MT4: Reversing trades when they reach a certain price level

Trading Tech and Tools
1

Hi,

is there a command or script available in MT4 to reverse trade when it reaches a certain price level?

For example, let’s say I have this position opened:

EUR/USD, long (buy). Current price is 1.3100.

When it reaches 1.3000, I want to close long (buy) position and reverse trade to short (sell) at that same price level (1.3000).

When that happens, I want to set up a new price level at which the price will reverse again etc.

I also want to be able to change those price levels at will in the middle of the trade without closing the position.

For example, if price level of opened trade comes to 1.3020, and I want to change reverse point from 1.3000 to 1.3010 or 1.2990, I should be able to do that without closing the position.

Same goes for other open trades on another pairs.

Right now, there is a lot of work to do that manually in MT4, so there is always a danger that in volatile market conditions trader could not to be quick enough to do that properly and on time.

Manually, first trader have to open one position and set it’s stop loss to a certain price level.

Then he have to open another pending order with the entry point at the same price level as the stop loss of the opened position.

Then, if he wants to change that parameters while trade is opened, he first have to change opened trade and then pending order.

If the prices are moving quickly, it is quite possible to make a mess with manually setting all that, like that trader manages to change stop loss of current trade, but in the meantime the price triggers his pending order.

In that case, instead of one reversed trade there would be 2 opened trades in opposite directions etc.

Any suggestions how to do it quicker and more effective in MT4, or is there some script available which enables trader to do that?

2

The problem with this idea is you’re trying to catch a falling knife. Very dangerous.

3

The problem with the reply is that it doesn’t help me in my question :wink:

I am not trying to catch the falling knife, but to analyze when the knife has begun to fall and to catch it from the other side where it is rising.

1 Like
4

Hi there,
Just to clarify…if you have a long at 1.3100, and it reached 1.3000 (stop loss), then you want to close it for -100 pips, and then you’d want to open a short order from there?

Not really catching a falling knife…more like, hoping it will continue falling…:wink:

5

Sweet Pip, exactly the way you described it.

Please note that I am not asking opinions about my strategy - I know it works :wink:

I just asked is there some script to help me with this kind of strategy for MT4, nothing more.

6

No I wasn’t going to give any, just making sure it was described correctly because you mention a reversal which wasn’t what was described.

There probably are scripts that do that kind of thing, but they would have been custom made which means unless someone uploads them somewhere into public domain (shares), they will be hard to find, if at all. If you can’t find one, or something similar to have modified, online somewhere …ie forums or http://codebase.mql4.com/, then you’d have to have one made. Good luck with that :wink:

7

Thanks Sweet Pip, just like you did.

I appreciate the sincere try to help.

9

I we need a boomerang then, not a knife.

Hehe, only kidding.