Advanced Trade Manager EA
Introduction: This EA is a Trade Manager which Utilizes the ATR Indicator and an Exit Indicator of your choosing. It works in any Asset Class and best used on Higher Timeframes however can be used on any timeframe if Parameters are set correctly.
- Exit Trade without hitting Stop Loss via Pre-Exit Indicator. This will result in smaller losses leading to increased capital preservation.
- Using the ATR will take into account the market volatility allowing TP and SL to be set in appropriate positions.
- Trade manager will allow for Trades to be managed Optimally.
- Flexibility and Versatility regarding how you want to mange your Trade.
All Functions Explained:
ATR Period: This is the current Period you chose to Input
ATR Time Frame: The Chosen timeframe where the ATR period Value will be taken from. It will only work on the timeframe you set, no other. IF set "current" it will work only on the timeframe that you have selected on MT4.
(Settings above only relevant on functions Set "ATR Multiplier")
TP and SL Type: You can either have the ATR multiplier or set a Pip value. The ATR multiplier will times the current ATR value by the amount you set e.g. Current ATR Value = 0.0017 pips x 2.0, TP or SL = 34 Pips.
Take Profit and Stop Loss (TP & SL): This is your Take profit and Stop Loss. Set the appropriate Values you want as your TP or SL.
Enable Breakeven: This will depend whether your Trailing stop will Move SL to the Entry Point or Above the Entry Point. (Explained Further below and Via Video)
Breakeven (BE): Select where you want to breakeven IF price moves in the positive to that BE Target e.g. BE = 20 Pips, IF Price moves 20 Pips in your favour then the EA will move SL to breakeven.
Trailing Stop Target (TST): Set where/when you want your "Trailing Step" to start moving Stop Loss e.g. IF price moves 20 Pips or 1x ATR above price move Trailing Step 5 Pips.
Trailing Interval (TI): After "Trailing Stop Target" is reached you can set how far price has to move further in order for "Trailing Step" function to keep moving SL further into Profit.
Trailing Step (TSt): This is how much your SL moves from Current Position to Next Position
Example Parameters/Scenario: TST = 20 Pips , TI = 10 Pips, TSt = 5 Pips. IF price moves 20 Pips in your favour, TSt will move SL 5 Pips. IF price continues 10 Pips more above the TST which = 20 Pips the TS will move another 5 Pips and will do so every 10 Pips until Take Profit is taken. However you don't have to Set TP, you can wait until your indicator Exits you out of the Trade.
(Important Note: Selecting "Enable Breakeven" will move TS beyond Entry Point and "Disabling Breakeven" will Trail SL to the Entry Position.
Pre-Exit Indicator: Enter the Name of the indicator that works and is compatible with the Trade Manager. The Name you must enter should be identical to how it is spelt on the Navigator Panel.
Indicator Timeframe: The Indicator will only work on the Selected Timeframe or the Current Timeframe. It is recommended to Set a fixed Timeframe on all available "Timeframe functions."
Parameter Functions: Before entering your values you have to determine what values is integer, float or a string. i: - for integer values; d: - for floating-point values; s: - for strings. You have to enter the appropriate letter that corresponds to the correct number type.
To Find which is integer, float and string you have to identify the symbols. On each Indicator a Symbol will appear to the Left of it. Direct yourself to the screenshot provided in order to know the relevant symbols.
Buffer Function: Every Indicator will have buffers that indicate a Buy or a Sell. If the Buffers are wrong it will not exit you out of trade. If they are switched around they will exit you out of trade right after Entering.
Exit Type: Determine what your indicator does e.g. Change Colour, Line Cross or Cross above Certain Level
Exit Level: Enter Level you want to Exit at. Indicators which requires line to cross level are not recommended e.g. stochastic, use at own desecration.
My Own Personal Settings:
- Pre-Exit Indicator: Mega-trend
- Indicator Timeframe: 4HR
- Parameter1: i: 20
- Parameter2: i: 1
- Parameter3: (Leave Blank if not Required)
- Parameter4: (Leave Blank if not Required)
- Buffer 1: 1
- Buffer 2: 2
- Exit Type Long Trades: Colour 1 change to Colour 2
- Exit Type Short Trades: Colour 2 Change to Colour 1