Stop Loss Manager
Detailed user manual
Quick start
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This quick start guide takes only 5–10 minutes to follow.
Download
You can download the Stop Loss Manager here. It is delivered as a single ZIP file that installs into both MetaTrader 4 and MetaTrader 5.
Installation
Once the download is complete, you’ll have a ZIP file named Stop Loss Manager. Locate it in your downloads folder and open it to view its contents.
Inside the archive, run the Install Stop Loss Manager script to begin the installation.
When you start the installer directly from the ZIP, Windows shows a Compressed (zipped) Folders notice. Simply click Run to continue, as shown below. Alternatively, you can extract all files in advance and then start Install Stop Loss Manager from the extracted folder. Note that this step may look slightly different if you open the archive with a third-party tool such as WinZip or WinRAR.
Because the installer script is not digitally signed, Windows displays an Open File - Security Warning that lists the publisher as Unknown Publisher. This is expected, so click Run to proceed. If you’d like to check the file beforehand, use the Verify Publisher shortcut included in the archive.
The Stop Loss Manager Setup wizard then opens and installs the add-on for both MetaTrader 4 and MetaTrader 5. Click Next and follow the on-screen steps to complete the installation.
INFO
The setup installs the Stop Loss Manager into every MetaTrader 4 and MetaTrader 5 installation found on your computer. If you add another MetaTrader later, simply run the installation again to add the Stop Loss Manager to that new instance.
You normally never need to update the Stop Loss Manager manually. A live update runs every time it starts, so the latest version is always available on your computer automatically.
Start of application
As the product interacts with a backend server, you’ll need to adjust some settings in your MetaTrader. Please open your MetaTrader and go to the Options menu.
Next, please navigate to the Expert Advisors tab and check the boxes for Allow automated trading and Allow DLL imports.
You can find the Stop Loss Manager in the Navigator view under Expert Advisors. If the application isn’t listed yet, simply right-click anywhere in the Navigator and choose Refresh to update the view. To start the application, double-click on it or drag and drop it onto a chart in your chart view.
A welcome panel is displayed every time you start the Stop Loss Manager. This panel allows you to verify the version number and adjust the input parameters. If you wish to modify the default settings, please open the Inputs tab. The Stop Loss Manager initiates with the average true range trailing method by default. This method adjusts the stop loss based on the most recent short-term volatility. In many instances, the default settings yield robust stop loss trailing results. If you wish to alter the trailing method or specific parameters of its operation, please refer to the Inputs configuration chapter to better understand each trailing mode and how to modify them.
The Stop Loss Manager is now operational on the chart you’ve opened. You should maintain the timeframe within which you initiated the Stop Loss Manager. If you wish to change the timeframe, remember that it could alter the stop loss characteristic.
Trade as usual
Now, let’s put the Stop Loss Manager to work. You can initiate an order as you usually would. Rather than setting an initial stop loss by yourself, you can rely on the Stop Loss Manager to determine a suitable initial stop loss based on the current market conditions. You’re free to select any type of execution. For market orders, the initial stop loss is established immediately after the trade is opened. The initial stop loss is set for pending orders when the order is executed.
You’ll notice that an initial stop loss is automatically established. Furthermore, the stop loss is now autonomously managed based on the chosen trailing method. This method is displayed in the status field at the top right of your chart. Each modification to the stop loss is illustrated on your graph, allowing you to track and validate the trailing throughout the lifecycle of a trade.
You’re now using the Stop Loss Manager. In short, it lets you step away from your computer without having to watch and adjust your stop losses by hand.
Influenced orders
What would happen if you activate multiple Stop Loss Managers on the same symbol but different charts? It is strongly advised not to do this, as the Stop Loss Manager is designed to manage the stop loss trailing behavior for a specific symbol, regardless of which chart the trade was opened. If you’re interested in using multiple trailing methods for the same symbol simultaneously, the Meta Extender might be worth considering. This advanced application allows you to manage and alter the trailing method individually per trade. For instance, a trade could start with a breakeven trailing. If the trade enters a highly profitable zone, the trailing method can automatically switch to an average true range based trailing.
The principle of the Stop Loss Manager is to manage all trades per symbol, which enables a convenient use case. You can activate the Stop Loss Manager on your computer and open trades with your mobile MetaTrader from anywhere. Assuming this occurs in the same trading account, the Stop Loss Manager executed on your computer will also manage the trade opened with your phone.
Need help?
Many common questions are already answered in our frequently asked questions for the Stop Loss Manager. Please take a look there first. If you still need help, our support team is happy to assist.
