Candle Trailing Stop EA
Free candle-based trailing stop EA | 3MA direction | H4 | MT4
About Candle Trailing Stop EA
Candle Trailing Stop is a free Expert Advisor published on the MQL5 Code Base that combines three Moving Averages for trade direction with a candle-based trailing stop and take profit mechanism. Rather than using fixed pip distances for SL and TP, the EA dynamically adjusts its exit levels using the high and low of recent candles — trailing the stop below recent candle lows on long trades and above recent candle highs on short trades. This keeps the stop loss connected to actual price structure. The EA works best on the H4 timeframe applied to major forex pairs and NASDAQ stocks, where higher timeframe candles provide meaningful structural reference points for the trailing stop.
- Platform: MetaTrader 4
- Price: Free (MQL5 Code Base)
- Strategy: 3 Moving Averages direction + candle high/low trailing stop
- Recommended TF: H4
- Best on: Major forex pairs, NASDAQ stocks
- Trailing stop: Dynamic — follows candle high/low structure
- Source: mql5.com/en/code/24042
Key Features
✓ Completely free — available on the MQL5 Code Base
✓ Candle-based trailing stop respects price structure rather than arbitrary pip distances
✓ Three MA confirmation reduces false direction signals
✓ H4 timeframe focus filters out low-quality short-term noise
⚠ H4 candles are wide — ensure position sizing accounts for potentially large SL distances
⚠ Moving average periods may need optimisation for different pairs