Looking for something that can automatically set a stoploss as soon as +10 pips has been gained ( FOR SCALP ), THANKS!

To add comments, please log in or register
Alex Schipper
135
Alex Schipper  

Hey,

The title has it all,

Is this possible?

Eleni Anna Branou
Moderator
7036
Eleni Anna Branou  
Alex Schipper:

Hey,

The title has it all,

Is this possible?

You are looking for a break even utility, check at the Market.

whroeder1
17925
whroeder1  
Alex Schipper: The title has it all,

If you don't initially have a SL, you have infinite risk.
Risk depends on your initial stop loss, lot size, and the value of the pair.

In code (MT4):
  1. You place the stop where it needs to be - where the reason for the trade is no longer valid.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.
  2. 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.)
  3. Do NOT use TickValue by itself - DeltaPerLot and verify that MODE_TICKVALUE is returning a value in your deposit currency, as promised by the documentation, or whether it is returning a value in the instrument's base currency.
              MODE_TICKVALUE is not reliable on non-fx instruments with many brokers.
  4. You must normalize lots properly and check against min and max.
  5. You must also check FreeMargin to avoid stop out
Most pairs are worth about $10 per PIP. A $5 risk with a (very small) 5 PIP SL is $5/$10/5=0.1 Lots maximum.
To add comments, please log in or register