I am trying to get my head around this script but couldn’t find over the internet as the posters have customised those scripts for their own convenience and requirements.
I will be grateful if any expert kindly help me with this.
The script will:
Open a Buy Stop and/or Sell Limit pending order at 20 points above the current ask price (2 pips - I am using Alpari UK MT4).
Open a Sell Stop and/or Buy Limit pending order at 20 points (2 pips) below the current market price.
When any of these gets triggered, [B]the other are cancelled[/B] and as soon as [B]the trade profit is $2, the trade is automatically closed[/B] and [B]again these new orders are created[/B].
Scripts are useful to set the pending orders, but you’d also need an EA to monitor and manage the orders after that…to detect when an order is opened and then delete any others when your conditions are met. Scripts are a run once kind of program…like a macro. Actually you may not even need a script…just set the pending orders manually (it’s not that much extra effort), but you definatetly would need an EA for the other part.
A buy stop/sell limit 20 pips above …would you have both orders pending at the same time? If so, does your broker allow hedging?
What are the stop loss and profit target price settings?
Thanks for your kind reply. I am using Alpari UK (5 digit broker) and yes they do allow hedging.
Yes I think I would need an EA for that, not a script.
In its basic form, its a simple system.
For example, if the current EUR/USD ask is 1.28250, then I would enter a sell limit above 2 pips of current ask, at 1.28270 with a take profit of 2 pip at 1.28250.
Another sell limit will be entered one pip above the first sell limit order at 1.28280 with TP of 2 pips at 1.28500.
Like wise, at the current price, I would also enter a buy limit below 2 pips of current ask, at 1.28230 with a take profit of 2 pips at 1.28250.
Another buy limit will be entered one pip below the first buy limit order at 1.28220 with TP of 2 pips at 1.28240.
No stop losses are used.
When the price is going in one direction, for example, downtrend (instead of using sell limit, sell stop will be used), the buy orders will be cancelled and trade will run into profits.
As soon as the profits of all trade is above $2, all positive trades are closed (and there will be no buy trades as they have been closed/cancelled). Once the whole cycle is complete, repeat all above steps.
Am I right in thinking that you could blow your entire account unless you’re monitoring all this?
Lets say one trade gets activated (the other one therefore getting cancelled) & the open trade doesn’t reach your $2 TP before going the other opposite direction - you’ve clearly stated that no stop-loss will be used so if price keeps going against you unchecked, then bye bye mon£y.
Happy to see your post. Yes I am wondering that will blow the account, so stop loss is a must, then also, advanced money management settings are required as well, for example, not to use the whole margin and always leave 40% there to cope with fluctuations.
I decided to go ahead and downloaded this in MT4 folder as per the website instructions. When I open MT4, it doesn’t work. The buttons don’t show up on the chart. And its in the EA and its icon is dimmed
