Easy Order Creator MT5  V1.3  Product Description

Easy Order Creator MT5 V1.3 Product Description

29 July 2016, 12:12
Martin Fischer
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Easy Order Creator MT5  V1.3  Product Description

Last description update: 14-SEP-2016

Chapters

  1. General function description
  2. Parameter description
  3. GUI description (Buttons, edit fields and other graphic objects)
  4. Description of displayed values
  5. Application examples
  6. Important recommendations, notes and warnings
  7. Future extensions
  8. Version history
  9. Known issues


1. General function description

This very powerful and user-friendly tool was designed to create new orders and manage open positions easily with the full control of your risk.
With this tool you can create new market or pending orders with automatic stop-loss, take-profit and automatic calculated or fixed lot size with only a few clicks. Just move the levels for entry, stop-loss and take-profit to the desired values and enter the risk as an absolute value, as percent of your equity or direcly as fixed lot size. This tool automatically shows you the possible profit and loss and can open a market or pending order for you. Additional features are: Trailing-stop, automatic shift stop-loss to break-even, show break even levels on hedging accounts, and automatic close orders on profit, loss or weekend. Filter all functions by symbol, magic, comment, order-type! Please don't get confused, because there are so many available parameters and possibilities!! If you start working whith this tool the first time, just leave all parameters in the properties-window as they are and start trading... Over time, you will appreciate the possibilities!
Check this and every new version on a demo account first!

You can find the MT4-version here.

This tool is one of a series of tools, that I've written for MT4 and MT5. At the moment not all MT4 tools are available for MT5, but I will adapt most of the MT4 tools in the next months.

All MT4 and MT5 tools, that have a graphical interface (window with buttons, text etc), need a Microsoft Windows display zoom of 100%. Otherwise, the appearence of this tool is not correct (The font will be too big). This problem will be solved in the next months.
To set a display zoom of 100%, right click on the windows desktop (empty space) and select display settings. Here you can move the slider to the left to 100%.

If you want to use this tool, I recommend to install my free ST-Toolmanager. This tool automatically displays buttons for all tools of this series, that are currently on your chart. It allows you to easily show/hide and turn on/off all available modules. Furthermore it has has a big message-window, that is displaying all important messages of all tools.

Toolmanager

Toolmanager with activated message- and easy-order-window


If an application has three possible states "Active and visible", "Active and invisible" and "Inactive", you can detect the actual state from the color of the butten in the ST-Toolmanager.

Green: Active and visible
Orange: Active but not visible
Gray: Not active and not visible

If the button of the Easy Order Creator is gray, this tool does NOT check any rules for closing orders. It is not active. This is diffrent to the actual MT4-tool.


Links to the MT5 products: (Demo versions are limited to USDCAD)


ST Easy Order Creator Full Version

ST Easy Order Creator Demo Version

ST Summary Full Version

ST Summary Demo Version

ST Toolmanager

ST Support And Resistance Levels Full Version

ST Support And Resistance Levels Demo Version


You can find the complete MT4 and MT5 product list here.


2. Parameters

Global parameter settings

  • MaxRiskPercentOfEquity: Maximum risk per order in percent of your current balance. It prevents you from opening orders that have a higher risk.
  • PanicOverridesMagicAndCommentFilter
    • if true, the panic button closes ALL orders.
    • if false, only orders with the specified comment and/or magic number will be closed.
  • CloseProfitLossValueType (for closing orders automatically on special conditions)
    • PL_ABSOLUTE_CURRENCY: Your given profit/loss-values in this properties window will be calculated as an absolute value in your currency (e.g. 10.00 USD).
    • PL_PERCENT_BALANCE: Your given profit/loss-values in this properties window  will be calculated as a percent value of your account balance (e.g. 10.00 %).
  • ProfitLossCalculationMethod (for closing orders automatically on special conditions)
    • PL_CALC_EVERY_SINGLE_ORDER: Every single order of the actual symbol will be checked separately.
    • PL_CALC_ALL_ORDERS_SUM: The sum of orders of the actual symbol will be checked.
    • PL_CALC_SEP_LONG_SHORT_SUM: The sum of long- and the sum of short-positions of the actual symbol will be checked separately.
  • HedgeTryCloseBy: If true, this tool tries to find a matching opposite position for closing an order. This saves you the spread-difference.
  • ThisEAChecksProfitLossForAllSymbols: If true, this tool will check every symbol and not only the current one, if false, this EA will only check the current chart-symbol.
  • PanicButtonDeletesPendingOrders: If true, a click on the panic-button will close pending orders too.
  • CloseButtonDeletesPendingOrders: If true, a click on the close orders-button will close pending orders too.
  • UseCommentAsFilter: if true, your entered comment will be used for filtering existing positions (for automatic closing orders on special conditions). if false, this value will never be used for filtering
    Please have a closer look at chapter 4!
  • AllowedPendingTypes: if you only want to open limit or stop orders, you can set an apropriate filter here.
  • AutoChangeMagicInSummaryTool: if true, changing the magic number in the Easy Order Creator will change the magic-filter in the Depot And Trading Summary-tool too.

