Trail Pending Order
TRAIL PENDING ORDER
WHAT IS IT?
- It is a utility that creates pending orders at the click of a button based on predefined settings by the user.
- It is not a bot, this utility requires someone to trigger it.
WHY WAS IT CREATED?
- It was created to take advantage of highly volatile conditions in the market caused by high impact news events.
*- Amount of points away from current price to create orders.
*- Pending orders will trail the price (on or off).
*- Allows the utility to update to find and update orders.
*- The lot size for the orders to be created.
*- The amount of orders to be created.
*- Set the text on the button to whatever you'd like.
*- Waits for conditions to be met before setting stop loss (on or off)
*-When profit is this amount of points in profit, break even
*-Break even this man points after the order open price
*- Only creates Buy Stops (on or off)
*- Only creates Sell Stops (on or off)
HOW DOES IT WORK?
- Once added to a chart, the user can define the desired settings.
- Once settings have been applied, a button will be found on the chart.
- Clicking this button will result in the creation of pending orders based on the setting entered.
NFP/Employment change news are minutes away
The user may decide how long before the news releases before clicking the button.
Once pressed, one or more buy stops are placed a predefined distance above the current price and one or more sell stop are placed the same distance below the current price.
Once the news is released, the market will now shoot into either a long or a short, triggering the orders once it reaches the price.
If a break even has been set, a stop loss will be placed to protect the entry once the price reaches a predefined amount into profit.
The user will then decide to close the trade and take profit and close the remaining order/s or wait for a reversal and allow the opposite order/s to trigger.
Spreads vary from broker to broker, especially with the release of high impact news. So it is important to first test settings on your demo account.
Excessive use of this utility with TrailOrders turned on could result in your broker temporarily disabling your account due to hyper activity on their server.
Click the Shift end of chart from right border button to make space for the button added to the screen. It is the fourth most right button ontop of your MT4 terminal.
Right click on the chart you intend on using, then click Properties, select the Common tab and check Show Ask line (this way you'll see the spread).