How to Set Gold Trailing Stop Loss Order on MT5

How to Set a Trailing Stop Loss on MT5

Gold trailing stop loss are stop loss orders in MetaTrader 5 platform that will be adjusted by a number of gold pips once the gold trade has moved in favor of the direction of the traders trade position.

For a buy xauusd trade the trailing stop-loss trails the upward trend and automatically closes the buy gold trade once the gold price starts to drop & move in opposite direction of your gold trade. The buy gold trade will be automatically closed once the gold price reaches your trailing stop-loss level.

For a sell xauusd trade the trailing stop-loss trails the downwards gold trend and automatically closes the sell gold trade once the gold price starts to rise and move in opposite direction of your gold trade. The sell gold trade will be automatically closed once the gold price reaches your trailing stop-loss level.

The trailing stop-loss order will be adjusted by a number of gold pips once the gold price moves in the direction of the gold trade by a specified number of gold pips.

How to Set Gold Trailing Stop Loss Orders on MT5

First open a new gold trade and once you've opened a new gold trade follow step by step guide explained below to set a gold trailing stop-loss order for this newly open gold trade in MetaTrader 5 gold Trading Platform

1. Right Click on the gold trade position
2. Select Trailing Stop option from the pop up menu that pops up
3. Choose your trailing stoploss value for the gold trade order
4. Click Ok to set the gold trailing stop loss order

You can also set this gold trailing stop-loss order from the MetaTrader4 gold transactions window

1. Select the gold trade order you want to modify & set gold trailing stop loss
2. Right click on this xauusd trade
3. Select Modify Order
4. Select Trailing Stop from the pop up menu
5. Chose your trailing stop loss value for this gold order
6. Click Ok to set the gold trailing stop loss order

How to Set a Gold Trailing Stop Loss Order in MetaTrader 5