Of course, you can sit before your computer and wait for this to happen, but a better idea is to let an EA to close your trade for you. ArgoTrail EA is made exactly for this purpose. It has a wide assortiment of different indicators built in. All you have to do is to choose your favorite indicator and let EA do the work for you.
Assume we have opened a long position along the trend. In this case, EA will close the position when the price crosses the indicator (let’s say, moving average) from above. Something like this:
In the information box of EA in the left-upper corner of the chart, we can read (i) that trailing is active (EA is allowed to close orders), (ii) that the selected indicator is moving average with period 20, (iii) EA is working in the Trend mode, (iv) that there are no open orders at the moment. Beside this, EA draws the selected indicator on the chart, thus allowing for the visual control of your trade.
In other words, in the Trend mode, EA assumes that the indicator gives the position of the Stop-loss of the trade. Note that EA will not assign any stop-loss to your order(s); it will just close the trade when the price crosses the indicator. In this way, our broker will have no idea of when we are going to exit our trade (the so-called “stealth mode”).
Apart from trading along the trend, EA supports also the CounterTrend mode. In this mode, EA assumes that the selected indicator gives the position of the Take-Profit of the trade. For the long trade, it will look something like this:
So, in the CounterTrend mode, EA will close the long trade when the price crosses the indicator from below. For the short trades, vise versa.
When started with the default settings, EA works in the information mode only (so that no trades are modified or closed by mistake). EA draws the selected indicator, displays the information about the orders and shows the distance to the closing point. In order to allow EA to modify or close your trade, you should set the flag Trailing to TRUE in the settings.
EA supports a wide choice of the most popular indicators: Moving Average (with the selection of the averaging method (SMA/EMA/…) and the averaged price (close, high, low,..)); the high and low extremums of the last X bars, Ichimoku Tenkan and Ichimoku Kijun, Parabolic SAR, Bollinger bands. Any indicator can be shifted by a given number of pips up or down.
EA supports the mode in which only profitable orders are closed. EA can work with multiple orders; selection by magic number or ticket is supported. After each closure of the trade, EA can make a screenshot, which is stored on the disk, to be later used for trade analysis.
And now more details about settings of ArgoTrail.
Currency pairs: any
Installation and start:
For installation, it is sufficient to copy the ex4 file of EA into MQL4\Experts folder of your terminal. For more details about installation read How to install a new EA ?
ArgoTrail EA: Settings
Trailing (TRUE/FALSE): When FALSE, EA will work in information mode only (no orders will be closed).
Direction (Trend/CounterTrend): If Direction = Trend, the indicator defines the Stop-Loss of your orders. In other words, EA will close the BUY orders when the price crosses the selected indicator from ABOVE, and the SELL orders when the price crosses the indicator from BELOW. If Direction = CounterTrend, the indicator corresponds to the Take-Profit of your orders. Accordingly, EA will close the BUY orders when the price crosses the selected indicator from BELOW, and the SELL orders when the price crosses the indicator from ABOVE.
Indicator (MovingAverage/HiXBars/LowXBars/IchimokuTenkan/IchimokuKijun/ParabolicSAR): This parameter selects the indicator, which will be used for trailing.
IndentPips: If nonzero, EA will shift the indicator by the given number of pips above (IndentPips > 0) or below (IndentPips < 0).
CloseOnlyInProfit (TRUE/FALSE): If TRUE, EA will close orders ONLY if they are in profit.
Ticket: If nonzero, EA will act only on the order with the specified ticket. If 0, disabled.
Magic: If nonzero, EA will act only on the orders with the specified magic number. If 0, disabled.
Moving Average parameters:
MA_Period: Period of MA.
MA_Method (MODE_EMA/MODE_SMA/…): Selector of MA method (EMA, SMA, LWMA, …).
MA_Price (PRICE_CLOSE/PRICE_HIGH/…) : Selector of the applied price (Close, Open, High, Low, Weighted,…).
Hi-Low XBars indicator parameters:
This indicator shows the high/low of the last XBars bars.
XBars: the number of bars.
Ichimoku indicator parameters:
InpTenkan: Ichimoku parameter Tenkan-sen.
InpKijun: Ichimoku parameter Kijun-sen.
InpSenkou: Ichimoku parameter Senkou Span B.
Bollinger Bands indicator parameters:
BB_Period: period of indicator
BB_Deviation: deviation parameter
BB_Price: the applied price (Close, Open, High, Low, Weighted,…).
Indicator graphics parameters:
These parameters define how the selected indicator is presented on the chart.
NBars: the number of bars for which the indicator will be drawn.
Rainbow (TRUE/FALSE): If TRUE, the rainbow colors will be used for indicator.
LineCol: Color of the indicator. Used only if Rainbow=FALSE.
LineStyle (STYLE_SOLID/STYLE_DOT/…): Line style for the indicator (solid,dash,dot…)/
LineWidth: Line width of the indicator.
Information panel parameters:
These parameters define how the information panel of EA is presented on the chart.
comment_color: Font color.
show_box (TRUE/FALSE): Show the background of the information panel or not.
box_color: Color of the background of the panel.
comment_Yshift: Vertical shift of the panel.
InfoOnTheRight (TRUE/FALSE): If TRUE, the panel will be placed in the (empty) right-hand side of the chart.
Shot (TRUE/FALSE): If TRUE, EA will make a screenshot after each closing of the order. The screenshot is placed in the folder Files/ArgoTrail EA name_of_currency_pair/ of the Data Folder of your MT4 terminal.
- Download ArgoTrail EA.
- Donateware for ArgoTrail EA.
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