Uninstall
There are several common ways to uninstall the Stop Loss Manager on Windows:
Via the Start menu (easiest): Open the Windows Start menu, find the Stop Loss Manager in the app list, right-click it, and select Uninstall.
Via Windows Settings: Go to Settings > Apps > Installed apps (on Windows 11) or Settings > Apps > Apps & features (on Windows 10), locate the Stop Loss Manager in the list, click it, and choose Uninstall.
Via the Control Panel: Open the Control Panel and go to Programs > Programs and Features, select the Stop Loss Manager from the list, and click Uninstall.
Any of these methods will completely remove the application from your computer.
Inputs configuration
This chapter provides a detailed explanation of each input parameter, enabling you to configure the Stop Loss Manager to suit your needs. You’ll find all of these settings in the Inputs tab that appears when you start the Stop Loss Manager on a chart. This window may look different in MetaTrader 5, but it functions in principally the same way.
While the default input parameters offer a universally applicable configuration, tailoring the Stop Loss Manager to the specific symbol and timeframe you’re working with is recommended. This might seem daunting initially for beginners, but rest assured, the default parameters are a great starting point. Professional and advanced traders will likely need different input settings for other symbols and timeframes.
To optimize the input parameters, consider using the MetaTrader strategy tester. When the Stop Loss Manager runs in the tester, it automatically opens a long and a short trade every 50 bars. This lets you see how your settings trail the stop loss across many sample trades and different market conditions, making it easy to fine-tune the parameters before trading live.
Selected trailing mode
The Stop loss trailing mode input parameter allows you to switch between the five available trailing modes. Please note that the trailing method of an active Stop Loss Manager cannot be changed mid-operation. To do so, the Stop Loss Manager must be restarted and reconfigured.
| Input variable within MetaTrader | Default value | Comment |
|---|---|---|
| Stop loss trailing mode | Average true range trailing | Options: -Market trailing -Average true range trailing -Parabolic SAR trailing -Fix distance trailing -Breakeven trailing |
Parameters for market trailing
Market trailing doesn’t rely on complex algorithms. Instead, it uses the open and close prices of the previous candle sticks, combined with the spread, to calculate its movements. The only adjustable variable is a buffer added to the stop loss distance. This buffer can be calculated by two parameters: a fixed value measured in pips (Market buffer fix) or/and a dynamic value based on the current spread (Market buffer fix).
| Input variable within MetaTrader | Default value | Comment |
|---|---|---|
| Market buffer fix | 10.0 | This parameter introduces a buffer to the stop loss level, calculated based on a fixed number of pips. The input value cannot be smaller or equal to 0. |
| Market buffer fix | 4.0 | This parameter introduces a buffer to the stop loss level, calculated based on a fixed number of pips. However, in this case, the parameter multiplies the current spread value. The product of this multiplication determines the buffer level. The input value cannot be smaller or equal to 0. |
Based on the spread, the dynamic option is handy to avoid being stopped during night hours. For instance, the ask price is crucial for long trades to define when a trade will close. However, the stop loss level might come too close if the spread is too large. Therefore, during phases of large spread, the market trailing variant can automatically adapt the buffer to better react in volatile phases or during night hours.
The effect of the input parameter can be observed in the chart below.
As can be seen, both parameters move the stop loss line further away from the actual price. Both buffer types can be combined freely. If used together, their values will be added to each other.
Parameters for average true range trailing
The average true range (ATR) trailing method employs an ATR indicator to calculate the stop loss distance. This widely used indicator is a standard tool for assessing a price chart’s volatility.
| Input variable within MetaTrader | Default value | Comment |
|---|---|---|
| ATRS period | 14 | The input value cannot be smaller or equal to 0. |
| ATRS multiplier | 3.5 | The input value cannot be smaller or equal to 0. |
The parameters for configuring the ATR trailing method include the ATRS period, the period used to calculate the ATR indicator, and the ATRS multiplier. The raw ATR value is typically too small to be used as a trailing stop loss distance, so it’s common to multiply the raw indicator value with a multiplier. A frequently used value for the multiplier is 3.5.
By adjusting these values, the ATR trailing method can respond more to the current price.
