Risk management is a critical component of trading and when employed accurately reduces risk and enhances profitability.
There are three components of this expert advisor, name TakeProfit, StopLoss and Trailing.
The expert advisor continuously monitors all open positions.
When the open profit of a position is equal to TakeProfit points or greater, the position is closed at market. For example, if the value of TakeProfit is set to 200 points, then the open position is closed if its profit is 200 points or more.
Similarly, when the open loss of a position is equal to StopLoss points or greater, the position is closed at immediately.
The Trailing Stop is applicable only to profitable open positions.
When an open position is in profit of Trailing points, its stop-loss is moved to break-even, which is the entry price. As the profit increases by one point, the stop-loss is moved by one point in the profitable zone. Thus, the position is protected from adverse movements when it is profitable.
Please make a note that this Expert does not open any buy or sell order it comes in to action when any order is placed to control the profit and loss.