Creating Trailing Stop While Canceling Stop Loss

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I only have experience with ThinkOrSwim on TD Ameritrade.  Couple questions regarding MT4/MT5 (thinking of getting back into trading and switching brokers)

Is it dependent on the Broker whether you can set a Stop Loss order and not have to leave MT running.  (It's been a while since I traded using ThinkOrSwim but I believe that's how it worked with TDAmeritrade)

It's quite easy to setup an automated order change such as, 1> When Limit Order is placed, 2> Set Stop Loss Order and 3> When X price point is hit into profit, 4> Cancel Stop Loss Order and replace with Trailing Stop.  THIS, if I recall I have to leave ThinkOrSwim running.  Is this fairly easy to setup in MT4/5?

 
jazee:

I only have experience with ThinkOrSwim on TD Ameritrade.  Couple questions regarding MT4/MT5 (thinking of getting back into trading and switching brokers)

Is it dependent on the Broker whether you can set a Stop Loss order and not have to leave MT running.  (It's been a while since I traded using ThinkOrSwim but I believe that's how it worked with TDAmeritrade)

It's quite easy to setup an automated order change such as, 1> When Limit Order is placed, 2> Set Stop Loss Order and 3> When X price point is hit into profit, 4> Cancel Stop Loss Order and replace with Trailing Stop.  THIS, if I recall I have to leave ThinkOrSwim running.  Is this fairly easy to setup in MT4/5?

  • In MetaTrader (4 & 5), when placing a Limit Order, you can also define where the Stop-Loss and/or a Take-Profit will be placed automatically when it is triggered on the Broker. The order will trigger and set the S/L and/or T/P without having to leave the terminal running.
  • In MetaTrader (4 & 5), one does not need to cancel a S/L in order to replace it with a Trailing-Stop, because a Trailing-Stop in MetaTrader is simply the act of moving the S/L to a new price (i.e. you simply "modyfy" the S/L and set it to a new price).
  • However, moving the S/L or applying any kind or type of Trailing Stop, be it continuously by the the Terminal's built-in Trailing-Spot mechanism or at specific levels by using other scripted and automated methods, requires that the Terminal remain active and connected, be it on your machine or on a VPS, or via a programmed Expert Advisor, running on MetaTraders own style of built-in VPS system.
 

jazee:

Is it dependent on the Broker whether you can set a Stop Loss order and not have to leave MT running. 

Is this fairly easy to setup in MT4/5?

  1. The trailing stop is just the stop loss, the terminal moves it. You must have MT running and connected.
  2. If you have options > charts > Show trade levels enabled, just right-click on the order and select Trailing Stop. Otherwise, in the terminal window right-click on the order.

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