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Stop close only orders
The script is intended for placing pending orders of the Stop Close Only type. This type of orders implies entering a long position if the price closes above a specified level, and opening a short position if the price closes below a level specified by the trader. Most often this type of orders is used for opening deals when the price exits a horizontal channel.
The settings of the script Stop Close Only allow placing directional and multidirectional orders with take profits and stop losses. The script includes the function of trailing the profit with a specified step as the price goes a specified number of points from the position open price. The levels of entering positions, stop losses and take profits can be moved on the price chart via mouse.
The script includes a money management system. The default risk value is 2% from the account equity. It means if the trader doesn't choose a lot size but lets the script do it, the script will automatically calculate the lot size on the basis of free margin on the account and the distance of the stop loss from the open price of the position. Thus the trader won't get a loss greater than 2% from the account balance. The trader can set a date and time of expiration of the script activation.
The process of trading using Stop Close Only is as follows:
Open the window of a necessary symbol and timeframe. Enable "AutoTrading" in МetaТrader 5. Start the scrip using a hot key or by dragging it onto the chart. Set the script parameters.
- Trading BUY positions - 'true' allows long positions, 'false' - prohibits.
- Trading SELL positions - 'true' allows short positions, 'false' - prohibits.
- Fixed Lot, 0.0 - % of risk - if this parameter is set to 0.0, the lot size will be selected automatically on the basis of the risk value.
- % risk from equity of account - risk value, the default value is 2% of the account equity.
- method of setting levels - the method of setting the levels. 0 - script, 1 - external lines. 0 value allows moving the levels via mouse.
- Price SCO for Buy - set a specific price of the symbol for entering a long position in case of closing above the specified price.
- Price SCO for Sell - set a specific price of the symbol for entering a short position in case of closing below the specified price.
- Stop loss for BUY - level for placing stop losses for long positions.
- Take profit for BUY - level for placing take profits for long positions.
- Stop loss for SELL - level for placing stop losses for short positions.
- Take profit for SELL - level for placing take profits for short positions.
- true - cancel, false - Date and Time - setting a date and time of expiration of the script activation.
- 2013.08.21 00:10 - format of the date and time of expiration of the script activation.
- pips for start of profit traling, 0 - no traling - number of points to start trailing the profit. The default value is 100.
- step for traling profit - step for trailing the profit. The default value is 20 points.
- Magic - magic number, 1000 on default.