Close on profit/loss values: Taking into account your magic number, comment and ThisEACheckProfitLossForAllSymbols setings

  • CloseOnProfitValue: The value for closing orders on profit, according to the settings above (CloseProfitLossValueType and ProfitLossCalculationMethod).
  • CloseOnLossValue: The value for closing orders on loss, according to the settings above (CloseProfitLossValueType and ProfitLossCalculationMethod).

Automatic close depot on profit/loss: Taking into account your magic number and comment

  • CloseDepotProfitLoss: If true, all orders will be closed, if the depot reaches the following values.
  • CloseDepotFilterMagicAndComment: if true, this function filters all positions by there magic number and comment. It the parameter UseCommentAsFilter is false, the comment will not be checked! (Recommended)
  • CloseOnDepotProfit: The profit level at which the depot is to be closed, according to the settings of CloseProfitLossValueType.
  • CloseOnDepotLoss: The loss level at which the depot is to be closed, according to the settings of CloseProfitLossValueType.

Order settings

  • DelayedStopLossTakeProfit: Some brokers do not accept a new order including TP and SL. In this case you can set this parameter to 'true'. TP and SL will be added to the order after successful order creation.
  • Slippage: The slippage value for your orders.

Reset-button settings

  • ResetValueType:
    • RESET_BEST_FIT: If you press the reset-button, the order-lines will be placed with an automatically calculated distance to the current price.
    • RESET_PIP: If you press the reset-button, the SL level will be your entered pip - distance to the current in-level.
  • ResetValuePips: If you've selected RESET_PIP, this value will be used for setting the stop-loss-line.
  • AutoResetLevels: If true, the EA will automatically rearrange the tradelines, if the order of these lines is not correct.
  • TPSLRatioAfterReset: The ratio of take profit and stop loss after clicking the reset-button, 1.0 = same distance.

Choose what to display

  • ShowPips: if true, you will see the corresponding pip-values at the trade-lines in brackets [123].
  • ShowTPSLRatioAtLines: if true, you will see the ratio of tp/sl at the trade-lines.
  • ShowPricesAtLines: if true, the price-levels of the tp and sl lines will be displayed.
  • ShowTradeDirectionArrow: if true, the EA shows in the upper right corner of the chart an arrow, that shows the current trade-direction (long / short).
  • ShowBreakEvenOnAveraging: For hedging-accounts: Shows the break-even-price-levels if you have multiple open orders of the same symbol (long, short and sum separately).
  • ShowOnlyBreakEvenSum: Only the break-even-sum of all orders will be displayed.

Trailing-stop: Taking into account your magic number, comment and ThisEACheckProfitLossForAllSymbols setings

  • AutoTrailingStop: If true, trailing-stop will be performed.
  • TrailingStopPercentOfTP: if the price reaches X% of take-profit, trailing will start at entry-level.
  • TrailingStep: The minimum difference for a new stop-loss

Automatic stop-loss to break-even: Taking into account your magic number, comment and ThisEACheckProfitLossForAllSymbols setings

  • SLToBreakEven: If true, this EA checks, if the price reaches the level to move stop-loss to entry level + X pip.
  • SLToBreakEvenDistanceCalculation:
    • ENTRY_TO_SL: If profit reaches X% of the distance between stop-loss and entry level, stop-loss will be moved to entry-level.
    • ENTRY_TO_TP: If profit reaches X% of the distance between take-profit and entry level, stop-loss will be moved to entry-level.
  • SLToBreakEvenAtPercentOfDistance: The distance % value.
  • SLToBreakEvenAddPipsToBreakEven: The number of pip that will be added to the entry-level (the new level of stop-loss).

Close on weekend: Taking into account your magic number, comment and ThisEACheckProfitLossForAllSymbols setings

  • CloseOnWeekend: Set to 'true', if you want, that your orders will be closed on Friday (market must be open).
  • ClosePendingOnWeekend: Set to 'true', if you want, that your pending orders will be deleted on Friday (market must be open).
  • CloseWeekendLocalhour: hour, at which your orders are to be closed/deleted on Fridays (local time - 0-23).

