Start of Application
Grant MetaTrader permissions
For simplification of license management, all products interact with a backend server. Therefore, you'll need to adjust some settings in your MetaTrader. Please open the instance of MetaTrader you chose during installation 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. Stay calm about the warning associated with the second option.
The application only uses native Windows libraries to communicate with the backend license server.
You must be logged in with a trading account, which is added to your Stop Loss Manager subscription. Otherwise, the application cannot be started!
Open a chart
From the perspective of MetaTrader, the Stop Loss Manager functions as a standard expert advisor and must be applied to a chart. The application is then linked to the chart, meaning the Stop Loss Manager will also close if you close the chart. Next, please open a new chart window by accessing the right-click context menu of any symbol in your market watch and open a new one by selecting Chart Window.
Configure input parameters
To apply the Stop Loss Manager to the recently opened chart, please search for it in the navigator view and drag and drop it onto the chart window. The application is located in FEA Trading - MT4 - Stop Loss Manager 2.0.
Before the application finally starts, MetaTrader will display a dialogue where you can check some metadata of the application itself and configure its input parameters. To do so, please navigate to the tab Inputs. You can either start with the default values, modify them in the shown table, or load a SET file, which can store input parameters.
The SET file can be saved and loaded using the same Inputs dialogue. Different symbols and timeframes often behave differently regarding volatility and general market behavior. Therefore, you may want different settings for different symbols and timeframes. For example, you can easily save and load settings files for EUR M15, USDCAD M15, or any other symbol and timeframe.
Default parameters are a good starting point and generally provide adequate stop loss protection, but further adaptation to the underlying symbol and timeframe is advisable. You can use the tester mode to find the optimal settings for your desired symbol and timeframe.
Upon successful start of the Stop Loss Manager, you will see a status indicator on the top left and top right corner of your chart. You can also double-check the trailing method chosen at the start of the application.
From this point forward, every trade you open will automatically get an appropriate stop loss, even when opened without an initial stop loss.
Trade as usual
It is recommended to start with a demo account to familiarize yourself with the application's functional principles. However, opening an order is the same, regardless of whether it's a demo or live account. You can open and trade by using the right-click context menu on the chart view and selecting Trading - New order.
Whenever you open a trade without a stop loss level, the Stop Loss Manager will detect it immediately and automatically set an initial stop loss.
After finally opening a long or short trade, you can see in the Trade tab within the terminal view that a value is already set despite not having configured an initial stop loss.
As soon as the price changes in your favor, the Stop Loss Manager will move the stop loss to secure profits. Here, different stop loss trailing methods can impact your performance.
Continue with this user manual to learn the difference between the trailing methods.
Tip - Open orders with your mobile device
If you log in to the same trade account and trade with your mobile phone, the Stop Loss Manager, which runs simultaneously on your computer, will also ensure correct trailing and initial stop losses.
This is particularly useful when you spot a good trading opportunity on the go but do not have time to manage the trade.
The image below shows an example of a trade opened with a mobile phone and displayed in the parallel active MetaTrader instance on a desktop computer. The stop loss is set and will be managed even though the trade wasn't opened in the same MetaTrader instance or chart window where the Stop Loss Manager is active.
In addition to its primary functions, the Stop Loss Manager can also manage stop losses from other automated trading applications that may lack proper risk management. However, it's important to note that while the Stop Loss Manager is capable of this, it does not guarantee any positive outcome from this practice. Other expert advisors may be adapted to different stop loss behavior.