Im a newbie trader. Wanted to find out if there was a simple EA already made for the partial system İ will explain below.
İ’m currently using a simple strategy using price action and swing trades. İ would like to supplement this system with a simple EA which is sort of Hedging to limit losses.
The EA :
will automatically Open a Buy or Sell Trade (whichever is specified in the EA Options) at a specific price
will close at break even or
will close at Profit Target
will reopen continuously until switched off and will never open more than 1 trade at a time.
İ have drawn a simple diagram below to help.
Hope this is not a silly idea and someone can help.
How you describe it is not so difficult. What is the break-even to you? If it means when no profit or loss your trades will always close without reaching takeprofit. is Break-even to you another certain price level, like an opposite boundary of a range?
will automatically Open a Buy or Sell Trade (whichever is specified in the EA Options) at a specific price
will close at break even or
will close at Profit Target
will reopen continuously until switched off and will never open more than 1 trade at a time.
here is a free ea can close at break even/sl pips/sl money/profit pips/profit money or others.
but can’t open orders automatic.
if you want just search “equity-sentry” or download from this webstie MT4 Equity Protection EA to Look After Unexpected Drawdown
try demo account first untill you understand the all setting.
Well that depends. I don’t know about a script where you close a trade where you have almost a profit. Think like a machine. When your instruction only is: open sell when at this price and close when almost a profit or loss. It is impossible without another parameter, because your trade will immediately be a loss due to the spread and when it only closes when no profit or loss it will not close when you have a loss, so you either have trades without a profit or trades with a loss. It will kille your account.
The question is at what point should your trade stop at break even when the price goes against you. Without that this script is an accountkiller for sure.
When I understand what you want I can provide you a standard script that I work with, with some adjustment. Or do you want just this what you ask for and add trade rules yourself?
Toekan this makes a lot of sense. I stupidly overlooked the spread.
I will need a stop-loss option.
Also you rightly said I will need another parameter. Does it make sense that this parameter will need a setting that can be manually adjusted - a ‘number’ of positive pips to achieve before then accepting a profit zero close. If it can be adjusted it can work on different spreads.
I aim to have an opposite order in play along side this EA therefore if the price goes against me the EA will activate and hopefully eliminate my losses. That’s why it’s important the ea closes at break even to a certain extent for max profit on the opposite order.
Yes, you can even have a line that sets a certain distance from entry when entering a trade and you can even move it around manually and close it there.
You said that you wanted to have one trade at a time. That is easy if(OrdersTotal() > 0) no trade. But with a counter trade you make the script more difficult. It takes more to learn the computer what other trades are allowed and when to close which one. It can ofcourse be done. I think I have an old script with trades management, but I have to look it up again.
However, you should think a bit more about that extra parameter. Just setting it on 10 pips can be sufficient during Asian session, but not during NY time.
I quoted somewhere here: My strategy is simple, it just takes 500 lines to explain it to my computer! And this quote applies to a script with one trade at the time. Everything extra takes complexity and exceptions to explain the software how to act. Imagine how complex it is for google to code the software for a self-driving car…
Poeh, there are many options for an extra parameter in this case, some examples:
when price is x pips above entry;
when price crosses a user defined line;
when Moving Average ?? is above Moving Average ??
when prices is higher than the last know high of this leg;
when RSI is greater than 70;
when it is 12 PM;
(this requires some external input) when the outdoor temperature is above 25 degrees celcius.
It defines your trade strategy, so I cannot advise a specific parameter for you.
Parameter can’t include any indicators as it will define the strategy as you say. I have a strategy but I don’t want to include it in the ea.i prefer to manage that half manually. Just merely an ea to minimize losses when the price goes against me.
I think I will stick to a simple x pips above entry and play with it at different times so see how it’s plays out.
I will try to get EA built on mql4 and see how it goes.