Note: All your close values (profit and loss) must be positive! Zero = not activated.


3. Graphic Objects (GUI description)

- Horizontal lines

  • Red line: Your stop-loss level.
  • Blue line: Your order-entry level.
  • Green line: Your take-profit level.


- Window

  • Radio-Buttons:
    • Lot: Your entered value will be the fixed lot size for your orders
    • Absolute/Abs: Your entered value is the risk (stop-loss) as absolute value in your currency. This tool calculates the lotsize automativcally.
    • Percent: Your entered value is the risk (stop-loss) as percent of your balance in your currency. This tool calculates the lotsize automatically.
  • Field to enter your risk: Enter your risk as a value, according to the above selected radio button.
  • Comment: Enter a comment for you orders here (optional)
  • Magic: Enter the magic number for your orders here (optional)
  • Chg buy/sell: Automatically reverse your order type and the depending lines (stop-loss and take-profit).
  • Reset lines: Set the stop-loss and take-profit to new values and the risk to your entered value.
  • Lock: This will lock the SL and TP-lines. You can now move all three lines with the blue IN-line. if the button shows "Lock + R", the ratio between stop-loss and take-profit will be kept.
  • Set market order: Open a market order with your current settings.
  • Set pending order: Open a pending order with your current settings.
  • In=Market: Automatically keeps your entry level (blue line) at the actual price. Turn it on for market orders.
  • Close (symbol): Close all open active orders of the current symbol, taking into account the "Global parameter" settings (Filter by magic number and/or comment).
  • Reverse: Changes your trade direction of the current symbol, taking into account the "Global parameter" settings (Filter by magic number and/or comment).
  • Double: Doubles the risk of your trades of the current symbol, taking into account the "Global parameter" settings (Filter by magic number and/or comment).
  • Panic: Close all orders.
  • Help Close: If you have open positions/orders and activate this function, you will see buttons for closing the orders on the right side of the chart. (New in V1.1)


4. Description of displayed values


Easy Order Values


The values in the middle of the window are calculated by the easy order tool. These values are showing you the possible profit, loss and lot size, if you place an order with the current settings. If you move the green take profit line or the red stop loss line, you can see how the values change.


5. Application examples

  1. Placing a pending order
  2. Placing a market order
  3. Placing martingale orders with fixed stop loss per order
  4. Working with automatic closing -functions
  5. Working with trailing-stop
  6. Working with shift-to-break-even

1. Placing a pending order.

A pending order is an order, that will be executed, if the price reaches a certain level. At this level you can automatically start a limit or stop-order. The Easy Order Creator automatically decides between the different order-types. For example, if you place an order above the current price (you move the blue in-line above the current price level) and you move the take profit (green line) above the blue in-line and the stop loss (red line) below the blue in-line, this tool will place a stop-buy order for you, if you press the "Set pending order"-butten. So your bet is, that if the price reaches the level of the blue line, it  will continue to rise up to your take-profit level (green line).

Steps to open a pending stop-buy order with a rsik of 100 in your account currency ($, EUR or another currency. You can see the currency of your account in the header of this tool):

  • Select the "Abs" radio button
  • Enter 100 in the edit-field below the radio buttons and press the "enter/return"-key on your keyboard
  • If the Easy Order is in 'sell'-mode (SHORT), click "Chg buy / sell" (Now you should see the text "LONG" in the header of this tool)
  • Click "Reset"
  • Now you should see a red, a blue and a green line. If not, click the "Lock"-button and move the blue line a little bit. (Lock connects the green and the red line to the blue line)
  • Move the green line to the level, where you want to close the order. (positive profit)
  • Move the blue in-line to the level, where the order should be opened
  • Move the red line (stop loss) to the level where the order should be closed
  • Now you're ready to press the "Set pending order" button

Now your chart should look like this:

Easy Order - Pending order


2. Placing a market order

Opening a market order is similar to the pending order, except, that you must turn "In=market" on by clicking on this button.
Now the blue line is fixed to the actual market price. You can see now, that the blue line is moving automatically. If you have turned "Lock" on, the red stop-loss-line and the green take-profit-line will move too.
If you press "Set market order", this tool will immediately open an order with the actual values.

Opening of a market-buy-order with about 100 EUR risk and a take-profit/stop-loss ratio of 1.0 (stop-loss = take profit):

Easy Order - Market Order


3. Placing martingale orders with fixed risk per order

A lot of people place martingale orders to increase the chance of profitable trades if the market is moving against your trading direction. But please keep in mind, that if the market does not turn, your loss is even bigger...
With this tool you can manually open a martingale strategy. This will be automated in the next months.

