Note: The new MT4 builds have automatic drag and drop take profit and stop loss levels. You just click and drag with your mouse. I have it set to only work with the ‘alt’ key being held down (Tools > Options > Charts > check “use ‘Alt’ key to drag trade levels”). If you don’t need to use the other features of the EA below, you can now use MT4’s built-in trade levels feature.
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).
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.
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.
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.