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Simple Open Order script with simple money & trade management feature - script for MetaTrader 4

Maxim Teo | English Español Português 日本語 Deutsch

votes: 6
2020.12.31 19:29
2020.12.31 20:34
BUY.mq4 (3.05 KB) view
SELL.mq4 (3.05 KB) view

How do traders manage their trades?

A common approach is where price reaches profits = the stop loss size, you move the SL to entry price and let the it ride to TP.

While this is a good approach, the disadvantage of this comes when price takes you out after you moved your SL to breakeven cashing you 0 profits before moving to TP.
This kind of scenario happens often especially if you take breakout trades, and the retest goes back to your entry price before moving your way.

If this is what you have been experiencing, here's another trade management approach:

You have TP1 and TP2. But instead of moving your stoploss, you close 70% of your position at TP1, leave 30% to reach TP2 but you do not move the SL.

For example you take a position with 1 standard lot: SL=20pips, TP1=20pips and TP2=60pips

When price reaches TP1, you close 0.7 lots at 20pips profit, and leave 0.3 lots to hit TP2 at 60pips

The advantage of this is that you will make a 1:0.4 (R:R) profit when you get stopped out after hitting TP1, and a 1:2.1 (R:R) if you hit TP2.

This is a conservative approach to trade management which has its disadvantage which is limiting your Risk:Reward when price goes into your favor.

Default User Inputs:

SL_pips: 20

TP_pips: 60

perc_to_lose: 1

perc_to_close_at_breakeven: 0.7

What the scripts do:

  1. Calculates the lotsize to place based on the account balance, the stop loss (SL_pips) and the %risk (perc_to_lose) set.
  2. Opens 2 position at market order price
  3. If the lotsize calculated is 1 lot, the 2 positions will be open with the first order with 0.7 lots and the second order with 0.3 lots. This is determined by the  perc_to_close_at_breakeven.
  4. The 0.7 lot position will close when your profits have reached the number of pips of the SL set. (i.e. TP = SL)
  5. The 0.3 lot position will close at the profit target (i.e. TP_pips)
  6. Example Sell@1.36624)
    • Order1: Lotsize: 0.3, Bid price@1.36624, Stop loss@1.36824 Take Profit@1.36424 (i.e. 20 pips defined by SL_pips)
    • Order2:  Lotsize: 0.7, Bid price@1.36624, Stop loss@1.36824 Take Profit@1.36024 (i.e. 60 pips defined by TP_pips)

    Relative volume trend Relative volume trend

    Relative volume trend

    Relative price trend Relative price trend

    Relative price trend

    Smart Forex System Open Version Smart Forex System Open Version


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