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Multiple Take Profit on single trade

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josan420
42
josan420  

Hi, I am new on MT4.

I was looking for an EA which allow me to add multiple TP on single trade. for example: 

Add a Stop loss at -20 pips

Add Take Profit 1 at +20 pips

Add Take Profit 2 at +30 pips


SO basically when Take Profit 1 hit +20 pips it start operating as Stop loss. Trade will close once it hit TP 2 or hit again TP1. SO in this case once you reach TP1 you are 100% sure that your trade is going to make a profit as it will close with Profit.

Why I want to add Multiple TP is because sometimes it happens that a trade is going positive but it goes close to TP and don't hit it and in case of market reversal it close with SL with loss. SO multiple TP make sure atleast that your trade close with profit.


(Sorry for bad english)


Thanks

Basic Principles - Trading Operations - MetaTrader 5 Help
Basic Principles - Trading Operations - MetaTrader 5 Help
  • www.metatrader5.com
Before you proceed to study the trade functions of the platform, you must have a clear understanding of the basic terms: order, deal and position...
whroeder1
15934
whroeder1  
You can only have one TP, but you can partially close an order; search for that.
josan420
42
josan420  
whroeder1:
You can only have one TP, but you can partially close an order; search for that.

There is an EA "Multiple Stops and Take Profits" by FXCM but it is exclusively for FXCM users only. So I wonder if something similar is available or not. If not than someone can make it as its a good idea.

Fernando Carreiro
2911
Fernando Carreiro  
josan420: There is an EA "Multiple Stops and Take Profits" by FXCM but it is exclusively for FXCM users only. So I wonder if something similar is available or not. If not than someone can make it as its a good idea.

NO, as @whroeder1 has already stated: An Order in MetaTrader CANNOT have multiple Take-Profit.

You can however, have one of two scenarios:

  1. A single BIG order that you gradually close off partially at each T/P point (either manually or via an EA).
  2. Multiple smaller orders, each with a different T/P (no need for manual intervention or EA as they will close at the stops automatically).

If however, you still need an EA, then no-one (almost anyone, in their right mind) is going to do it for you for free - you will need to "compensate" him/her for it. So consider using the Freelance section.

Forum on trading, automated trading systems and testing trading strategies

Can you help modify this indicator?

Alain Verleyen, 2017.08.29 12:34

Welcome,

Usually people who can't code don't receive free help on this forum, though it could happen if you are lucky, be patient.

Programmers (any programmers) are coding for free:

  • if it is interesting for them personally, or
  • if it is interesting for many members of this forum.

other options :

  • If you show your attempts and describe well your problem, you will most probably receive an answer from the community.
  • If you don't want to learn to code, nothing bad, you can either look at the Codebase if something free already exists, or in the Market for paid products (sometimes free also).
  • Finally, you also have the option to hire a programmer in the Freelance section.

Good luck.

Forum on trading, automated trading systems and testing trading strategies

Is it easy (or difficult) to …?

Fernando Carreiro, 2017.08.30 21:43

This post could be considered a “rant”, but I would like to take the opportunity to relay to those that ask similar questions, the difficulty involved in answering such a simple query – “Is it is easy (or difficult) to …?”

  • “Easy” would imply that anyone can do it, but that is obviously not the case.
  • “Easy” depends on the ability, skill, knowledge and experience of the one that is tasked to do it.
  • That ability, skill, knowledge and experience took time to establish and it had a cost, and if you sum it all up, it can be quite high.
  • So, “easy” means that if you don’t know how to do it yourself (or not able to do it yourself), then you will have to “compensate” someone else to do it for you.
  • You will be “compensating” him or her for all the effort and cost that went into acquiring the ability, skill, knowledge and experience and NOT for the actual time spent carrying out the task.

So, even if the task is just changing one line of code; remember that you are “compensating” the person for his knowledge and skills and not for just one line of code.

The same applies to those that request for something “simple” to be done for free. It is NEVER “simple”. If it were that “simple” then you would be able to do it yourself.

So, respect the hard work and effort the coder went through to gain his skills and knowledge and “compensate” him/her for it. Wanting it for free is being totally disrespectful!

PS! In conclusion, learn to use the Freelance Jobs section and recognise and respect those more skilled, knowledgeable and experienced than you!

EDIT: Please note that I use the term "compensation" and not "payment", because there are many ways to "compensate" for work done. Sometimes a coder will be "compensated" with gained or shared knowledge instead of money, or by an exchange of ideas or other things. It is not always about the money but it is about the "compensation"!

Freelance service at MQL5.com
Freelance service at MQL5.com
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Orders for the development of automated trading programs
josan420
42
josan420  

SO after searching alot I have found that I can use Breakeven. There are few Breakeven EA available which allow you to take Profit in case of market reversal. I am trying VR Stealth Pro right now and hope to find something better. 

Fernando Carreiro
2911
Fernando Carreiro  
josan420: SO after searching alot I have found that I can use Breakeven. There are few Breakeven EA available which allow you to take Profit in case of market reversal. I am trying VR Stealth Pro right now and hope to find something better. 

I think that maybe what is wrong here is your definition of Multiple T/P. What you are describing in your original post is called a Trailing-Stop (not multiple T/P).

So, look for EA's that do trailing-stops. There are many such EA's available in the CodeBase for free.

However, MetaTrader already has a Trailing-Stop function built-in for manual orders, so you probably don't even need an EA for your trading with a continuous trailing-stop

josan420
42
josan420  
Fernando Carreiro:

I think that maybe what is wrong here i your definition of Multiple T/P. What you are describing in your original post is called a Trailing-Stop (not multiple T/P).

So, look for EA's that do trailing-stops. There are many such EA's available in the CodeBase for free.


Yes. Exactly thats what I am looking for: Trailing Stop. Thanks for help. 

Fernando Carreiro
2911
Fernando Carreiro  
josan420: Yes. Exactly thats what I am looking for: Trailing Stop. Thanks for help. 

MetaTrader already has a Trailing-Stop function built-in for manual orders, so you probably don't even need an EA for your trading with a continuous trailing-stop

Trailing Stop - Trading - MetaTrader 4 Help
Trailing Stop - Trading - MetaTrader 4 Help
  • www.metatrader4.com
Stop Loss is intended for reducing of losses where the symbol price moves in an unprofitable direction. If the position becomes profitable, Stop...
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