Discussing the article: "Building a Smart Trade Manager in MQL5: Automate Break-Even, Trailing Stop, and Partial Close"
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Check out the new article: Building a Smart Trade Manager in MQL5: Automate Break-Even, Trailing Stop, and Partial Close.
Learn how to build a Smart Trade Manager Expert Advisor in MQL5 that automates trade management with break-even, trailing stop, and partial close features. A practical, step-by-step guide for traders who want to save time and improve consistency through automation.
The Smart Trade Manager, named AutoProtect, is designed as an Expert Advisor (EA) within the MQL5 environment. This is important to mention because MQL5 supports different program types, including scripts, indicators, services, and expert advisors. Since the purpose of AutoProtect is to monitor and manage open positions automatically, it must operate continuously in real time.
AutoProtect has three main functions that work together to protect trades and automate the trader's management process. These include the break-even function, the trailing-stop function, and the partial profits close function. Each of these functions can be enabled or disabled by the user, giving full flexibility to configure the EA according to personal trading preferences. For example, a trader who only wants to use the break-even function can simply disable the other two features.
The break-even function automatically moves the stop loss to the entry price (plus an optional buffer distance) when the trade reaches a defined profit level. This helps eliminate risk and secure the position once it moves favorably. The trailing stop function then takes over, adjusting the stop loss as the market continues in the profitable direction. It ensures that gains are protected while allowing trades to grow naturally. Finally, the partial close function locks in profits progressively by closing a portion of the position when a certain profit distance (in points) is reached.
AutoProtect manages only the trades of the chart where it is attached. This design decision is intentional. Each financial security has a unique point value, so managing trades universally across multiple instruments with a single configuration could create inconsistencies. Restricting trade management to one symbol ensures precise and consistent behavior. Additionally, users can configure the EA to manage trades based on a specific magic number. This is useful when a trader wants AutoProtect to manage only trades opened by a specific Expert Advisor.
Author: Chacha Ian Maroa