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Arthur
12
Arthur 2014.10.05 16:01 

Hi everyone,

I'm quite new to Metatrader 4 and trading in general.
Could someone help me answer this question please? - If I close or change (SL/TP) an open trade while the market is closed during the weekend, will ''the order'' take effect as soon as the market opens on Monday ?

Thanks for your help!

Simon Gniadkowski
Moderator
17963
Simon Gniadkowski 2014.10.05 17:09  
ArthurDen:

Hi everyone,

I'm quite new to Metatrader 4 and trading in general.
Could someone help me answer this question please? - If I close or change (SL/TP) an open trade while the market is closed during the weekend, will ''the order'' take effect as soon as the market opens on Monday ?

Thanks for your help!


You can't close while the Market is closed unless your Broker offers that as a special feature of their service . . .  Buys close at Bid, Sells close at Ask,  there is no current Bid and Ask just the last values from Friday and they will not be valid once the markets open.  Do you have guaranteed stops with your Broker ?
Arthur
12
Arthur 2014.10.05 17:29  
No, no guaranteed stops. But isn't there a way to make metatrader 4 to close the position as soon as the markets open (at what ever bid/ask they open) without doing it manually there and then?

Thanks again!
SYED NAUFAL GADDAFI
1401
SYED NAUFAL GADDAFI 2014.10.05 18:46  
Yes. By using EA.
Elliott Lee
10
Elliott Lee 2014.10.05 18:49  
ArthurDen:
No, no guaranteed stops. But isn't there a way to make metatrader 4 to close the position as soon as the markets open (at what ever bid/ask they open) without doing it manually there and then?

Thanks again!

Hi ArthurDen,

You could probably write an Expert Advisor to close all trades when IsTradeAllowed = True, attach it to the chart you want the positions to close, and make sure MT4 is open and online when the market opens. This should loop through your orders and try close your position at the earliest possible time. 

If you are using this method, remember to detach your EA once you are done or all your future trades will be closed immediately when opened. 

Cheers!

Arthur
12
Arthur 2014.10.05 19:22  
Yeile:

Hi ArthurDen,

You could probably write an Expert Advisor to close all trades when IsTradeAllowed = True, attach it to the chart you want the positions to close, and make sure MT4 is open and online when the market opens. This should loop through your orders and try close your position at the earliest possible time. 

If you are using this method, remember to detach your EA once you are done or all your future trades will be closed immediately when opened. 

Cheers!

Thanks! I will try that out.
How about adjusting the SL and TP ? Do you know of an EA for that ? One that you can control with the SL/TP lines on the chart rather than putting in the price manually ? Again, so it would do it as soon as the markets open
Probably asking for too much here, haha! Thanks for the help :)
Elliott Lee
10
Elliott Lee 2014.10.06 10:06  
ArthurDen:
Thanks! I will try that out.
How about adjusting the SL and TP ? Do you know of an EA for that ? One that you can control with the SL/TP lines on the chart rather than putting in the price manually ? Again, so it would do it as soon as the markets open
Probably asking for too much here, haha! Thanks for the help :)

ArthurDen, 


For MT4, you can click on the dotted-line on the chart representing your entry position and drag upwards/downwards to set SL / TP for that particular trade. There are existing scripts (not EA) online that allows you to set SL and TP for all trades in the same chart, though I have never tried any of these scripts from online sources. 

With regards to changing SL/TP when the market is closed, it is not possible (like the previous case) since the sever cannot process your request. One way to brute-force your way around this is again to write a loop using an EA like previously, but instead of closing the position you send a OrderModify as soon as IsTradeAllowed = True.

There exist more elegant ways to achieve what you want by tweaking your EA to send the OrderModify or OrderClose at the time of market opening (instead on looping and keep trying), but this would probably be a little more complex in the codes.

Cheers!  

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