Trading Pal MT5

The Trading Pal EA works on individual symbol by attaching it to that specific symbol's chart, with a set of inputs customized to that symbol if need be. It does not matter which timeframe is selected on the chart, as this EA is pre-set to run either on each tick event, or on a periodic timer. The latter is preferred if the market has not much tick movement, so that the SL and TP can be set on a regular basis. On each pass, the EA will run through all open positions (active trades) to perform specific tasks according to these key features. Note that a pending order (buy/sell limit, etc.) when triggered will become an open position with its opening time set to the latest time. The EA will then treat this as the last position to be managed accordingly.

1. Smart SL Application:
   Automatically applies SL to all open positions if missing, based on either the default level (in pips) or the last position's SL. For the first position's SL, it can be set manually or left empty for the EA to set using the default level. For subsequent positions with no SL, the EA will either, based on input selection, use the exact SL from the last position to fill them in, or set them using the default level. In other words, a specific SL can be set once manually for the EA to use on subsequent related positions. For this feature, buy and sell positions are handled separately.
   
   
2. Flexible TP Allocation:
   Distribute TP targets among all open positions using a smart allocation algorithm based on percentage, with support for up to 4 levels (in pips, from lowest level 1 to highest level 4), including a default one, e.g. 30% - 40% - 20% - 10%. For positions with no TP, the EA will fill them using the 4 TP levels according to the allocation percentages defined in the inputs. The EA will also respect a manually set TP, which will be automatically allocated into one of the 4 levels by range; A manual TP can also be marked as a potential loss if it is set negatively below/above the open price for a buy/sell position. In sum, profits-taking can be automated according to a pre-defined set of target levels by percentages, and enhanced manually by setting the TP for any position along the way. For this feature, the allocation algorithm encompasses both buy and sell positions.
   
   
3. Advance SL mode [Auto] - Break-Even, Trailing or Trail-TP (optional):
   For all open positions, choose between a fully customizable Break-Even (BE) mechanism to go risk-free, Trailing stop or Trail-TP to lock in profits, as your trade moves favorably. BE is defined using a trigger, and a offset level, measured in pips. Similarly, Trailing is defined using a start, a stop, and a step level, all also measured in pips. To illustrate using a buy position, BE is set when the current price is more than the position's open price by the trigger level, and the stop level is set above the open price by an offset amount; Trailing starts after current price is more than the position's open price by the start input, and the stop level is set at an interval below the current price, which then move upon each step increase in the current price. For Trail-TP, profits are locked in at the 4 different TP levels of each position, i.e. when the current price reaches TP-1 of a position, its SL is moved to BE, then when the current prices reaches the next TP level, its SL is moved to that of the last TP. Each mode in advancing SL can be applied on positions either individually as a buy/sell, or as a layer of buys/sells together. The latter considers the top (for buys) or bottom (for sells) position only when determining whether to advance the SL for the remaining positions.
   
   
4. Order Hotkeys [Manual] (optional):
   "Special" pending orders can be used as hotkeys to manually set the SL and TP of all open positions quickly, or close positions above (for buys) or below (for sells) a specific price in bulk, which is very useful when trading on just the MetaTrader mobile app. Imagine when having to shift the TP of multiple positions, the new TP value has to be keyed into each position individually. But with this hotkey function, the new TP value would only need to be keyed once via a pending order serving as a placeholder. For such orders to work, they are specially created at prices that are unlikely to be triggered in the near future. For example, a buy-limit order for XAUUSD can be set at a price of 123, which is so much lower than the current price that chances of it being triggered is almost nil. The price '123' then acts as a code for enabling the hotkey that can be used to set the TP of all buy positions by setting the TP of the buy-limit order correspondingly. For the full explanation of these order hotkeys, see the section below.
   
   
5. Control-Panel [Manual] (optional):
   A dialog panel can be enabled for interactive management of all open positions or pending orders on the MetaTrader terminal only. It features direct controls over the SL and TP of the open positions, including a special function for closing them. It also has functions to manage limit or stop orders (that match the input Magic Number). This user interface works on an ad-hoc basis via input edits and button clicks, alongside other automated functions. The control-panel can be minimized when not in use, and its text size can be adjusted via the EA inputs. It can be dragged around to avoid overlapping with other objects on the chart window; Otherwise, re-maximizing the control-panel will bring it on top of the existing chart objects. The states of the applicable controls, e.g. SL and TP edits, on the panel will be retained when switching the symbol's timeframe on the chart, or changing the EA inputs. See the section below for more details on the control-panel functions, together with a few screenshots of its display on the chart.
   
   
6. Dashboard Overlay (optional):
   See a summary of your pending orders and open positions that the EA is managing in real-time via a display on the symbol's chart. The mean or average SL and TP of all positions will be computed in pips-per-minimum-lot to reflect the potential loss (if negative) or profit (if positive), and to indicate the current risk and reward ratio. Please see the screenshot of an example dashboard on a symbol's chart, available only on a MetaTrader terminal (not mobile app).
   
