MT4 Trade Manager EA

Trading Discussion Risk Management Practices
21

I think this has to be the best trade manager in the world. It is so intuitive. It takes a bit of time to get used to it but after that, placing and modifying trades are so useful. I have some questions so please help me sir:

Do you place your stop loss below or above your support levels? I am referring to the other support/resistance indicator you created.

If i disable TP1 and only use TP2 and TP3, does that work? or do I need to disable TP2 to use TP1 and TP3?

Breakeven offset is in dollars or pips?

Idea invalidation is really great idea. Do you have idea invalidation offset? Because sometimes we want a bit of profit (like breakeven) to cover our commission cost.

I think I saved so much time using this and my brain is so much more at ease when using it. :slight_smile: Trading is now easier, thanks a lot…!

1 Like
22

Really glad you like it! The amount of time it saves us and the amount of money it saves from potential mistakes is quite a lot haha.

Okay on to your questions…

  1. You can disable any of the TP1 TP2 or TP3. The EA will check the % lot size to be closed and close the position based on whatever is the current open position - so in a nutshell, don’t worry, as long as you don’t disable TP3, all is fine lol.

  2. Breakeven offset is in pips

  3. Good idea, damn. I’ll try to add that in.

23

Hi!

I purchased the lifetime membership for your trade manager. It’s potential is awesome! Here is some additional feedback. Hopefully, it will help make the trade manager even better (and smoother)! First, just want to let you know I read the whole help file on the website and watched your YouTube video on hints on overcoming some of the challenges of the EA. Below are things I’m still having some difficulties with (even with the YouTube suggestions). It’s a great trade manager, I’m just hoping I can help you make it even better.

Obstacles/Bugs/Glitches:

  1. Sometimes I have a very hard time turning off some of the lines, such as TS, ii, etc. Doesn’t automatically disappear, have to reset the Expert adviser, go in an change the magic number, etc. I’m slowly going insane due to this. lol

  2. Ability to turn off stuff like trailing stop, ii, at bootup of the EA. I tried saving my EA profile. Then I closed it and started it up again, loading my profile, but the TS still appears and was not off by default. ii seems to be off by default though, so that’s great, but TS doesn’t for some reason. And sometimes I have a really hard time turning it off.

Even though, when trading live, I use 3 Take profits, I am only using v6 right now because v9 seems to be even harder to make these adjustments (more bugs/glitchier?) - Can this be fixed? I’d love to be able to use 3 take profits.

  1. Sometimes when I turn off a line (such as ii, ts, tp, etc.) the line will disappear but the box with the label on the left hand side still remains. (please see yellow arrows in the image for example)

  2. Let’s say I have TP1 set at :14.3 Now I go into the trade panel and adjust it to 14.8, the line will adjust automatically, but the box on the left will still stay at 14.3. I think this is a glitch, it should adjust with the changes.

Recommended Label Changes:

  1. TP should be changed to TP2 on the right side and on the gray bar it should be "Take Profit 2 (TP2)

  2. On right side, it says TP1, but that corresponds to “hp” on the gray bars. “hp” should be changed to “Take Profit 1 (TP1)”

  3. “ii” should be changed to "Idea Invalidation (ii)"on the long gray panel. It will make it easier for new users to understand what each bar is for.

Recommended additions:

  1. Risk to Reward Ratio displayed (please see aqua arrows in the image). Can display RRR, either on the left side or right side in the box. Left side might be hard because it will run into each other when the lines are close.

  2. the Boxes overlap when they are at the same price point. For example: if I have TP1 at 1.4456 and breakeven on top of it a the same spot, 1.4456, then the BE box will be on top of TP1 box. If you can use the Trading view solution where the box will be just below it, it will help a lot. They will both say for example: 15.3 pips in the box, but they will not over lap, so you’ll still see it’s the same location. Lines can overlap, but not the display box. See TradingView for example of this.

  3. Ability to change the control panel colors (please the image - circled in brown) would be very cool.

I hope this helps. I will send more suggestions as I continue to test your trade manager! And please let me know if you have any questions or if I can clarify anything.

