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MQLTA Close at Target Line

The Close at Target Line (CATL) EA will help you managing your orders showing you the desired profit/loss target, notifying you when the price is reached and closing the orders automatically.


How does it work?

In the CATL options you can specify a profit or loss expressed in your account currency, once done the indicator will scan your open orders in the chart pair, apply filtering if needed, and calculate the target price to achieve that profit or loss. You can then be notified when the price is reached and choose if the positions will be closed automatically.


How to Use the EA

Select the initial options when loading the EA, filtering options, colors and positions, notification options. Enable the notification first so you can check the settings are correct. Enable the Auto Close. When the condition is verified then you will be notified and orders closed (depending on the settings).


Why you should use the TLI Indicator?

The Close at Target Line EA is a very useful tool because:

  • Will calculate for you the price level to reach
  • Will show you graphically the target
  • It is ideal in case of multiple orders/hedging strategies
  • Will send you notifications and alert
  • Will close automatically the orders at your desired level


How to Test and Backtest

Since the EA works on open orders this cannot be tested.


Notifications

The CATL can be configured to send you notifications:

  • Via Email
  • Via App
  • Via MetaTrader Alert


Notes

Due to some rounding of double numbers and approximations the target price may not be exact to the cent however the formula applied is designed to be as close as possible to the desired profit/loss.


EA Parameters

  • MQLTA - Close at Target Line
    • EA Name (used for the panel) - Prefix for the created graphical objects, suggested to leave default
  • Orders Filtering Options
    • Consider Orders - can be BUY, SELL or ALL depending on the orders you want to consider
    • Filter By Magic Number - true or false to filter or not by magic number
    • Magic Number (if above is true) - if above is true specify the magic number
  • Spread, Costs, Profit and Loss Options
    • Use Custom Spread - true in case you prefer to do some analysis with a manual spread
    • Custom Spread (in Points) - if above is true specify your desired spread in points
    • Ignore Commission - true to ignore commission cost
    • Ignore Swap - true to ignore swap
    • Show Price for a Profit(+) or Loss(-) (0=Break Even) of - this is your desired profit or loss expressed in your account currency
    • Slippage (in Points) - allowed slippage in points to use when closing the orders
  • Notifications and Close Options
    • Notify/Close if Price is - ABOVE or BELOW to set when the notifications/close are triggered
    • Send Alert Notification - true to send Alert notification (popup screen in MetaTrader)
    • Alert Sound (wav in the Sounds Folder of MetaTrader) - the file name of the sound to play during the alert
    • Send Notification to Mobile - true to send notification to the mobile app
    • Send Notification via Email - true to send the notification via email
    • Repeat Notification - ONCE or REPEAT depending if you want the notification once or repeated
    • Notification Interval - frequency of the notification, 1, 5, 15, 30, 60 minutes
  • Positioning and Colors
    • Draw Line - true to draw the target line
    • Line Color - color of the line and text
    • Lines Style - type of line, full, dotted
    • Corner to show the labels - position of the panel
    • Horizontal offset (pixels) - horizontal spacing of the panel from the border
    • Vertical offset (pixels) - vertical spacing of the panel from the border
    • Line Tag Position - position of the line label respect the line and the last candle
    • Close Buy Color - color for close buy arrow
    • Close Sell Color - color for close sell arrow

As always I strive to improve my products so if you have any suggestions please feel free to contact me.

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