Order Manager
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Order Manager

28 June 2023, 11:53
Lukas Roth
Lukas Roth
10
1 235

The Order Manager is a trading panel which helps you to execut and handle your trades. It visualayzed the order entrys to make your tarding as smooth as possible.
There are a lot of integrated functions like the news panel, etc. They will be described later in this manual.


MT4 Available here: https://www.mql5.com/en/market/product/95716
MT5 Available here: https://www.mql5.com/en/market/product/104864


Demo Available

Experience our OrderManager with a free demo version.
This is an excellent opportunity to test the EA's features and compatibility with your system.

Installing the Demo Version:

  1. Launch MetaTrader, then click "File" in the top left corner.
  2. Select "Open Data Folder" from the drop-down menu.
  3. Navigate to your MQL4 or MQL5 directory.
  4. Access the 'Experts' folder within this directory.
  5. Use the link provided above to download the demo (.ex4 or .ex5 file) directly into the 'Experts' folder.
  6. Return to MetaTrader and locate 'Navigator'. Right-click and select 'Refresh' from the context menu.
  7. The demo should now be visible in the list. Simply drag and drop it onto your chart to initiate the setup.


I also manage a public Telegram channel where I discuss my products and empower my customers to vote on the most valuable improvements. You can join the conversation here: https://t.me/LuksCodingChannel.


Key Features:

  1. Risk Management: Define the risk of your trades quickly and easily, allowing you to make better decisions and improve your trading performance.

  2. Visual Representation: View your trades and associated risks graphically for a clear and concise understanding of your open positions.

  3. Order Modification: Effortlessly modify or close your orders with just a few clicks, streamlining your trading process and saving you valuable time.

  4. News at Your Fingertips: Stay informed with the latest market news at the touch of a button.


Expert inputs:

Before using the order manager you should configure your EA so it's easyier to use in the future.
When loading the EA onto the chart You have multiple settings available.

  • Magic Number (Expert ID): The Magic Number serves the purpose of enabling the EA to distinguish new trades (which are assigned this ID) from existing ones. This way, it's possible to prevent multiple EAs from influencing each other.
  • Risk Type: Here you can choose between Balance and Equity. The risk calculations will be based on the selected size.
  • Measured Distance: You can select either Pip or Point. The Point corresponds to the last digit of the Pair. The size of the Pip is calculated using an algorithm and approximately equals 1 Lot, where 1 Pip equals $10.
  • GMT Offset: Adjust this setting according to your local time zone, to synchronize the Expert Advisor's operations with your location relative to Greenwich Mean Time (GMT).
  • Breakeven Initial Values: This section allows you to set up the initial Breakeven settings, which will be further explained in the Breakeven section.
  • Trailing Stop-Loss (SL) Initial Values
  • Partial Profit Initial Values
  • NEW Order Settings: Here, you can configure the settings for a new order.
  • Order Lines: In this section, you can manage the graphic settings for the order visualization. This includes colors, line styles, and more.


New Order Tab

The New Tab is responsible for creating a new trading order. The order can be manually or visually generated using the "Lines" button.

new_tab_numbers

  1. Risk management is conducted in this area. On the left side, you can choose the desired type of risk.
    Risk Money: Set your risk based on a specified amount of money.
    Risk %: Set your risk based on a percentage of your balance or equity.
    Lot: Set your fixed lot size.
    Only the selected risk type can be adjusted, and the other two will then be calculated automatically. If 'Risk Money' or 'Risk %' are chosen, a stop loss must be established, otherwise, the OrderManager cannot calculate the lot size.
    On the right side, you can input the value for the selected risk type.
  2. Input the Stoploss price.
  3. Specify the Stoploss in pips or points.
  4. Enter the Take Profit price.
  5. Input the Take Profit in pips or points.
  6. Adjust the risk-reward to a value of your preference.
  7. Set the risk-reward ratio to a pre-defined value.
  8. Use this chain button to lock or unlock the risk-reward ratio.
  9. Choose the type of order (Market: Buy or Sell, Buy Stop, Buy Limit, Sell Stop, Sell Limit).
  10. Add a comment to your order.
  11. Execute a Sell order.
  12. Execute a Buy order.
  13. Enable the order visualization. Trading levels will be displayed on the chart.
  14. Press this button to open the news panel.


Visible Order

The visual orderr allows the user to directly drag and drop the trading levels. This makes teh trading much easyier.

visible_order_numbers

  1. General Order Information (Order type, Lotsize, Risk-reward ratio, Entry price)
  2. Stop Loss Information (Stop loss distance, Risked money, Stop loss price)
  3. Take Profit Information (Take profit distance, Projected profit, Take profit price)
  4. Partial Take Profit Lines (Take profit number, Distance, Lot size, Projected profit, Price)
  5. If locked, the Stop Loss/Take Profit is set at a specific price; if unlocked, the distance is set.
  6. Invert the trade type.
The calculated profit amount in the 'Take Profit' label represents the total potential profit, including the partial take profits.


News Panel

For the news panel to function properly, it requires access to the Forex Factory website. Before using it, you'll need to allow web requests to the following URL.
To do this, navigate to "Tools" at the top of your MetaTrader interface. Then, select the "Expert Advisor" tab. Next, enable 'Webrequest for listed URLs' and add the following address:

https://nfs.faireconomy.media

webrequest_drawn

Now, the News Panel should operate smoothly.
It continuously provides the news of the current week from ForexFactory. You can filter the news based on impact. In the "Last update" label, you can see when the news was last downloaded from ForexFactory. For manual news updates, click on the reload symbol.

news_panel


Modify Tab

In this Tab the order can be modified.

modify_tab

At the top, the order to be modified can be selected from the drop-down menu. If the visual order is active (Lines button pressed), then no order can be selected, and all modification settings will be applied to the new order, or the one that is currently being displayed on the chart.

