In mt4 or mt5 is it possible to set the SL or TP based on the price of profit or losing amount instead of points or pips? e.g. I only allow this trade to profit $50 or to lose $50, so i put in the specific TP or SL of $50.00. If can't is there a FREE simple EA that can do that?
In my opinion there is no such a possibility.
Yes you can do that.
You can also use:
The danger in this method is that if you eventually start to open larger positions, or you use an algo with dynamic lot sizing, the danger exists that the initial order is well over -50$ and the order will be closed immediately after open,
So a bit more code is needed to make sure that this does not happen.