Avoid MT4 Broker Stop hunting with market orders only
hi
When an order is placed with a stop order and a take profit order we are placing a stop loss order as an order type of 'ON STOP', and the take profit order is a 'LIMIT' order.
As LIMIT and STOP orders can been seen by the broker, the broker can push price up to take out your orders for there own quick gain. This is called stop hunting. I do not wish to discuss stop hunting here on the thread. Its been fully discussed here : STOP HUNTING: Hardcore Proof that your broker may be cheating on you
A way to beat the brokers is to place market orders only. So price is monitored within the EA and a market order is sent once desired price is hit. So market orders are used to enter market and exit market, and the EA monitors prices levels, not the MT4 open orders table.
QUESTION: Has any one or are there any examples of MT4 code doing this anywhere ?? Please advise....did u mean place limit and stop ...with set of TP and SL ?
if yes, you can place your order using pending order built in MT4
===================
QUESTION: Has any one or are there any examples of MT4 code doing this anywhere ?? Please advise....
if(TakeProfit != 0)
{
if(CountLongs() != 0)
{
if(Bid >= OrderOpenPrice()+TakeProfit*Point) CloseLongs();
}
if(CountShorts() != 0)
{
if(Ask <= OrderOpenPrice()-TakeProfit*Point) CloseShorts();
}
}
Keep in mind that this solution work ONLY if your platform is connected.
FerruFx
if(TakeProfit != 0)
{
if(CountLongs() != 0)
{
if(Bid >= OrderOpenPrice()+TakeProfit*Point) CloseLongs();
}
if(CountShorts() != 0)
{
if(Ask <= OrderOpenPrice()-TakeProfit*Point) CloseShorts();
}
}
Keep in mind that this solution work ONLY if your platform is connected.
FerruFxI use a SafetyStopLossMultiplier and SafetyTakeProfitMultiplier to send the broker a value that is larger then the SL and TP I actually use in my EAs. This acts as insurance in case of disconnect.
Robert
I use a SafetyStopLossMultiplier and SafetyTakeProfitMultiplier to send the broker a value that is larger then the SL and TP I actually use in my EAs. This acts as insurance in case of disconnect.
Robert,
I missed something: you send to your broker a value, say 100, and your EA stop at, say 80. Like this the broker can't see your real stop and can't hunt it. Right?
If your are disconnected, who send the order to close at 80? I don't understand your method.
Thanks for your explanation.
FerruFx
Robert,
I missed something: you send to your broker a value, say 100, and your EA stop at, say 80. Like this the broker can't see your real stop and can't hunt it. Right?
If your are disconnected, who send the order to close at 80? I don't understand your method.
Thanks for your explanation.
FerruFxIf you get disconnected the trade will close at 100. The same for the takeprofit side. As I mentioned this is for insurance. If you get disconnected it is possible when you reconnect you could be down 200.
Robert
If you get disconnected the trade will close at 100. The same for the takeprofit side. As I mentioned this is for insurance. If you get disconnected it is possible when you reconnect you could be down 200. Robert
Ok i understand. Just a security.
Thanks Robert.
FerruFx
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
You agree to website policy and terms of use
When an order is placed with a stop order and a take profit order we are placing a stop loss order as an order type of 'ON STOP', and the take profit order is a 'LIMIT' order.
As LIMIT and STOP orders can been seen by the broker, the broker can push price up to take out your orders for there own quick gain. This is called stop hunting. I do not wish to discuss stop hunting here on the thread. Its been fully discussed here : STOP HUNTING: Hardcore Proof that your broker may be cheating on you
A way to beat the brokers is to place market orders only. So price is monitored within the EA and a market order is sent once desired price is hit. So market orders are used to enter market and exit market, and the EA monitors prices levels, not the MT4 open orders table.
QUESTION: Has any one or are there any examples of MT4 code doing this anywhere ?? Please advise....