You can choose from three modification tabs:

  • BE: Manages all the breakeven settings.
  • Trailing: Sets a trailing stop loss for your order.
  • Partials: Defines partial take profit levels for your order.


Breakeven

Specify the breakeven parameters for the selected or new order.

  1. Manually set the stop loss of the selected order to breakeven.
  2. Define the distance at which the Stop Loss is placed in profit. If set to 0, the Stop Loss is positioned directly at the entry level.
  3. Enable the automatic breakeven modification. This enables all functions listed below.
  4. Here you can determine the criteria for the Breakeven (BE) activation level.
    Amount of Pips: Once the trade reaches the entered number of pips or points in profit, the trade is automatically set to breakeven.
    Percentage of TP: The number of pips for the BE activation level is set based on a percentage distance from the Take Profit level. (TP must be set for this function)
    Percentage of SL: The number of pips for the BE activation level is set based on a percentage distance from the Stop Loss level. (SL must be set for this function)
  5. Here, the calculated BE activation level is visualized, letting the user know at what price their order will automatically be set to breakeven.


Trailing Stop Loss

Here you can configure the settings for the Trailing Stop Loss.

trailing_numbers

  1. Toggle the Trailing Stop Loss.
  2. Set the distance at which the Trailing Stop Loss is activated.
  3. This is the distance that the Stop Loss will trail from the current price.
  4. This is the step size of the Trailing Stop Loss. In other words, once the Stop Loss has been trailed, the price must move again by the set step size in the direction of profit for the Stop Loss to be adjusted further.


Partial Take Profit

Here you can set the partial take profit levels, which will also be displayed in the visual order.

partial_tab_numbers

  1. Activate the partial profit level.
  2. Here you can select which and how many partial take profits should be set.
  3. Set the size of the lot to be closed as a percentage of the current lot size.
  4. Choose the mode for setting the partial take profit levels.
    Auto: Depending on the number of partial Take Profits set, the levels are evenly distributed.
    % of Take Profit: Set the levels based on a percentage of the Take Profits.
    Pips / Points: Fix the partial Take Profit levels based on a fixed distance from the entry.
    Price: Set the price of the partial Take Profit levels.
  5. Adjust the size of the mode chosen in number 4.


Close Tab

Here you can manually close one or more orders.

close_tab_numbers

  1. Select the order to be closed.
  2. Close a percentage of your selected order.
  3. Close all winning trades.
  4. Close all losing trades.
  5. Close all trades.
  6. The current gain of the winning trades is displayed.
  7. The current loss of all losing trades is displayed.
  8. The current profit of all open trades is displayed here.
  9. Select this to work only with the current chart symbol. This influences the 'close win/loss/all' section.
  10. Select this to work only with orders that have the same expert ID / magic number as the OrderManager.


Info Tab

The Info Tab presents details about:

  • Report: This section provides a summary of your trading activities.
  • Account: This section offers information about your account as well as your broker.
  • Symbol: This section delivers details about the current chart symbol.

info



Settings

Here, you can quickly adjust some general OrderManager inputs.

settings

  • Risk Type: Here you can choose between Balance and Equity. The risk calculations will be based on the selected size.
  • Distance Type: You can select either Pip or Point. The Point corresponds to the last digit of the Pair. The size of the Pip is calculated using an algorithm and approximately equals 1 Lot, where 1 Pip equals $10.
  • GMT Offset: Adjust this setting according to your local time zone, to synchronize the Expert Advisor's operations with your location relative to Greenwich Mean Time (GMT).

These settings take precedence over the Expert Inputs. Therefore, if you make any changes here in the settings, the expert inputs will be disregarded. However, remember that the EA only saves and loads data if you are on the same chart. If you add the EA to a second chart, then the settings for this EA will again match those in the EA inputs. This applies to all the order modifications and so on. Your order settings, like breakeven or partial Take Profit levels, are saved on this chart. They do not affect an OrderManager on another chart. So if you close this chart with the OrderManager on it, then the OrderManager will not be able to perform the set Partial Take Profits or breakevens.


Customizing Pip Size through CSV File Configuration

The pip size is automatically calculated by our proprietary algorithm. However, we understand that this automated setting may not suit every user's needs. Therefore, we provide the option to manually define the pip size. This is accomplished through a CSV file, which can be found under your Terminal's data path at: MQL4 (or MQL5) // Files // Symbol // symbol.csv.
If you are unsure where to locate your data path, simply go to your Terminal, click on "File" in the upper-right corner, and then select "Open."

This CSV file contains all the symbols on which your Expert Advisor (EA) has been applied. If the symbol you wish to define is not listed, you can easily add it at the bottom of the file, following the existing format. The CSV file is structured as follows:

Symbol Point Pip
EURUSD
 0.00001 0.00010
USDCAD 0.00001 0.00010
EURJPY 0.001 0.010

Please note that the "Point" data is only displayed for reference. If you alter these values, they will be overwritten. Here you can adjust the Pip size. Importantly, the Pip size must not be smaller than the Point size!
After making your changes, save and close the CSV file. Your modifications will automatically be applied.


Troubleshooting

If you encounter any type of bugs or issues with the Expert Advisor (EA), please first refer to the log file. You can find the log file at the bottom of your MetaTrader interface, labeled as "Experts". 

The OrderManager should always indicate what the problem is and what caused it. If this doesn't resolve your issue, please don't hesitate to contact me. However, also send a screenshot of the log file, as it will make it easier for me to pinpoint the cause of the problem.


#news, MT5, MT4, trading panel, utility, Panel, Trade Assistant, Order Manager, News Panel
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