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Negative Break Even

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Culver
13
Culver  
Hello everybody

I'm looking EA or indicator that can move my TP to the negativ position. Or maybe it's posible to edit mq4 code.

For ex. I open buy at 1000.00, TP is 1100.00 and there is NO SL. When price goes against me and reach 990.00 I want to move my TP to 995.00.
When price will back to 995.00 then TP will close my order and I will lose 50pips.

Idea is the same as break even but my EA not working on negative numbers.
Files:
Mladen Rakic
64281
Mladen Rakic  
Culver:
Hello everybody

I'm looking EA or indicator that can move my TP to the negativ position. Or maybe it's posible to edit mq4 code.

For ex. I open buy at 1000.00, TP is 1100.00 and there is NO SL. When price goes against me and reach 990.00 I want to move my TP to 995.00.
When price will back to 995.00 then TP will close my order and I will lose 50pips.

Idea is the same as break even but my EA not working on negative numbers.
And why not using stop loss? The result would be exactly the same
Roberto Jacobs
48775
Roberto Jacobs  
Culver:
Hello everybody

I'm looking EA or indicator that can move my TP to the negativ position. Or maybe it's posible to edit mq4 code.

For ex. I open buy at 1000.00, TP is 1100.00 and there is NO SL. When price goes against me and reach 990.00 I want to move my TP to 995.00.
When price will back to 995.00 then TP will close my order and I will lose 50pips.

Idea is the same as break even but my EA not working on negative numbers.
it is impossible to modify the order TP with that condition. Buy TP is impossible under OrderOpenPrice.
Keith Watford
Moderator
10566
Keith Watford  
Roberto Jacobs:
it is impossible to modify the order TP with that condition. Buy TP is impossible under OrderOpenPrice.
No it isn't, it is impossible under the current price.
Fernando Carreiro
3405
Fernando Carreiro  
Roberto Jacobs: it is impossible to modify the order TP with that condition. Buy TP is impossible under OrderOpenPrice.
Keith Watford: No it isn't, it is impossible under the current price.

@Roberto Jacobs: I agree with @Keith Watford! Just like a Stop-Loss can be set in the positive (Trailing-Stop), a Take-Profit can also be set in the negative, just as the OP wants. Obviously, this is only possible when the current price is below both the Open Price and the new Take-Profit in the case of a Buy Order (reversed in the case of a Sell order).


Culver: I'm looking EA or indicator that can move my TP to the negativ position. Or maybe it's posible to edit mq4 code. For ex. I open buy at 1000.00, TP is 1100.00 and there is NO SL. When price goes against me and reach 990.00 I want to move my TP to 995.00.
When price will back to 995.00 then TP will close my order and I will lose 50pips. Idea is the same as break even but my EA not working on negative numbers.

@Culver: I doubt you will find a ready-made EA to do that! To achieve setting a new T/P price, you have to use the OrderModify() function. This is the same procedure as altering the Stop-Loss to achieve a Trailing-Stop. However, should this be too complicated for you, please contemplate hiring someone in the Freelance Job section to modify your code for you.

OrderModify - Trade Functions - MQL4 Reference
OrderModify - Trade Functions - MQL4 Reference
  • docs.mql4.com
OrderModify - Trade Functions - MQL4 Reference
Alain Verleyen
Moderator
33626
Alain Verleyen  
Mladen Rakic:
And why not using stop loss? The result would be exactly the same

That's not the same Mladen. It could be that this order never reached the "negative breakeven" TP.

However, from a trading point of view I don't understand how such thing is useful ?

Mladen Rakic
64281
Mladen Rakic  
Alain Verleyen:

That's not the same Mladen. It could be that this order never reached the "negative breakeven" TP.

However, from a trading point of view I don't understand how such thing is useful ?

I think that his assumption is wrong : what he will most probably get is a "runaway tp" that can end up in never being executed (he is going to pivot tp instead of having as-simple-as-it-gets sl and tp) - that is why I suggested the sl, but does not matter ...
Fernando Carreiro
3405
Fernando Carreiro  
Mladen Rakic: I think that his assumption is wrong : what he will most probably get is a "runaway tp" that can end up in never being executed (he is going to pivot tp instead of having as-simple-as-it-gets sl and tp) - that is why I suggested the sl, but does not matter ...

I have seen the technique being used in Grid Systems, and obviously I agree that it is not such a great idea!

However, Alain has suggested to me that I should not "attack" newbie traders for not listening to more experienced traders, but to rather allow them to learn for themselves and gain the experience. So, I did exactly that and explained how to achieve a Negative TP! ;)

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