SL and TP based on profit and losing amount?

[Yap Yew Hong]

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?

Anyone?

[Tomas Sekeres]

Yap Yew Hong:

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?

Anyone?

In my opinion there is no such a possibility.

[Achmad Wijaya]

Yap Yew Hong:

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?

Anyone?

I think you need to use autoclose trade if profit or loss how much you want on the set, and if you want to specify it detail, it can be calculated using lot size connected to how pip target profit or loss you need converted to pips, logic using lot size calculator ( it need to modify ), you can create a job here and ask to programmer here to do that job

[Marco vd Heijden]

Yes you can do that.

You can also use:

if(OrderProfit()<-50)
 {
  OrderClose(....
 }

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. 

[William Roeder]

Yap Yew Hong: 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?

1. In code: Risk depends on your initial stop loss and lot size.
   • You place the stop where it needs to be - where the reason for the trade is no longer valid. E.g. trading a support bounce the stop goes below the support.
   • Account Balance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the SPREAD, and DeltaPerLot is usually around $10/pip but it takes account of the exchange rates of the pair vs. your account currency.)
   • Do NOT use TickValue by itself - DeltaPerLot
   • You must normalize lots properly and check against min and max.
   • You must also check FreeMargin to avoid stop out
2. Use a GUI: Indicators: 'Money Manager Graphic Tool' indicator by 'takycard' Forum - Page 5