What I want to be able to do is to set pending orders in a sort of loop as part of a hedging strategy. For example say the price on EUR/USD is 1.3350 If the price falls by 20 pips to 1.3330 I want to trigger a pending sell which has a stop loss of 40 pips, If the price goes up by 40 pips triggering the stop loss but then later falls again to 1.3330 I want the same pending order to be triggered again.
I can’t be there to do this manually, does mt4 have a facility to do this, or does anyone know of an EA that can do this?
I’ll let someone else offer the code, I’m too tired now but what I will say is that if you run this logic in an infinite loop and in a ranging market, you may just return to find a balance of 0.
Thanks, like I say this is only part of my strategy. I would be taking a trade in the opposite direction with no stop loss, so buy at 1.3350 the idea of this is to allow that trade to stay open and hedge against potential losses. So my biggest loss should be around the 20 pips any time the market goes the wrong way( difference from the buy start price to the where the pending order kicks in.) However I can will an unlimited amount if the martket goes the way I want.
Sounds like you need a custom EA. Look around for a programmer, that is the fastest way to get what you want. Will probably cost about $75-$150+, depending on how complicated you want to get. I had a couple done for $90 and they allowed me to test some theories quickly. As you know, back and forward test the EA before ever trading live.