1 Like
24

Very useful feedback, thanks! Let me address each one individually :slight_smile:

Obstacles/Bugs/Glitches:

  1. Sometimes I have a very hard time turning off some of the lines, such as TS, ii, etc. Doesn’t automatically disappear, have to reset the Expert adviser, go in an change the magic number, etc. I’m slowly going insane due to this. lol**
    **Ability to turn off stuff like trailing stop, ii, at bootup of the EA. I tried saving my EA profile. Then I closed it and started it up again, loading my profile, but the TS still appears and was not off by default. ii seems to be off by default though, so that’s great, but TS doesn’t for some reason. And sometimes I have a really hard time turning it off.

Haha sorry about this. I will fix it - a trick to turn off TS if clicking on the ‘x’ doesn’t work is to click on the ‘x’ followed by clicking on the bar itself. Somehow it seems to work better.

To have TS and ii turned off right upon loading, you need to change their value to “0” in the EA settings.

Here is how I would do it:

1. Change setting of TSStart to 0 and IdeaInvalidated to 0.
2. Save the chart “template” as something like “default” if you want it loaded each time you open a new currency pair chart. Or save it as “trade manager”.
3. Each time you open a new chart, if you saved it as “default”, the TS and ii will be auto turned-off :slight_smile: Otherwise just load the template name you saved and it will also be auto turned-off.
Screenshot_217

  1. Even though, when trading live, I use 3 Take profits, I am only using v6 right now because v9 seems to be even harder to make these adjustments (more bugs/glitchier?) - Can this be fixed? I’d love to be able to use 3 take profits.

How the TP1, TP2, and TP3 works is that the TP3 (which is the darkest green one) sets the maximum distance TP1 and TP2 can go. So I would set the darkest green TP (TP1) first followed by the lighter TP (TP2) and then the lightest TP (TP3). Otherwise, if you try to move the TP3 beyond the TP1, it won’t work as the darkest green TP is supposed to close off the entire trade.

  1. Sometimes when I turn off a line (such as ii, ts, tp, etc.) the line will disappear but the box with the label on the left hand side still remains. (please see yellow arrows in the image for example)

Okay they are removed already in the system, just that the object still appears there. I will fix this bug. To remove it, you can actually “jiggle” the entry (blue) line and it will disappear. Jiggle would be just clicking the entry blue line and moving it a bit. Good feedback, thanks!

  1. Let’s say I have TP1 set at :14.3 Now I go into the trade panel and adjust it to 14.8, the line will adjust automatically, but the box on the left will still stay at 14.3. I think this is a glitch, it should adjust with the changes.

That is correct. The box on the left seems to be a bit buggy. I will fix that. Again, just click on the blue entry line and “jiggle” it a bit to update the side boxes. Thanks for spotting this, will fix it!

Recommended Label Changes:

TP should be changed to TP2 on the right side and on the gray bar it should be "Take Profit 2 (TP2)

On right side, it says TP1, but that corresponds to “hp” on the gray bars. “hp” should be changed to “Take Profit 1 (TP1)”

“ii” should be changed to "Idea Invalidation (ii)"on the long gray panel. It will make it easier for new users to understand what each bar is for.

Very good feedback, will make the modifications for this :slight_smile:

Recommended additions:

Risk to Reward Ratio displayed (please see aqua arrows in the image). Can display RRR, either on the left side or right side in the box. Left side might be hard because it will run into each other when the lines are close.

Could you attach your image in a reply so I can check it? I roughly got what you mean.

the Boxes overlap when they are at the same price point. For example: if I have TP1 at 1.4456 and breakeven on top of it a the same spot, 1.4456, then the BE box will be on top of TP1 box. If you can use the Trading view solution where the box will be just below it, it will help a lot. They will both say for example: 15.3 pips in the box, but they will not over lap, so you’ll still see it’s the same location. Lines can overlap, but not the display box. See TradingView for example of this.

Oh yeah good idea. This is tricky with MT4 but I agree we can do something about it. Let me see what I can do. Thanks for the sueful feedback!

Ability to change the control panel colors (please the image - circled in brown) would be very cool.

Could you please attach an image in your reply here so I can see which ones you refer to? :slight_smile:

1 Like
25

Oh my goodness, I forgot to attach the image to my previous post. Sorry about that!!

Also, thank you very much for the suggestions, I will definitely try them out. Thank you!

utm
utm1680×858 64.9 KB

1 Like
26

I forgot one to write about one other very important suggestion. It’s a problem I’ve been running into while I’ve been testing the trade manager for my scalp trades.