Steps to open a martingale strategy

  • Select your trading direction with the "Chg buy / sell"-button
  • Disable "Lock" and "In = market" (both buttons must be gray)
  • Enter the maximum absolute risk per single trade (in this example it's 100 €)
  • Move the red stop-loss level to the price level, where you think, that your strategy is totally wrong, if the price reaches this level
  • Move the green take-profit-level to the level, where you think, that the price will reach this level easily.

Now your configuration can look like this:

Easy Order - Martingale


Now we place 4 pending orders on different price levels. All with the same absolute risk. Move the blue line to the first entry level and click "Set pending order".

Easy Order - Martingale - first pending order

Now you move the blue line to the second entry level (at your choice) and click again "Set pending order"
Repeat these steps until you have four pending orders.

Easy Order - Martingale - All pening orders

You can see, that the lot size increases automatically with each order. This is, because the distance between the in-level and the stop-loss level decreases with every new order and the easy order creator tries to keep the same risk (in this example 100 €) for each order.
If you've purchased my Summary-tool, you can see the sum of stop-loss and the sum of take-profit of these pending orders.

Easy Order - Martingale - All pending orders - with summary-tool

So the worst case scenario is, that the price falls down to our stop loss and we have a loss of about 388 €. The reason, why it is 388 € and not 400 € is, that for each trade the Easy Order Creator must correct your risk to a possible lot-size. The smalles lot-step in our example (USDJPY) is 0.01 lot. So every lot-size must be rounded to a possible value. This leads to a risk-sum, that is not 100% matching our settings.
With other words: It is not possible to open orders with for example 0.07654 lots. This value must be rouded to 0.07 lots)

In the best possible scenario (small chance, that exactly this is happening), the price is falling down to about 101.3 and then rising again to our take-profit-level.
So all pending orders will be activated and give us a nice profit of about 608 €.

But what if the price is falling back to 101.3 and then rising to a profit-sum of all opened orders of about 100 € and afterwards it is falling back below our stop-loss? For these cases, the following will be very interesting:


4. Working with automatic closing -functions

In the properties-window (Press F7), you can see a lot of settings, that are (can be) responsible for closing orders.
Let's take the example, that we've considered above. In this case it would have been best, if all open orders would automatically be closed at a profit (sum) of 100 €. For that, you can easily make the following settings:

Easy Order - Atomatic closing orders

The important variables are:

CloseProfitLossValueType: PL_ABSOLUTE_CURRENCY
ProfitLossCalculationMethod: PL_CALC_SYMBOL_SUM
CloseOnProfitValue: 100


PL_ABSOLUTE_CURRENCY
means, that all your entered profit or loss values in the property-window are absolute values. (100 = 100 €/US$/CAD -> your account currency)

PL_CALC_SYMBOL_SUM
means, that this tool is calculating the profit-sum of all open orders of the current symbol (for hedging accounts)
If you have a'netting' account, you can use "PL_CALC_SYMBOL_SINGLE_ORDER" too, because there's only one open order for each symbol.

You can find informations about 'netting' and 'hedging' here.

--- Short information about 'netting' and 'hedging' ---

Netting-account:
You can only have one open position for each symbol. If you have an open buy-position with a volume of 0.1 lots and you are opening another buy-position with the same symbol of 0.1 lots,  your depot shows one open position with 0.2 lots. if you have an open buy-position of 0.2 lots and you are opening a new order with sell 0.1 lots, your depot will show a single buy-position with 0.1 lots. So all your trades on the same symbol wil be summarized in one open depot-position.

Hedging-account:

Some brokers allow to open an MT5 hedging-accounts. This account-type is similar to the MT4 account. In these accounts you can have more than one open position for each symbol. If you open a USDCAD buy 0.1 lots position and a USDCAD sell 0.1 lots position, your depot shows both positions in your depot separately.

---

Back to our example: If you are using this setting, this tool is closing your martingale-strategy in the moment, when your profit-sum of all open orders of this symbol reaches 100 €.

Note: The terminal must be open and online and the Easy Order Creator must be active on this chart-symbol. (Green or orange ST-Toolmanager-button)

Note: If you've opened this martingail-strategy with a magic number, this tool must have the same magic number or 0!

Other closing functions are:

For hedging accounts:

ProfitLossCalculationMethod: PL_CALC_SYMBOL_SINGLE_ORDER

will check every single order, if the current profit or loss of each order of the current symbol exceeds your entered CloseOnProfitValue or CloseOnLossValue values. If the profit or loss is bigger or equal to your entered values, the order will be closed.

