Trade Manager EA
Break Even & Trade Management Expert Adviser for MT4 is a multipurpose expert adviser that is coded to manage open positions and to let the green trades run to fetch maximum pips. The Trade Manager Expert Adviser works with Meta Trader 4 Forex trading platform & can be used in multiple ways.
Features of Trade Manager Expert Adviser
The Trade Manger Expert Adviser offers Multiple Features as Explained Below:
- Set initial Take Profit as defined by the user
- Set initial Stop Loss as defined by the user
- Set Stop Loss to Break Even (order open price) After Specified Pips in profit
- Trailing stop feature can be used in two ways:
- Trailing stop defined in pips – EA will start trailing after specified pips move in profit.
- Trail by Hi or Low of previous candle – EA will set take profit before previous candle hi or low defined in the picture. (for Swing Traders-Work best on H4 or Higher Time frames as shown in the below Figure).
Break Even Feature:
If Break_Even Field is set to True: Trade Manger Expert Adviser allows you to set the pips to trigger the Trade Manger Expert Adviser to move your stop loss at break even (trade open price) after the initial target is reached (specified in BE-Pips).
Trade Manger Expert Adviser will automatically adjust your stop loss to break even once specified pips are moved in profit. Unlike many of the other break even Expert Adviser, Trade Manger Expert Adviser allows you to set a custom break-even point.
Trail Stop Feature:
When Trail Stop feature is set to TRUE, Trade Manger Expert Adviser will consider Break_Even as FALSE.
Now you have two options
- Trail Stop by Previous Candle High or Low: Trail stop by previous candle hi or low works best for swing traders.
- In Long (Buy) trades, stop loss is moved at the low price of previous candle.
- In Short (Sell) trades, stop loss is moved at the high price of previous candle.
Please see the below picture that explains the concept. This feature should be used on Larger Time Frames for Best Results. To enable this feature you have to set "Trail_by_Hi_Lo" to True.
- Expert Name: Name of Expert Adviser
- Set_TakeProfit: This is Initial Take Profit that is set when there is any open order found.
- Set_StopLoss: This is Initial Stop Loss that is set when there is any open order found.
- TrailStop_BE: Comment for Below Option
- Break_Even: If UseTrailingStop is set to "False", and Break_Even is "True" >> EA will Move your Stop Loss to Order Open Price when Price is in BE_Pips Profit (BE_Pips are set in below).
- BE_Pips: Number of Profit Pips to move stop loss to Order Open Price
- TrailStop_HiLo: Description of below functions.
- UseTrailingStop:If set to "True", (Break_Even will be considered false) EA will trail the StopLoss if any of the below condition is met.
- Trail_by_Hi_Lo: If this option is set to True, EA will move StopLoss at the Low (for Long/Buy Orders) or High (for Short/Sell orders) of Previous Candle. Illustrated in the picture.
- Trail_by_Pips: If Trail_by_Hi_Lo is set to "False", EA will Trail the stoploss as per specified number of Pips.