Below you will find frequently asked questions about the Stealth EA app for MT4 platform.
Q: How does Trailing Stop and Breakeven functions work?
The trailing stop works like a ratchet. If it is set to TrailStopStartPips=55 pips and TrailStopMovePips=10, it will follow 55-10=45 pips behind as price moves, but doesn’t give any back if price comes back at you. Although it is activated only when the trade gets into profit of 55 pips.
Breakeven is applied only once. Say you have BreakEvenStartPips=55 and BreakEvenMovePips=2. When the trade goes into profit of 55 pips the stop loss will be moved to +2 pips above/below open price in your favor.
You should really try that on demo account to see how it works. It is similar to regular MT4 trailing stop, difference is that my EA has TrailingStopMovePips option where you can basically set the step in pips. If that is 10 pips, the stop loss will move to higher profit every 10 pips. TS function is activated only when the trade goes into profit of TrailingStopStartPips and at this point stop loss will be moved to open price (break even point) and then continue to go up with the market price. So TS kind of does the BE as well. TS and BE should be used together only if you want EA to do BE first and only later activate TS.
Q: I am using Only Trailing Stops while in a trade to determine when to close the trade, no take profit levels. Can Stealth EA close trades this way using trailing stops only? And will all the trailing stop levels I set be unseen to the brokers?
Yes, that is how it works. Broker cannot see hidden trailing stop as well. You just leave take profit value at zero and do not set real take profit on your trades. Just set the trailing stop in the EA and it will use this and hide it from the broker.
Q: Can you do limit orders on your entry and exit of a trade?
Stealth EA does not use pending (stop or limit) orders. It use only “hidden pending orders” which are horizontal lines drawn on the chart and not visible to the broker. When price touch those lines from above or below – the EA open market order. So basically those are treated as hidden pending limit and stop orders.
Q: Are the hidden stops displayed on the chart for me once the hidden pending order is activated?
Yes, hidden stops are always displayed on the chart as a horizontal line object. You can watch this line’s description by moving the mouse pointer on to the line. Or you can anytime edit it in the Line Properties window (Double click on the desired line then right click on that line and choose Properties).
Q: I am not on a VPS, so I am concerned that if my computer goes down (and stays down/offline) my trades will have no stop loss. How do I set a real stop loss (that would get hit if my hidden stop loss is inactive) as a safety precaution, when I am setting up hidden OCO pending orders?
If your hidden stop loss is inactive due to disconnection, your initial stop will work by default. Also you can set the EA to place fake stops which are real stops visible to brokers.
Q: What settings do I need to activate as TRUE if I want to set and show fake stops?
If you set true on UseInitialStops parameter the EA will use fake stops/initial stops. Note that fake stops here are the real stops that MT4 and brokers use. The idea here is to set this to be higher than the hidden stop, which would make the trade to be closed before the real stop level is reached.
Q: Is there a way to set the line price levels by manually punching in a number?
Yes, MT4 allows that. You just need to double click the line with your mouse to select it, then click the right mouse button for the popup menu and choose “Properties“. In the new line properties window that will appear you just enter your exact price into corresponding field.
Q: I assume all the line price levels that are set will be executed as a market order when the currency hits that line price level?
Yes, that’s correct.
Q: What can some brokers do to us if we don’t use invisible orders?
There are lots of horror stories online how brokers hunt for stops, trigger pending orders by 1 pip and then the price direction reverses immediately, etc. Hidden orders should give you a bigger chance to avoid such problems, but they do not guarantee this. Also, nowadays this is a very rare case to have such things happen, unless you are trading with some unreliable broker from some country you do not even know. If you are trading with a honest broker, I am sure they do not use these dirty tricks.
So personally for me hidden orders is better in other ways. One of them is that you cannot place normal pending order and risk % of your account, because you never know what account balance/equity you will have at the moment when your pending order is triggered. With hidden pending orders you can set EA to risk % of your account and it will choose the right lot size at the time when the trade is being triggered.
Q: When I use vertical line with the command “close;type=buy” does this mean Stealth EA will close all the BUY trades including pending orders and the trades which were opened before use of EA?
Vertical line command “close;type=buy” would close only BUY trades.
Vertical line command “close;type=buy limit” would close BUY LIMIT pending orders, etc.
So you would want to create a line for each trade type.
However, if you just use command “close” the EA will close all the trades including pending orders and also including the open trades that were created before EA start. This would be the case if you have ManageMagicNumber=-1 (default value). The “close” command use this magic number to find the trades for closing.
-1 means “all trades”
0 (zero) means “only manually open trades”
any number above zero will match only trades with that magic number.