Welcome to this detailed guide on how to effectively use the Virtual SL TP Trailing Pro utility for MetaTrader 4 and MetaTrader 5. This powerful tool provides traders with enhanced capabilities to manage their Stop Loss (SL) and Take Profit (TP) virtually, away from the broker’s view, offering better security and advanced order management.
What is Virtual SL TP Trailing Pro?
Virtual SL TP Trailing Pro is a sophisticated trading management tool that allows you to:
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Set virtual SL and TP, hidden from brokers.
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Automatically manage SL and TP based on user-defined rules.
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Apply Break-Even and multiple Trailing Stop methods.
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Visualize SL/TP lines directly on your charts.
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Manage positions via an intuitive graphical user interface (GUI).
Installation and Initial Setup
Step-by-Step Installation
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Download the provided file attached at the end of this article.
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Open your MT4 or MT5 platform.
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Click on File → Open Data Folder → MQL4/Experts (for MT4) or MQL5/Experts (for MT5).
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Paste the downloaded file here.
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Restart your MT4 or MT5 platform.
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In the Navigator window, expand “Expert Advisors,” find Virtual SL TP Trailing Proand drag it onto your chart.
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Ensure “Allow Automated Trading” is enabled in the Expert Advisor settings.
Detailed Explanation of Inputs
General Settings
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Enable Save to File: Saves your settings and virtual SL/TP data.
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File Name: Custom filename to save your virtual order data.
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Draw SL/TP Lines: Visualize your virtual SL and TP on the chart.
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Scan Interval (ms): Frequency of checking positions/orders.
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Symbol Filter: Apply the utility only to specific symbols.
Auto Stop Loss / Take Profit
Break Even
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Break Even On/Off: Move SL to break-even once position reaches certain profitability.
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Break Even Trigger: Profit in pips that activates the break-even.
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Break Even Offset: The offset from the opening price after triggering break-even.
Trailing Stop Settings
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Trailing Stop On/Off: Activate trailing stop functionality.
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Trailing Mode: Choose between Risk-Reward Ratio (R:R) or Average True Range (ATR).
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Risk Reward Ratio (RR): Percentage value used when trailing based on risk-reward.
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ATR Period, ATR Timeframe, ATR Multiplier: Settings for ATR-based trailing.
How to Use the Virtual SL TP Trailing Pro (Practical Example)
Step 1: Activating the EA
Drag and drop the EA onto your preferred chart, then configure your parameters. Activate the EA by clicking “Turn ON” on the control panel.
Step 2: Setting Virtual SL and TP
After entering a trade, virtual SL/TP levels will automatically apply if you’ve enabled Auto SL/TP. You can also manually adjust these levels by dragging the SL/TP lines directly on the chart.
Step 3: Applying Break Even
Set Break Even On and configure the Trigger and Offset. The EA will automatically secure profits by moving SL to break-even when conditions are met.
Step 4: Using the Trailing Stop
Activate Trailing Stop and select your preferred mode:
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Risk Reward Ratio (RR): Adjusts SL dynamically based on defined RR.
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ATR: Moves SL based on volatility, using ATR calculations.
GUI Control Panel Overview
The EA provides an easy-to-use GUI panel directly on your chart. Features include:
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Real-time toggle on/off switch.
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Quick adjustments of key parameters.
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Clear visual indicators of active settings.
Advantages of Using Virtual SL TP Trailing Pro
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Broker Independence: Hide your true SL/TP from brokers, preventing manipulation.
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Risk Management: Automated SL/TP management reduces manual errors.
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Flexible Strategies: Suitable for scalpers, day traders, and swing traders.
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Visual Clarity: Easily visualize and adjust your positions.
Troubleshooting and Tips
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Ensure “Allow Automated Trading” is always checked.
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Avoid excessively small scan intervals to reduce system load.
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Regularly save your virtual SL/TP data by enabling file saving.
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Confirm your symbol settings to ensure the EA is active on desired instruments.
Final Words
By using Virtual SL TP Trailing Proyou leverage advanced management techniques to enhance trading efficiency, secure your profits, and better manage your risk. Get started today to experience the benefits first-hand.
The file for demo use is attached below. You can load it directly onto your charts (real-time usage, not just strategy tester).
Happy Trading!