When I do short term trades, I often use SUPER tight sniper stop losses, that are 3-5 pips. When I do these types of trades, the % of equity feature does not work for me. It gives me an error each time. I believe this is because of the margin limit problem.

Can you fix this problem, so that when it gives me the max position I can take that will not give me an error due to margin?

For example, if my account size is $50,000, the max lot size I can take without getting the margin limit error is 10. I could be wrong, but I think this is calculated by: (Account Size/500)*0.1

So for example, if I have a 1.5% risk on a trade setup with a 5 pip stop loss, on AUDCAD, the max lot size should be approximately 19.91 lots. But I can’t take that large of position, due to margin limit.

  1. Can you make it so that, in these situations, the trade manager will just take the max allowed position without running into the margin limit error?

  2. Please keep in mind that the trade manager will also have to take into consideration how much the max lot size is, not just based on account size, but also, how many positions are already open. For example, if I have a trade that’s open on the $50k account, using 1 lot, then the max position I can take will only be 9 lots for my sniper trade.

Thank you for your help!!

1 Like
27

this looks great is anyone using this how has it helped?

1 Like
28

It actually works really great. Reduces a 3 minute process to 30 seconds :slight_smile:

I’ll include the latest version here for people to test soon! Sorry been really busy!

29

Hey David,

I’ll take a look at this, thanks for the suggestion. Margin error would usually be based on the broker and the EA will send the error code if the broker rejects the order (due to margin). So there is no way to alter the EA to bypass the broker’s restrictions. However, instead of % of equity, you could choose to risk a fixed lot size. Have you tried that?

Cheers,
Desmond

30

I can’t seem to update the download link on the first page so use this file instead.

It is the full version and works on USDJPY and AUDUSD :slight_smile:

Cheers,
Desmond

Babypips MT4 Trade Manager - AUDUSD USDJPY.ex4 (861.8 KB)

1 Like
31

Ah sorry MT5 version is not available. Although you could actually trade on MT4 and have it automatically copied over to MT5 as a solution!

Otherwise sorry! If you can find 10 people who would like to use this on MT5, I will gladly take the time to convert over 4,000 lines of code of it to MT5! :slight_smile:

32

You certainly know how to put together a great trade manager. To use the stealth and decoy Stop Loss (I think my broker is stop hunting me lol), I would need to leave MT4 turned on right?

If my MT4 resets, would it continue to take control of it again? I understand how MT4 works so I assume with magic numbers this would work, right?

1 Like
33

Thanks! 5591 lines of code to create this beast haha

34

Babypips MT4 Trade Manager - AUDUSD USDJPY.ex4 (864.5 KB)

Sorry please use this latest version!

35

So quite a few people were confused on the advanced features of this trade manager. So there’s a simpler one that doesn’t have the “cancel” feature which you can try here:
Babypips MT4 Trade Manager Basic- AUDUSD-USDJPY.ex4 (818.1 KB)

Also, it is recommended to load it with this template:
trade manager.tpl (8.5 KB)

1 Like
36

Great! Maybe I will be able to find them, thank you :wink:

And thank you for the hint.

37

Hi Desmond,

Here is another great feature you can add to your trade manager: Idea Validation

I miss a lot of trades because I am sleeping during the london session. One of my major swing setups require that price breaks below/above a support/resistance, then I get in on the pullback, entering on a 4H chart. Since I’m sleeping, I miss those entries.

Idea validation would be once a price hits a certain price , then it automatically activates my pre-define trade setup (buy limit or sell stop). So I can enter at the right time even if I’m away from the computer. The trade does not activate if the idea validation line has not been hit.

I hope you implement it. It would be an awesome feature!

38

@galaxytrades WTF !
I’m looking after a good trade manager and just find your website. Now i see this post, i’m glad to see some one that use UX and UI while speaking about anEA (i’m web front end dev). And work with.a community to improve his product.

Your EA look like an amazing piece of good features and use full stuff. Definitively give a try and surely buy it !
Keep rocking !

1 Like
39

I also like using EAs considering that they carry out trades in my absence.

1 Like
40

For me, the only reason for using an EA is that it eliminates the emotional factor which has made me indecisive in the past.

1 Like