I have been trading for several months now learning more each day but usually when i do a stoploss or take profit i kind of have to use my instinct of where to put the SL and TP using the little arrow (drag and point) tool in MT4. Is it possible to make an entry and specify the number of pips you want to use as SL and TP?
I know Oanda offers this on their platform which is great but unfortunately i cant see anything on mt4
Nope, not in their manual order module. But with a small script, you can do that easily… even fromt he chart.
Do you have any links to a script at all? i have tried googling this subject many weeks ago but its recently been bugging me again
Come to the chat…
Explain me what you want and I can perhaps help you.
I have such a script and can adjust it for you if you like.
Not exactly like Oanda, but what i do is to get a crosshair on my pointer, drag it from my entry point to where I want my stoploss or TP. The point of the crosshair will then show you the number of pips on the left side of the crosshair and on the right side is the price. That is then the price which you will then enter/modify after you have opened the trade. Be careful though the pips shown is showing a decimal at the end eg 56 means 5.6 pips. So the crosshair will show for example 56/1.2345. That means 5.6 pips at the price of 1.2345. You can determine the number of pips between any 2 points by dragging the crosshair between the points. Play around with it. To add : on the very left side is shown the number of candles dragged eg 3/56/1.2345 : this means 3 candles, 5.6 pips and the price.
Hi, thanks if you have something i could use then that would be great, im not familar with scripts however. I just want something where when i make an order i can automatically set stop loss and take profit so take profit of 5 pips and stop loss of 10 pips.
Thank you for the reply
Yeh this is what i have been using till now, very annoying though having to do it manually all the time as i generally make alot of trades; around 20 trades a day usually.
When you’ve open a trade, go down to the terminal that shows your order. Right click on the order you want to change the S/L or T/P from. Choose the “Modify or Delete Order”. You can then go and change your order to the price you want to put your S/L or T/P. By using this method I get the specific price I’m looking for.
When you right click you also have the option to change the way your profit shows. I like to look at my profit in “Points” as this gives me an indication on how many pips my trade is on. Remember it is points and not pips. You need to keep the one decimal place in mind. For example if it shows 100 points, it is 10 pips. I’m so used to go and put in my S/L and T/P once I’ve taken a trade that it only takes me a few seconds to adjust my settings to what I would like it to be for that specific order.
You can also download MYFX console that works alongside your MF4 Platform. They offer a free trail, but you have to buy it after the trail is finished. I’ve used it for a while and really enjoyed using it.
Just something else that you might already know. If you want to change your S/R levels that you’ve drawn with the horizontal line on your chart, Double click on the line, then right click and go to Horizontal line properties. There you can change the S/R line to exactly what you want it to be.
Yeh thats what i hav been doing but i dont like having to enter it in every single time i make a trade 
Mmm, I remember feeling the same way. It took some time getting use to do it. Now I don’t even think about it anymore. Maybe you should give the MYFX console a go and see how that works for you.
Hello how trade