Profit and Loss Manager EA by Hitz
Profit and Loss Manager EA is to close the running or pending trades when reached to a specified profit or loss. The EA works fully in virtual mode, i.e. no hard Stop Loss or Take Profit is set.
To test the EA in the live market, please use the DEMO version: https://www.mql5.com/en/market/product/30218
How to Backtest
- Run the EA in MT4 Strategy Tester.
- It will open a trade at a market price.
- Set the condition and action from Expert Properties to verify it.
You can run the EA in any of the three modes:
- Per Trade: In this mode, actions are applied to all the trades separately. Rules are applied on a single trade separated, its profits/loss not combined with any other trades.
- Per Pair: In this mode, actions are applied to the sum of the trades in a single currency pair.
- Whole Account: In this mode, actions are applied to the combined results of all the trades in all currency pairs.
Refer this link for the more detailed explanation of the EA settings: https://www.mql5.com/en/blogs/post/719316
After you attached the EA to a chart, it will show the following information on the chart:
- Running mode
- Actions to be performed
- Running status
You can hide all the information displayed in the chart by setting false to Display in Display Settings.
We recommend using the EA on a demo account first to understand all the functionality.
- Run Mode: It tells the running mode of the EA
- Per Trade: In this mode, conditions applied to all trades separately
- Per Pair: In this mode, conditions applied to the combination of trades per pair
- Whole Account: In this mode, conditions are applied to the combination of all the trades running. When Current Chart Only is enabled, it works only on the current chart and ignores all other pairs
- Current Chart Only: If true, the EA is applied only to the attached chart pair
- Combine Buy & Sell: If true, it will combine BUY and SELL trades for calculation
- Profit Book Type:
- Points: Profit/loss is calculated only in points
- Currency: Profit/loss is calculated only in account currency
- Both: Profit/loss is calculated by both the ways points and account currency
- Profit Points: It shows the profit in points
- Loss Points: It shows the loss in points
- Profit Currency: It shows the profit in account currency
- Loss Currency: It shows the loss in account currency
- Ignore Loss Points/Currency: If true, it will set the profit in Points/Currency, not loss
- Profit Calculation Method: It tells, which method is used to calculate points
- Average: It uses weighted average mean for points calculation
- Sum: It uses summation for points calculation
- Close Open Trades: If true, close open trades
- Close Pending Order: If true, close pending orders
- Display: Shows the indicator information on chart
- Show Running Status: If true, shows the status of the running trades
- Location: Location of the display window
- Top-Left: Display all the details in top-left place
- Bottom-Left: Display all the details in bottom-left place
- Font Size: Size of the font
- Other Color: General color
- Header/Footer Color: Header and footer color of display window
- Background Color: Background color of display window
- Profit Color: Color for the profit
- Loss Color: Color for the loss
- Position X: X axis position of display window
- Position Y: Y axis position of display window
- Trade Type: It tells the type of trade opened during backtest
- Lots: It tells how many lots to be open during backtest
Connect with me at https://www.mql5.com/en/users/hitaroratrader
You can contact me for:
- Any bug fixing or clarification in the EA.
- New additions to the EA.