Discussion of article "Using limit orders instead of Take Profit without changing the EA's original code"

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MetaQuotes Software Corp.
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MetaQuotes Software Corp.  

New article Using limit orders instead of Take Profit without changing the EA's original code has been published:

Using limit orders instead of conventional take profits has long been a topic of discussions on the forum. What is the advantage of this approach and how can it be implemented in your trading? In this article, I want to offer you my vision of this topic.

In various forums, users criticize MetaTrader 5 for its market performance of take profit levels. Such posts can be found on this website forum as well. Users write about the negative impact of a slippage on the financial result during take profit execution. As an alternative, some propose using limit orders for replacing a standard take profit.

On the other hand, the use of limit orders, in contrast to the standard take profit, allows traders to build an algorithm for partial and stage-by-stage closing of positions, since in the limit order, you can specify a volume different from the position's one. In this article, I want to offer one of the possible options for implementing such a take profit substitution.

I believe, there is no point in arguing about what is better — the built-in take profit or limit orders replacing it. Every trader should solve this issue on the basis of their strategy principles and requirements. This article simply offers one of possible solutions.

EA operation

Author: Dmitriy Gizlyk

makuchaku
8
makuchaku  

Hi Dmitriy,


Thanks for writing this post - has been very helpful.

Would you be able to describe how the MACD sample EA works? The entry and exit rules & what they mean?


Cheers!

Dmitriy Gizlyk
21141
Dmitriy Gizlyk  
makuchaku:

Hi Dmitriy,


Thanks for writing this post - has been very helpful.

Would you be able to describe how the MACD sample EA works? The entry and exit rules & what they mean?


Cheers!

Hello,
This EA not for trade on real account, just example. It open deal at MACD line cross signal line and exit by TP1 and TP2 limit orders.

Regards,
Dmitriy.

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