EMA Levels - MetaTrader 5 Script | Forex Indicator Downloads - MT4/MT5 Resources - MetaTrader 5 Resources

One of the "games" that every trader often plays during trading hours is to find the best stop loss value for currently active orders.

There are some good ways to do this dynamically, but most of them have a problem: they tend to try to guess the stop loss value to be close to the current price value, and often lead to (what turns out to be) premature exits. This is an attempt at a slightly different approach.

This indicator does not rush to follow the price to set a stop loss, but only adjusts the recommended stop loss when a trend change in the opposite direction is noticed. This way, it keeps the levels constant while trending and adjusts them when it "sees" a possible trend change) and gives the order more "room" to survive the jagged fluctuations that may occur during the trend. Additionally, since it is an estimated trend, the indicator displays periods in which a trend exists in different colors to make it easier to decide what to do.

As usual: some experimentation is recommended before using it in real trading (as with any indicator, there are no universal settings for all tools, so a simple visual inspection may help avoid some problems with certain trading symbols).

Attachment download

📎 ema_levels.mq5 (6.84 KB)

Source: MQL5 #20037