Babypips MT4 Trade Manager.ex4 (813.8 KB)
Hey guys, I’ve created a MT4 Trade Manager EA because I got too pissed off using MT4 to manually manage my trades. I’ve lost too much picking the wrong lot sizes, missing trades in fast markets and calculating wrong risk % for my trades.
For a program used by so many, MT4 honestly has one of the shittiest trade management system - I mean, you can’t modify a lot size, you need to delete the order and open it again??
Anyway, I’ve spent a long time creating this trade manager EA and am letting everyone use it on 3 of the most popular traded pairs: EURUSD, GBPUSD, USDJPY
I’ll be making babypips as the official support forum of this EA because my website has crap structure and wouldn’t be able to handle the responses and feedback.
I always want to further improve this EA so it’s the best out there. So please send in your suggestions and I’ll do my best to accomodate to them.
Anyway, here’s some information on how to use the trade manager:
Intelligent Lot Size Calculator
You can kiss those horrible online trading calculators goodbye as the trade manager dynamically calculates your lot size based on either your risk % or the fixed amount you’d like to commit to each trade. Once you have determined your stop loss distance, it automatically reverse calculates your lot size.
Intelligent Trading Bars
Use your mouse to move up and down the vertical trading bars to pick your ideal levels for entry, stop loss, take profit, breakeven, partial profits and trailing stop.
Advanced Trade Management
Easily select your breakeven, idea invalidation (explained below), partial profit and trailing stop levels (Simple, Steps, ATR, Chandelier, Parabolic SAR).
Disable and Enable Trade Bars
Easily disable and enable bars which you need for your trade management. Sometimes we don’t need a trailing stop or a breakeven target – so just click the “X” at the top to disable it!
Stealth & Decoy Stop Loss
Hide your stop loss and profit target from your broker if you feel that they might be manipulating your trades. (Requires MT4 to be left on)
Decoy Stop Loss adds X pips to your stop loss and profit target as a decoy to the broker.
Advanced Trailing Stop Loss Methods
You can choose from a range of trailing stop loss methods including Simple, Steps, ATR, Chandelier and ATR.
Smart News Feature
You can now choose to remove opened/pending orders within X minutes of high/medium/low impact news events. At the same time, you can also easily view when the important news events are approaching (adjustable high/medium/low/none).
Let me explain some of the features here:
Explanation : You can see that there are a total of 7 grey bars. Each grey bar stands for a different setting. From left to right, they stand for : entry, stop loss, take profit, breakeven, partial profits, trailing stop loss. You would click on a bar to active it. Clicking on the extreme left bar would active your ‘entry’ price selection. You then need to move the mouse up and down to select where you would want your entry to be. If you want to have a market order (instant execution at current market price), then you do not need to click the first bar on the left and can straight away move to picking your stop loss, take profit, other levels.
Risk : Risk setting allows you to define how much risk you want to allocate onto this trade. Adjusting one value would automatically update all the other values. Example, if your account is $100,000 and you adjust the value under “% of equity” to be 1%, then the fixed lot value and money value will be adjusted automatically. This is done by how the trade manager EA automatically detects your stop loss and as you continuously adjust the stop loss, the trade manager EA will continuously adjust and update your lot size.
Trade : This is basically what your current trade details are. The only thing you should need to pay attention to is the last part that says TP1 which has a field that is 50. This means that 50% of your position would be closed when your partial profit is reached. You can adjust this accordingly to however much you would prefer. If you want to turn if off, you can set it to 0 or simply ‘hover’ over the ‘partial profit’ grey bar and a “X” will appear right at the top of the bar which you can click on to disable the particular bar.
Advanced : These are advanced settings that allows you to customise your trade even further.
Stealth SL/TP hides your stop loss and take profit from the broker. But to use this, please ensure your EA is always running and do not close your MT4. The reason for this is if you close your MT4, the EA is unable to active your stop loss/take profit when price reaches it.
Decoy SL/TP adds a small decoy in terms of pips to your stop loss and take profit. Example if you have a buy entry and your stop loss is at 1.0005. If you add a decoy of 5 pips, then your stop loss is artificially set at 1.0000 but the trade manager EA remembers that your stop loss is really at 1.0005. Again, please ensure your MT4 remains open if you wish to use this feature.
Max spread allows you to determine what is the maximum spread you would allow for all your pending trades to be activated. If the spread is too wide, it will wait until spread goes down before activating the trade.
News (pending) means how many minutes before/after news events you want to turn off all pending orders.
News (active) means how many minutes before news events you would want to close all your opened active otders.
Trailing allows you to set the different trailing stop losses. In the left example, you can see “Simple” trailing stop is activated. You can simply click on the word “Simple” and it will auto rotate between the different ones you can select.
Before you begin, it is always important to 1. set your levels and 2. “define your trade”. This step is to help you determine how much you would like to risk on a certain trade. You can choose to risk (only pick one) :
- X dollars
- Fixed number of lots
- Risk % of your account
The easiest way to do this: set your entry, stop loss, take profit, breakeven, etc. Once you are done, go to “define your trade” and key in your risk. That’s all that is needed. Do remember that if you adjust your stop loss after that, you should need to key in and update your risk % again.
Here’s a picture explaining how the bars operate.
How Do I install this?
- The Ultimate Trade Manager.ex4 should be placed in your “expert advisor” folder. To do this, open MT4 > File > Open Data Folder
- With the new folder opened, you have to navigate to MQL4 > Experts > paste the Ultimate Trade Manager.ex4 into here.
The next thing you have to do is to enable your MT4 to allow expert advisors. On the top of your MT4, there is a button called “AutoTrading”. Ensure that it is green and not red by clicking on it.
After that, you would need to go to tools > options > Expert Advisors and ensure that the 2 boxes shown in the picture are “checked”
- Once you’re done with all that, you have to enable “chart shift” so that the Ultimate Trade Manager has space to operate.
To do that, press F8 > Common > ensure “chart shift” is checked as seen in the picture below.
- Once you enable “chart shift”, this nudges your chart to the left giving you some space on the right for the trade manager to be at.
You can adjust how much space you want on the right by sliding the little arrow left/right as seen in the picture below.
Risk management practices:
What is Idea Invalidation?
The concept of idea invalidation was actually created by me through my years of trading experience.
When you get into a trade, you think that it will work a certain way. But when it doesn’t work out, it means you should get out as soon as possible.
Here are some examples below on how idea invalidation would work (sorry about the watermark):
I hope everyone likes using this MT4 trade manager. I am allowing it to be used for free for these 3 most popular pairs, if you want to support me, you can PM me. Right now, my main goal is to get as much feedback from you guys on how we can further improve it as a team.
Babypips MT4 Trade Manager.ex4 (813.8 KB)