Hellhound, the trailing stop indicator MT4 that never gives ground back
Most traders lose a good trade twice. First they move the stop closer and get shaken out, or they move it further away and give the profit back. Hellhound is a non repainting trailing stop indicator MT4 that solves the argument for you. It draws one line behind price, that line only ever tightens, and it turns around only when a candle closes on the other side of it.
While the line is below price, the market belongs to the buyers. When it jumps above, the hound has changed sides.
Click the image to enlarge
Real chart, gold on M1. The line walks down above price while the market falls, and then one candle closes through it, so the hound turns and the arrow prints at 4331. From there the line climbs behind the move and never steps back down, and price ran around 120 pips to 4343. We read every price off the chart scale, therefore each figure here rounds against us.
Why a fixed stop distance fails
- A quiet market punishes a wide stop. You risk forty points for a move that was only ever going to travel twenty.
- A fast market eats a tight one. The trade is right and you are still out, because normal noise was bigger than your distance.
- Feelings creep in. A stop you move by hand is a stop you will move again at the worst possible moment.
Therefore Hellhound sets the distance from the market itself. When candles get bigger, the leash gets longer. When the market calms down, it tightens automatically.
How the trailing stop indicator MT4 line is built
First the engine takes the extreme of the recent window, the highest high while price is rising or the lowest low while it is falling. Then it pulls that extreme back by a multiple of the average travel of the bars in the same window. That is the raw level.
After that comes the rule that makes it useful. In an uptrend the line can only move up. It stays exactly where it was if the raw level drops, because a stop that loosens is not a stop. Finally, when a candle closes through the line, the direction flips, the line jumps to the other side of price and the arrow prints.
Everything happens on closed candles, so the line you see in the history is the line you would have used live. That is the difference between a tool you can trust with a market trend and one that looks perfect only on the past.
Three ways traders use it
- As a stop. Put your stop where the line is and move it as the line moves, never against it.
- As a trend filter. Only take buy setups while the line sits below price, and only sells while it sits above.
- As an exit. Close the trade on the turn arrow instead of guessing where the move ends.
Moreover, the same line works next to any entry method. It does not care how you got into the trade.
Markets and timeframes
| Gold and any pair | M1 and M5, in London and New York hours |
| Best window | The London and New York overlap, where trends run |
| Worst window | The quiet hours, where the line keeps flipping |
Use it when the market is going somewhere. In a flat, quiet range the line flips from one side to the other and contradicts itself, and no trailing tool can fix that. Therefore we run it on M1 and M5 during the London and New York sessions, and above all in the overlap between the two, when price trends instead of drifting. A longer leash gives fewer turns and holds a trend for longer, while a shorter one reacts faster and gets shaken out more often.
What is inside
- Trailing line drawn on the chart, tightening only, with an adjustable window and distance.
- Turn arrows on closed candles only, never repainted.
- Line colour, width and visibility, all editable.
- Popup, sound, push and email alerts on every turn, each one switchable.
- Premium dark chart theme, applied on attach and restored on remove.
Because it reads price only, it runs on any broker and any account size. If you want the orders handled automatically, look at our automated robots, and the rest of the hand trading kit is in our chart tools for traders.
Questions about this trailing stop indicator MT4
Does it repaint? No. The line is fixed once a candle closes, and it never moves backwards afterwards.
Does it move my real stop loss? No. It is an indicator, so it shows you where the stop belongs and you place it. A robot is the tool that touches orders.
What distance should I use? Three is a balanced start. Two follows price closely, four gives the trend a lot more room.
Is there a build for the other terminal? Yes. This is the MetaTrader 4 version, and Hellhound for MT5 draws the same line on MetaTrader 4.
Trading involves risk. Signals are information, not advice, so try any new tool on a demo account first and only trade money you can afford to lose.
