This code snippet demonstrates how to implement a trailing stop strategy based on candle highs using the ProBuilder programming language. The strategy includes conditions for entering trades, managing monthly losses, and dynamically adjusting stop levels based on price movements.

DEFPARAM CUMULATEORDERS = false
PositionSize=1

//=== Max Monthly Loss ===
ONCE MyProfit = 0
ONCE TradeON = 1

IF Month <> Month[1] THEN
    MyProfit = STRATEGYPROFIT //store profits/losses at the beginning of each month
    TradeON = 1 //enable trading each new month
ENDIF

IF (STRATEGYPROFIT - MyProfit) < -3500 THEN
    TradeON = 0 //disable trading when losing > 200 currency units
ENDIF

//=== Entry Filter ===
//Filter 1
indicator1=average[75,7]
indicator2=average[125,7]
indicator3=average[150,7]
F1 = indicator1>indicator2
F2 = indicator2>indicator3

//=== Entry Criteria ===
//Entry Criteria 1
entrylen = 5
LowVol = round(volume[4])
E1 = volume < LowVol
bullish = close>lowest[entrylen](low)

IF E1 AND bullish AND F1 AND F2 AND opendayofweek <> 3 AND opendayofweek <> 4 AND opendayofweek <> 0 AND opendayofweek <> 6 AND TradeON THEN
    BUY PositionSize CONTRACTS AT MARKET
    SET STOP %LOSS 1
    set target %profit 2
ENDIF

// trailingstopRTS=1
IF trailingstopRTS then
    IF Not OnMarket THEN
        PriceDistance = 10 * PipSize //PriceDistance from price as required by the broker
        StopDistance = 30 * PipSize //Distance from HIGH
        SellPrice = close - StopDistance //The first bar StopDistance is from CLOSE
    ELSE
        SellPrice = max(SellPrice,high - StopDistance)
        IF abs(close - SellPrice) > PriceDistance THEN
            IF close >= SellPrice THEN
                SELL AT SellPrice STOP
            ELSE
                SELL AT SellPrice LIMIT
            ENDIF
        ELSE
            SELL AT Market
        ENDIF
    ENDIF
ENDIF

// graphonprice
SellPrice coloured(0,128,0,150)

Explanation of the Code:

• Initial Setup: Disables cumulating orders and sets initial conditions for monthly profit tracking and trading activation.
• Monthly Loss Management: At the start of each month, the strategy resets the profit calculation and re-enables trading. It disables trading if the loss exceeds a specified threshold within the month.
• Entry Filters and Criteria: Defines multiple moving averages as filters and checks for low volume and bullish conditions. It also ensures trades are not executed on certain days of the week.
• Trade Execution: If all conditions are met, a buy order is placed with predefined stop loss and profit targets.
• Trailing Stop Logic: Implements a trailing stop mechanism where the stop price is adjusted based on the highest price reached since entry. The stop adjusts only if the price moves favorably and exceeds a specified distance from the current price.
• Visualization: The trailing stop price is visualized on the price chart for better tracking.