I don't really get you through, every broker has trailing stop intergrated in their MT4 platform.
What you describe works same with Trailing Stop of MT4 platform.
QuoteDislikedRather a trailing stop that is activated by the broker side and just follows along as per your specs. For example if you have a 50 pip stop loss and you buy eur at 1.43 and you have a trailing stop loss at 1.4250. Price goes up to 1.4310 but then nose dives to 1.4230. You lose 40 pips instead of 50 (with a static stop or a trailing MT4 stop).
What you describe works same with Trailing Stop of MT4 platform.