Trailing stop order is useful when you want to automatically adjust the stop-loss price based on the current price. If the price increases, the stop-loss price will increase, allowing you to maximize profit and minimize loss.
In MetaTrader5 (MT5), you must place a trailing stop order relative to your current position. Once you gain a profit, the stop-loss price will be set using the preset point. If the price increases, the stop-loss price will increase as well.Trailing stop orders are available from the Toolbox or chart.
Click the "Trade" tab in the Toolbox and right-click on the position you wish to set a trailing stop for.
In the context menu, move the pointer to "Trailing Stop" to select the trailing stop level. You can also specify a value by selecting "Custom" and entering the value in points.
Right-click on the dotted line indicating your position on the chart. Select "Trailing Stop" and the trailing stop level as above.
Once the trailing stop is set, the "T" mark will appear to the left of the symbol of the position in the Toolbox.
To disable a trailing stop order, move the pointer over "Trailing Stop" and select "None". To disable all the active trailing stops, select "Delete All".
Once the trailing stop is disabled, the "T" mark to the left of the symbol of the position will disappear in the Toolbox.
Trailing stop is only activated while MT5 is running. If you close your MT5 or switch to the other account, trailing stops will be disabled and the last stop-loss price will remain unchanged.
Manual production consultant, MBA
Nakamaru is a manual production consultant at FINTECS, a company that specializes in creating manuals for their clients.
With a wide range of experience from fintech to entertainment, he presents what user-friendly manuals should be like.
He works with numerous large corporations as an external manual production project manager.
Systems engineer, MetaTrader administrator
After graduating from Computer Science at the Uninove, Brazil, in 2014, he has worked on various systems development projects.
He participated as a developer in the launch of forex services in 2019. Since then, he has also been involved in the development of MetaTrader plugins and APIs. He is certified by MetaQuotes as a MetaTrader5 Administrator and active in consulting and advisory as well.
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