   
7. Pip Value Calculation:
   Accurate pip distance handling for XAU/GOLD, Bitcoin, Ethereum and Forex majors (including JPY) by default. For other symbols, there is a pip-price factor input that can be set, which has to be confirmed on a demo account first if unsure. For examples, XAU=0.1, BTC=10, ETH=1, JPY=0.01, MajorFX=0.0001. If the pip-price factor is not set on a symbol not mentioned above, the EA will not run, and no dashboard will be shown even if enabled.
   
   
8. Failsafe Execution and Logging:
   Built-in retry mechanisms and detailed logging to the Experts tab on a MetaTrader terminal to help you track and debug in case of broker rejections. The EA will log messages with prefix "INFO", "WARN" and "ERROR" respectively. If SL or TP cannot be set, try to adjust the default level or related input.
   
   

What to expect of this EA:

1. This is a utility EA, so no results will be shown on MetaTrader strategy tester.
2. This EA can be run on a home PC or VPS with minimal resources.
3. This EA can be restarted (inputs changed, etc.) anytime, and still continue to function thereafter.
4. This EA can also be used to manage open positions from other EA by setting the Magic Number input (default 0 is for manual positions).
5. This EA does not open nor close positions on its own unless manually instructed via the Control-Panel or Order Hotkey. So for any position that has not touch SL or TP yet, it may incur swap fee or suffer from market gaps overnight.
6. Positions can still be manually updated/closed, or pending orders placed/deleted manually, even when this EA is running, which will not affect its operation.
   
   

A pending order needs to be created specially in order to use it as a hotkey. To enable an order hotkey, its price must be set to match the pre-set code (and also the Magic Number) in the EA inputs. Such orders' expiry can be specified, or set to Good-Till-Cancelled. But once these orders are deleted, the respective hotkey functions will cease. The different types of pending orders have different hotkey functions as described:

• A Buy-Stop order hotkey is used to set the SL of all buy positions. Set its price much higher than the current price of that symbol, e.g. code 8800 for XAUUSD. As and when needed, set its SL to a specific level below the current price to be 'transferred' to all buy positions. If its TP is non-zero, setting the SL below/equal the current price will cause Break-Even to be set for all applicable buy positions (using the BE offset input). Having the SL above the current price will put the BE hotkey on hold until the current price move above the SL.
  
  
• A Buy-Limit order hotkey is used to set the TP of all buy positions. Set its price much lower than the current price of that symbol, e.g. code 770 for XAUUSD. As and when needed, set its TP to a specific level above the current price to be 'transferred' to all buy positions. If its SL is non-zero, e.g. 3.0 or 30 pips, setting the TP below/equal the current price will shift the SL of all buy positions to an amount below the current price by the indicated SL value. Having the TP above the current price will put the trailing hotkey on hold until the current price move above the TP.
  
  
• A Sell-Stop order hotkey is used to set the SL of all sell positions. Set its price much lower than the current price of that symbol, e.g. code 770 for XAUUSD. As and when needed, set its SL to a specific level above the current price to be 'transferred' to all sell positions. If its TP is non-zero, setting the SL above/equal the current price will cause Break-Even to be set for all applicable sell positions (using the BE offset input). Having the SL below the current price will put the BE hotkey on hold until the current price move below the SL.
  
  
• A Sell-Limit order hotkey is used to set the TP of all sell positions. Set its price much higher than the current price of that symbol, e.g. code 8800 for XAUUSD. As and when needed, set its TP to a specific level below the current price to be 'transferred' to all sell positions. If its SL is non-zero, e.g. 8803.0 or 30 pips more than its price, setting the TP above/equal the current price will shift the SL of all sell positions to an amount above the current price by the indicated SL value. Having the TP below the current price will put the trailing hotkey on hold until the current price move below the TP.
  
  
• A pending order of any of the above types with a unique price code is used as a hotkey to change the Auto/Advance SL mode accordingly. If both its SL and TP are zero, no Auto SL mode will be applied. If only its SL is non-zero, the Auto BE mode will be applied. If only its TP is non-zero, the Auto Trailing mode will be applied. If both its SL and TP are non-zero, the Auto Trail-TP mode will be applied. If this order hotkey is deleted or its price changed, the original input mode will be applied.
  
  
• A Buy-Limit or Sell-Limit order hotkey with differing price code is used to close positions above (for buys) or below (for sells) a price margin in bulk quickly. For this buy-limit hotkey, its SL value as "multiplied by 10" represents the price margin, so any position whose open price lies above this margin will be closed. The close action will be applied immediately if its TP is set below/equal the current price, otherwise it will be put on hold until the current price move above the TP. For this sell-limit hotkey, its SL value as "divided by 10" represents the price margin, so any position whose open price falls below this margin will be closed. The close action will be applied immediately if its TP is set above/equal the current price, otherwise it will be put on hold until the current price move below the TP.