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The SL Limiter Pro Bot is a powerful upgrade to the original SL Limiter Bot, offering enhanced features and greater flexibility to manage your trades on the MetaTrader 5 platform. Whether you’re a seasoned trader or just starting out, understanding the various configuration options of the SL Limiter Pro Bot will allow you to customize its behavior to fit your unique trading strategy. In this guide, we will break down each configuration option, providing you with the insights needed to make the most of this advanced trading tool.
1. SL Limiter Mode Configuration
Purpose: The SL Limiter Mode determines which types of trades the bot will manage—manual trades, trades initiated by specific magic numbers, or both.
- Parameter: LimiterMode
- Options:
- ManualTrades: The bot only manages manually placed trades.
- MagicNumberTrades: The bot manages trades placed by automated systems (EAs) that match specific magic numbers.
- Both: The bot manages both manual and automated trades.
How to Use:
Set the LimiterMode based on your trading needs. If you are using both manual and automated strategies, choose Both to ensure comprehensive risk management. If you want to manage only trades placed by specific EAs, select MagicNumberTrades and specify the magic numbers in the MagicNumbers parameter.
2. Magic Number Configuration
Purpose: The Magic Number Configuration allows the bot to filter which trades to manage based on their magic number, a unique identifier for trades placed by Expert Advisors (EAs).
- Parameter: MagicNumbers
- Type: String (e.g., "123,321,456" )
- Default Value: "123,321,456"
How to Use:
Enter a comma-separated list of magic numbers that correspond to the trades you want the bot to manage. This is particularly useful if you run multiple EAs with different strategies and want the SL Limiter Pro Bot to manage only specific ones.
3. Trigger Point Configuration
The SL Limiter Pro Bot allows for three separate trigger points, each with its own set of configurations. These trigger points provide flexibility to handle different stages of trade management based on varying market conditions.
a. Trigger Point Activation
Purpose: Activates or deactivates each trigger point independently.
- Parameters: EnableTriggerPoint1 , EnableTriggerPoint2 , EnableTriggerPoint3
- Type: Boolean ( true / false )
How to Use:
Set these parameters to true to activate the corresponding trigger point or false to deactivate it. Activating multiple trigger points allows you to create a layered approach to trade management.
b. Trigger Percentage for SL
Purpose: Defines the loss threshold as a percentage of the stop-loss value at which the bot will take action.
- Parameters: TriggerPercentage1 , TriggerPercentage2 , TriggerPercentage3
- Type: Double (e.g., 50.0 for 50%)
- Default Values:
- TriggerPercentage1 = 50.0
- TriggerPercentage2 = 30.0
- TriggerPercentage3 = 70.0
How to Use:
Set these percentages to determine when each trigger point should activate. For example, if TriggerPercentage1 is set to 50.0 , the bot will take action when the position’s loss reaches 50% of its set stop-loss value.
c. Action Type for Each Trigger Point
Purpose: Specifies the type of action to be taken when the trigger conditions are met.
- Parameters: Action1 , Action2 , Action3
- Options:
- CloseFull: Closes the entire position.
- PartialClose: Closes a specified percentage of the position.
- CloseAllowance: Adjusts the position to stay within a defined maximum allowable loss.
How to Use:
Select the action type that aligns with your trading strategy. CloseFull is useful for high-risk trades where you want to exit completely at a certain loss threshold. PartialClose helps reduce exposure while remaining in the market. CloseAllowance is ideal for controlling losses without exiting the trade entirely, providing flexibility to adjust position sizes dynamically.
d. Partial Close Percentage
Purpose: Sets the percentage of the position to close if a partial close action is triggered.
- Parameters: PartialClosePercentage1 , PartialClosePercentage2 , PartialClosePercentage3
- Type: Double (e.g., 50.0 for 50%)
- Default Values:
- PartialClosePercentage1 = 50.0
- PartialClosePercentage2 = 25.0
- PartialClosePercentage3 = 50.0
How to Use:
If Action1 , Action2 , or Action3 is set to PartialClose , specify the percentage of the position you want to close. For example, a PartialClosePercentage of 50.0 would close half of the current position volume.
e. Allowance Amount for Close Allowance Action
Purpose: Defines the maximum allowable loss for a position. The bot will adjust the position size to stay within this limit when the CloseAllowance action is triggered.
- Parameters: AllowanceAmount , AllowanceAmount2 , AllowanceAmount3
- Type: Double (monetary value, e.g., 700.0 )
- Default Values:
- AllowanceAmount = 700.0
- AllowanceAmount2 = 700.0
- AllowanceAmount3 = 700.0
How to Use:
Set these amounts based on your risk tolerance and capital allocation. When the CloseAllowance action type is triggered, the bot calculates the volume to close to ensure that the loss does not exceed the defined AllowanceAmount .
Note: SL Trigger % should not be set lower than the set Allowance Amount.
Take your risk management to the next level and check out SL Limiter Pro here!