ProfitLossCalculationMethod: PL_CALC_SYMBOL_SEP_LS_SUM

will check the sum of the long-orders and the sum of the short-orders separately. Example: If the sum of all long-orders reach your entered profit or loss values, all long-orders will be closed.


CloseOnDepotProfitLoss:

With this function, you can specify, if all open positions should be closed on a certain profit or loss value. All positions of all symbols will be checked. Furthermore it is possible to filter this function with the actual magic number.
If you are using magic numbers, you can simulate (together with my Depot And Trading Summary Tool) several depots on one account. Just open two charts, load this tool and the Depot And Trading Summary onto the charts, and select a different magic number.


5. Working with trailing-stop

What is a trailing-stop? With a trailing-stop, you can reduce the biggest possible loss, if the market is moving in your direction. If you've placed a buy-order with take-profit and stop-loss-levels, you can specify, at which profit-level (in %) the stop-loss should be reduced.

Example:

If you set the variable TrailingStopPercentOfTP in the properties-window (press F7) to 50 %, and the profit of your trade reaches 50% of the take-profit-level, this tool automatically moves your stop-loss-level to the entry-price. If the price then increases even more, the stop-loss-level will move up too. In the moment, when the price reaches your take-profit-level, the stop-loss-level is at 50% of your take-profit-level. That means, that this is a function, that prevents you from the maximum loss, if your trade already reached a good profit level. Without this tool, a trade, that was up to 90% in profit, can fall back to your initial maximum stop-loss-level.

This function takes into account the magic number and comment-filter (if activated) and the "ThisEACheckProfitLossForAllSymbols"-parameter. Only one Easy Order Creator should have this option activated, if you do not
filter open positions by their magic numbers.


6. Working with shift-to-break-even

Shift to break even is similar to a trailing-stop, but in this case the stop-loss-level moves only one time to a price, that is a little bit above your entry-level (on buy-orders, sell orders vice versa).
A second difference is the possibility to select the difference between stop-loss and in-level at which the stop-loss-level should be moved to a small profit value.

Example:

Parameter:

SLToBreakEvenDistanceCalculation: ENTRY_TO_SL
SLToBreakEvenAtPercentOfDistance: 40.0 %
SLToBreakEvenAddPipsToBreakEven: 5

If the full distance from your entry-level to the stop-loss-level is 100 pips (that's easy to calculate ;-) ) then the stop-loss-level will be moved to your entry-level plus 5 pips, if the price moves more than 40 pips in the profit-direction.

This function takes into account the magic number and comment-filter (if activated) and the "ThisEACheckProfitLossForAllSymbols"-parameter. Only one Easy Order Creator should have this option activated, if you do not filter open positions by their magic numbers.


6. Important recommendations, notes and warnings


I recommend to activate the following setting in the terminal:

Tools-> Options -> Charts -> Show trade levels -> Enable dragging of trade levels with 'Alt' key
Options

This allows you to select with the 'Alt'-key, if you want to drag the level of an open position or the levels of the Easy Order Creator.
Unpressed 'Alt'-key: Select and move the levels of the Easy Order Creator
Pressed 'Alt'-key: Select and move the levels of an open position


The following effects are not an issue:

  • If you are dealing with small lot sizes, this tool is trying to fit your risk to a matching lot size. The result ist, that the calculated risk can differ from your entered value.
  • If you are moving the Stop Loss level, you will notice the same behavior. All calculated values are adjusted to a matching lot size.
  • If your selected price level is too far away from the actual price, it's not possible to place a market order! (Better turn "In = market" on).

Note:

  • If you are using some of my other tools, please update them first. It's really important!.
  • If you are using the order-comments as a filter, please keep in mind, that the MT5-terminal can change the comment in an active order. This happens for example, if you close an order partially.

Please check this and every new version on a demo-account first!

If you've detected some problems, please write me a message instead of a negative review! Most bugs/problems can be fixed in short time.

If you don't know how to buy products, please read this.


7. Future extensions


- Automatic grid and / or martingale orders
- Automatic martingale-orders on support and resistance-levels


8. Version History



V 1.0: First release

V 1.1:
- Fixed problem, when using templates
- Added "Help Close"-Button: Places one close-button for each order on the right side of the chart

V 1.2
- Updated the 'window-processing'. (Handling)

9. Known issues


News from 14-SEP-16:
New versions 1.3 of the Easy Order Creator will be published soon.
- Fixed problem with parameter/function "ShowBreakEvenOnAveraging"






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