Multiple Take Profit on single trade
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.
NO, as @whroeder1 has already stated: An Order in MetaTrader CANNOT have multiple Take-Profit.
You can however, have one of two scenarios:
- A single BIG order that you gradually close off partially at each T/P point (either manually or via an EA).
- 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"!
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
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.
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
- www.metatrader4.com
how to set multiple tp on mt5
Yes, multiple TP is available on both MT4 and MT5 and also works with netted and hedging accounts. A TP is really a limit order placed with your broker. So to set multiple TP levels consider the following example.
Buy 1 lot @ 1.0
TP#1: Sell-limit 0.5 lot @ 1.25
TP#2: Sell-limit 0.5 lot @ 1.50
If all orders are executed on a netted account then no further action is required. If this is on a hedging account then you must use multiple-closeby before the rollover time to avoid swap fees.
Yes, multiple TP is available on both MT4 and MT5 and also works with netted and hedging accounts. A TP is really a limit order placed with your broker. So to set multiple TP levels consider the following example.
Buy 1 lot @ 1.0
TP#1: Sell-limit 0.5 lot @ 1.25
TP#2: Sell-limit 0.5 lot @ 1.50
If all orders are executed on a netted account then no further action is required. If this is on a hedging account then you must use multiple-closeby before the rollover time to avoid swap fees.
I may be wrong, since I don't use MT5 Netting account (only hedging accounts), but as far as I remember (when I looked into it), you cannot have multiple Stop-Loss or Take-Profit targets on MT5 Netting Account, even if they are separate orders.
If I remember correctly, once the pending orders are triggered, all Stop-Loss and Take-Profit targets are merged ("netted") and only the the last one set is the one used.
Maybe someone who actively uses Netting accounts can chime in and confirm or deny this!
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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