Parameters for parabolic SAR trailing
Parabolic SAR (PSAR) trailing stop losses utilize a PSAR indicator, another standard tool in modern trading. This indicator usually comes with two input parameters.
| Input variable within MetaTrader | Default value | Comment |
|---|---|---|
| PSAR step | 0.02 | The input value cannot be smaller or equal to 0. |
| PSAR maximum | 0.2 | The input value cannot be smaller or equal to 0. |
The PSAR value is directly taken as the stop loss, depending on whether the current PSAR value qualifies. Since the PSAR is drawn above or below the price chart, there are phases when the PSAR does not output valid values for stop losses. This typically happens when a trade is opened. When the PSAR changes its characteristic, the stop loss may move quickly close to the price. The input parameters PSAR step and PSAR maximum are used to adapt this movement.
The lower these values are, the more gently the stop loss moves towards the price value.
Parameters for breakeven trailing
The breakeven trailing method implies that the stop loss value is only modified once at a specific price. This ensures that already-made profits are secured. The sudden jump in stop loss will occur when the trade is already in a respectable profitable zone, and it’s not expected that the trade will change its direction.
| Input variable within MetaTrader | Default value | Comment |
|---|---|---|
| Breakeven position | 150 | The input value cannot be smaller or equal to 0. |
You can use the Breakeven position input parameter to define the moment when the jump will occur. The initial distance between the opening price and initial stop loss represents the reference value 100. Let’s assume this was 80 pips. If the Breakeven position is set to 150, the jump to breakeven will occur when the price rises 40 pips above the opening price. As seen in the illustration below, the larger the breakeven position, the later the jump.
DANGER
This trailing method should only be used with a take profit or by manual supervision and closing the trade. Since the stop loss value never changes again, the maximum outcome will be zero profit. Fees such as commission or swap are not included in the calculation of the breakeven price.
Trailing modes
The Stop Loss Manager has five distinct trailing methods, each carefully selected for their popularity among experienced traders. If you cannot find the desired behavior among these methods, it is recommended that you look into the Meta Extender. The Meta Extender offers a variety of additional trailing options, including the ability to combine different trailing methods. For instance, a trade’s stop loss can jump to breakeven and then proceed with an average true range trailing.
The native trailing methods supported by the Stop Loss Manager are robust tools for manual trading. Let’s briefly explain each selectable trailing method.
Market trailing
This method relies entirely on market techniques, meaning no algorithm is used. The open prices of previous candlesticks determine whether a stop loss is eligible to trail closer to the current price. This method allows a trade room to move, accommodating typical setbacks following a recent change. A setback is triggered when a sideways movement is detected after a sudden price increase or decrease. Market trailing is typically adequate for day and swing trading with its fast-moving prices. It’s important to note that the setback level never exceeds the initial stop losses configured at the trade opening.
Here are some examples that illustrate the application of this method.
Average true range trailing
The average true range (ATR) is a volatility measure that helps traders understand the volatility of price movements in the most recent past. ATR trailing stops use the ATR indicator to adjust stop loss levels dynamically based on market volatility. This means the stop loss level moves with the price but only in the direction of the trade. It’s a valuable tool for protecting profits and limiting losses in volatile markets. The higher the ATR value, the higher the level of volatility, and the further away the stop loss level can be.
Here are some examples that illustrate the application of this method.
Parabolic SAR trailing
The Parabolic SAR is a technical indicator developed by J. Wells Wilder. It determines an asset’s price direction and highlights potential reversals. Depending on the direction, the indicator appears as a series of dots on a chart, either above or below the price. A dot below the price indicates an upward trend, while a dot above suggests a downward trend. When the dots flip, it signals a potential change in price direction. This makes it a valuable tool for setting trailing stop-loss orders. As the indicator implies, its value is sometimes above or below the current price, which may lead to the stop loss seeming not to be trailing. Thus, the initial stop loss level may be static for an extended period. This is often the case in higher timeframes.
Here are some examples that illustrate the application of this method.
Fix distance trailing
This type of stop loss trailing maintains a fixed distance from the current market price. It’s designed to lock in potential profits and limit losses. As the market moves in a profitable direction, the trailing stop moves at a fixed distance, maintaining a constant distance from the current price. If the market stops moving in the beneficial direction, the Stop Loss Manager keeps the stop loss at the last configured value. This strategy allows traders to protect their profits while allowing the price to fluctuate. When this trailing method is activated, the stop loss distance can be chosen manually in the chart or the Trade tab within the terminal view. The new stop loss distance is used for further trailing whenever you change the stop loss.
Here are some examples that illustrate the application of this method.
Breakeven trailing
This is a method where the stop loss order is adjusted to the entry price once a zero profit is realized. It ensures that the trade will not result in a loss from that point forward, not considering the effects of slippage or commission.
Here are some examples that illustrate the application of this method.
