Another topic reminded me of a script I custom ordered a few years ago that was a bit clunky so I moved on and forgot about it.
The idea is to run a script on demand on any chart that will calculate a fixed profit target and stop loss on the basis of XX bars or the average daily range over XX period that will apply only to the open poisitons of a single pair or commodity where the script is run.
My old script opened a window where I could select the number of bars to average and then set a Target Price of XXX% and a Stop Loss of XXX% that would be sent to the bróker. It does not have to be virtual since the idea I have protection in for those positions while I am doing something else.
I trade both currency pairs and commodities so the standard EAs that "do everything" don't fit me well and I also want confirmation with the bróker in case of computer failure, connection failure, etc.
If anybody knows of a script like this or similar, I would appreciate it.
If it hasn't been done (hard to believe) then I am willing to commission building the script.
I want a script and not an EA. My MT4 is very busy already.
Me: Michael Maggi for a PM or reply here is OK with me.
Forum on trading, automated trading systems and testing trading strategies
TrailingStopBE(OP_SELL,(iATR(NULL, PERIOD_CURRENT, 30, 0)/4) );
I use this for breakeven. Same principle applies to ATR stop or target.