Question about taking Partial profits

mge0rge
201

How can I set multiple profit taking targets in mt4 ?

Say i buy and it goes my way . I want at a certain level to take out 50% of the trade but let 50% running until it hits my next target ,and there i  want to have another 25% take out and let the remaining 25% running until it hits my final target.

Is there a way that mt4 can do this as standard ? Or does it need a custom sort of indicator or script ?

I am aware that I can do this manually.

William Roeder
25880
William Roeder  
  1. Indicators can not trade.
  2. If you open one order, a script or EA can do the partial closes.
  3. If you open multiple orders, each can have a different TP and lot size. Not an option for US traders due to FIFO rules (at least on my broker.)
M.R.
44
M.R.  

In MT4 you are not able to do it manually, so probably you are in MT5. 

mge0rge:

How can I set multiple profit taking targets in mt4 ?

Say i buy and it goes my way . I want at a certain level to take out 50% of the trade but let 50% running until it hits my next target ,and there i  want to have another 25% take out and let the remaining 25% running until it hits my final target.

Is there a way that mt4 can do this as standard ? Or does it need a custom sort of indicator or script ?

I am aware that I can do this manually.

In case you are in MT4, You can take a part with ''PartLot'' calling function

double PartLot( double plot ) {
  int rounded = plot / StepLot;
  return( MathMax( MinLot, MathMin( rounded * StepLot, MaxLot ) ) );
}

Call it from where You check the trade and you have OrderLots() found. Example:

PartLot( OrderLots() * 0.5 )

And if successful the closing of part lots, define after that = is success, somewhere in your variables so to not repeat same in next loop of trades. Example:

int lots_closed_level = 1;

Where on every next successful closing of part add 1, so you'll have a track.