Drag and Drop Stop Loss/Take Profit Levels in Metatrader 4

Steve Nison's Candlestick Techniques

More traders use Metatrader 4 (MT4) than any other Forex trading platform. That isn’t to say that more professional traders use this platform – just that it is the most popular Forex platform overall. I personally use Metatrader 4, but it does have its limitations.

Most of these limitations have a workaround, as I’ve shown you in my article, How to Create Custom Time Frames in Metatrader 4. Certain limitations, however, do not yet have a suitable workaround.

For instance, there still isn’t a suitable solution for creating custom tick charts in MT4. There is a script to create them, but they must be built one candle at a time; plus, they are reset as soon as you close the platform or change profiles. This tick chart solution is simply not practical for most traders.

Drag and Drop Your Stop Loss/Take Profit Levels in MT4

All that being said, there is a cool expert advisor (EA) that I’ve found which adds a little more functionality to Metatrader 4. It allows you to drag and drop your stop loss and take profit levels in MT4, among other things. I stumbled upon this functionality by accident, when I was looking for an EA that would help me scale out of my trades automatically.

I found one, called the Quik Trailing EA (yes, it’s spelled Quik), that handles this and more quite nicely. It allows you to scale out of your trades by your desired percentage once price meets a predetermined profit target in pips. It also allows you to set a break even level, and lock in any amount of pips at the same time.

The Quik Trailing EA can display a panel with vital account and trade information – including the spread of your chosen currency pair. You can save profiles so that the EA will remember your preferences, and switch between profiles when you require different settings.

You can even set automatic take profit and stop loss levels, and each of these features can be activated or deactivated individually. As I mentioned earlier, this EA also includes the ability to drag and drop your stop loss and take profit levels to adjust them (see the image below).

Drag & Drop Your Stop Loss/Take Profit Levels

Once the EA is up and running, simply double click your stop loss or take profit level, and then move it just like a regular horizontal line in MT4. Double click the level again to turn the drag and drop feature back off.

The drag and drop function can be pretty handy for on-the-fly trade adjustments, like manually moving your stop loss to break even, trailing price with your stop loss, or increasing and decreasing your take profit levels.

Installation Instructions:

To use this expert advisor, download the Quik Trailing file, and put it into your expert advisors folder (Metatrader 4 > Experts).

The next time you start MT4 and open the navigator (Ctrl+N), you should see the file in your Expert Advisors folder. Simply drag the Quik Trailing EA onto your desired chart, and adjust the settings to your preferences.

Quick Trailing Common Tab

Make sure you enable expert advisors by pressing in the button labeled “Expert Advisors.” Also, make sure that, when you add this EA to your chart, you check “Allow live trading” and leave “Ask manual confirmation” unchecked, if you want to utilize the scaling out feature of this EA (see the image above).

If you’re unsure which boxes to check, just copy what you see in the image above to be safe. The window seen above can be found under the Common tab in this expert advisor’s properties (F7). Typically, all of the boxes checked in the image above should be checked with every EA that you use.

That’s it! If you have the EA working correctly, you should see a smiley face in the top right corner of your chart, next to the Quik Trailing label.

I hope you enjoy this expert advisor. I’ve used it often in my own trading, and it’s proven to be pretty useful. It’s nice to be able to drag and drop your stop loss and take profit levels, and I’m surprised this feature isn’t built into the default Metatrader 4 platform.

Steve Nison Candlestick Techniques

 

Comments

  1. Please how do i set up this script for a trade i would want the SL of 10pips to trail by 5pips from market price while the TP of 15pips moves continuously from the market price. send me screenshots if possible, please @vicolen

    • Why would you want to use a TP at all if you’re using a trailing stop? I’ve never used this EA in the way you’re describing, so I wouldn’t be able to tell you.

      I use this EA to drag and drop TP and SL levels, to scale out of positions (with certain trading strategies), and to automatically move my stop loss to break even (and sometimes lock in some pips) after price moves a certain amount in my favor.

      I recommend downloading the EA, and testing the different features on a demo account. You’ll just have to experiment with it.

  2. Chris, any clue how to use the EA’s Auto SL/TP using ATR? What do the ratios mean?

    • I never use that feature. I use this EA for the drag-n-drop and break even features. There is a manual for this EA. Google “quik trailing ea manual.” I’ll try to upload it to this page, if I can find it again.

  3. Also, do you think the EA can still work if it is added to the chart only after I open a position?

    And what happens to the Breakeven/Trailing levels when I manually modify the SL/TP lines? Would one action cancels the other?

    Would the open positions be updated on modifications on the EA after the open positions are executed?

    • Yes. You can add this add this EA at any time. Also, one action should cancel the other. I believe I tested that out when I first started using this EA, but it’s been a while. I always drag the SL/TP lines when I add this now. Feel free to correct me, if that’s not the case.

  4. Hi there,

    Just installed it, many thanks.I get “Wating for price data”

    Will this change once I enter a trade?

    Thanks

    • I guess so. When I use this, I typically add it to the chart of my already open trade. I don’t think I’ve ever gotten that message. Please let us know if that’s the case, Freddie.

  5. Chris… I would say that either English is not your first language and you need to revise more or else you’re an idiot! Just my perspective thats all.

  6. Hi chris, I have been using the quik trailng ea for some time now Just recently since changing to the latest mt4 with one click trading i can no longer drag and drop the stop loss lines.When i double click the line the mt4 order box appears.I ve tried placing the stop loss order in the box but when i get out of the box the stop loss go back to the auto s/l.I also can not change the values in the auto s/l. When i change the values and set to true it does not change on chart. Any help would be appreciated.

    • I don’t have any live trading experience with one-click-trading versions of MT4. Just some limited demo trading experience, in which I did not use this EA, as far as I can remember.

      I can tell you, however, that the auto S/L and T/P levels have to be set *BEFORE opening a trade (with the EA added to your chart and activated) in order for the auto S/L and T/P levels to execute. In other words, if you try to edit these values after a trade is opened, the changes will not update on your chart immediately; but the EA should execute your new values on the next trade.

      I wish I could be more helpful than that. Let us know if you get it figured out.

    • Drag the SL or TP line a little bit. A yellow line will appear where the line was, quickly double-click the new line. A little box square appears at the end. Now you can drag it and place it where you want. The original line will follow and become one.

    • Update: My new 100-Trade Test Demo account uses a one-click-trading EA. I’ve had problems too, but I figured it out.

      Just click the button to TURN OFF your Expert Advisors while you make your adjustments. Then turn them back on again. That works 100% for me.

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