Create an order box

Name:  Two Things Order Box

Please apply only if past clients would say you are a highly qualified, highly experienced, highly successful, fast turnaround, fantastic communicating MT4 programmer who is patient with human traders and who completes projects.

We trade in cycles where 6 trades = one trading cycle. 

What we want to do is have an Order Box (something like you get when you click on the New Order tab in MT4 or when you use the One Click Trading Box), for Market orders, that does the following:

This, or something like it, could be the starting point for the code and then just make changes:  https://www.forexfactory.com/thread/281772-mt4-order-plugin-trade-by-lines-with-risk

- require a stop loss in the Order Box for market trades before a trade is allowed to be opened (the stops will require a very short time delay after the trade is placed due to some brokers not allowing market orders with stops in place.  So, plan to place the trade and then immediately add the stop loss – two steps.)

- use the same stop loss for each of the 6 (x in inputs) possible trades in the cycle…this stop loss identifies which trades are in which trade cycle

- divide the percent risk (percent risk should be x in the inputs box) by the 6 possible trades.  Let’s say the risk is 3% / 6 trades = .5% risk per trade but the six entries are all 15 pips away from each other.  Each of the 6 trades will have the same .5% risk, but they will have different lot sizes because the entries are at different prices while having the same stop loss.  Meaning, the closer to the stop loss the trade is then the larger the lot size will be. 

- the Order Box will keep track of the number of trades left in the cycle so we know how many are left to use.  (please put the number of trades in a cycle in the inputs in case we need to change it)

Note:  When the Order Box is open we need to still be able to use the crosshairs and other items on the chart just like now with MT4’s Entry box.  (As a comparison, when the MT4 inputs box is open the crosshair and other chart functions cannot be used.)  It’s possible it would be okay for the order box to be open all the time like the One Click Trade box and set in the same place.  It would be nice to be able to move the box, but not a necessity.  Please see the attached Order Box that is based on the current MT4 One Click Trade box as an example.

- If we try to open a 7 ^thtrade (or 1 trade above x # of trades in the inputs box) in the same pair for the current cycle then the system needs to not allow that trade to be opened.  But, if we had 6 trades and close one or more from that cycle then we need to be allowed to open more as long as it has the same stop loss until we’re back to 6 open trades in the cycle.  A cycle is defined as a group of up to 6 trades using the same stop loss.  (If the stop loss is different, then it’s considered a separate cycle.)

- we need to be able to trade more than one pair at a time

- If we lose more than x% (put in inputs box) in 24 trading hours then no new trades are allowed for 18 trading hours – account is locked for placing new trades

- if we lose more than x% (put in inputs box) in a rolling 5 trading day trading period then no new trades are allowed for 60 trading hours – account is locked for placing new trades

- inputs: only allow x number of trade cycles to be open at the same time

- inputs: maximum number of pips allowed in the stop loss = x (example:  our average stop loss is 12-18 pips so if we’re trying to take a trade that has over a 25 or 30 pip stop loss then we shouldn’t be taking that trade because 30 pips is way too far for the pair to move to get us to a 1:1 reward to risk ratio.

- inputs:  when is trading allowed:  include 4 time of day start and stop times so we’re not trading during low volatility times.

- inputs:  when is trading allowed:  include a start day and time for trading to be allowed (if we don’t like trading Mondays then we’ll set it to start Tuesday London or whatever.  Also include an end day and time for new trades to no longer be allowed to open.

- if our stop loss is hit within the ‘trading allowed’ parameters listed above, then when the stop loss is hit, we want the reverse trade (close and reverse) to open at the same price as the stop loss.  Add the closing cycles’ lots together and divide into 2 trades (half and half).  Recall the previous trades’ entry price and stop loss and have one trade close when the number of pips covers that stop loss plus 1 pip for commission.  Move the stop loss of the 2 ^ndtrade to break even plus one and then close it when it doubles the previous loss plus 1 pip.

My guess we’ve missed something in this write up so please feel free to let us know of possible things.