cTrader Profit Defender is a cBot designed for traders who want to manage their trades with trailing stops. This cBot offers two different trailing stop strategies: Levels and Big Bars. With the Levels strategy, users can set specific trigger and protection levels (in pips), and the trailing stop will move to the next protection level when the respective trigger level is hit. With the Big Bars Trailing, the bot will auto detect big bars and move the stop accordingly to your parameters. This cBot works with as many trades as you want and can alert you about its actions.
As you can see in the image above, this strategy offers 4 basic levels and 1 additional level that keeps adding to the triggers and protections levels. Let's say the last trigger value was 50 pips. If the "Add to Trigger" is set to 10, then the next trigger will be 60, and the next after that will be 70 and so on. The same is true for the Protection level. If the last Protection was 40, then the next protection will be 50 and so on.
One thing to consider when using this strategy is to never set the protections to fractional values smaller than the symbols allows, because that won't work. One example is XAUUSD that only accepts integer values.
Big Bars Trailing Stop:
With this strategy, the cBot will calculate the average size of the last bars and then compare that with the last closed bar. For example, if you've set the parameters as shown in the image above, and the most recent bar is 1.5 times larger than the average, the cBot will consider it as a "big bar."
If you have an open buy position, and you've chosen to include the full range of each candle (including the wicks), the cBot will watch for big bull bars. If the trade is in profit and the cBot detects a big bull bar, it will move the stop loss to just below the low of that bar, plus the number of pips you've specified in the "Add Pips to Stop" parameter. The "Add Pips to Stop" option helps when you want to give a little bit of space for the stop loss.
Here you can see the alert options, as you can see, you can receive sound, pop-up, telegram and email alerts. You can also choose which type of alerts you want.
Here you can learn how to configure the telegram bot and email:
That is everything for now. Just remember that this cBot does not open any type of trade, it only manages the stop loss of trades you or other bots open.
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You will get a cBot file for the cTrader platform.