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A bot which Does the Following -
1. Automatically Create Buy Stop order above open position and Automatically Create sell Stop order below open position . 1st Open position will be Manual Order placed .
2. Equal distant between the advanced stop order (customizable Distance in pips )
3. Take Profit and Take Loss in stop orders ( customizable in pips )
4. Number of Stop orders both Side ( customizable )
5. Static order lot size - same for all stop orders ( customizable )
6. Option to choose between Stop Limit or Stop Market order so loss can be minimized due to slippages.
7. Button to delete all pending orders at once.
8. Stop Orders will always be placed at fixed points defined at 1st manual position not changed due to slippage.
9. Only 1 Stop order at 1 level . not 2 or multiple order at same level .
Description - Example instrument- US30
Suppose US30 is trading at 33900 . Advanced stop order Distance is set at 50 pips. Number of stop order is set at 5. I placed Manual buy order at 33900 . Then automatically 5 Buy stop order above 33900 is created at 33950 , 34000 , 34050 , 34100 , 34150 and 5 stop sell order below 33900 is created at 33850 , 33800 , 33750 , 33700 , 33650 . All Stop Orders must have Stop loss and Take Profit pre defined .
Now lets say Take Profit is set at 40 pips and Stop loss at 40 pips. Pending Stop Order distance - 50 pips
Case1- Market goes up Open position at 33900 takes profit at 33940 and order is closed. Market moves up further Then Pending Buy Stop Order is executed at 33950 then automatically a new pending Sell Stop order is placed below 33950 with 50 pips distance that is at 33900 .
Case2 - Again market Moves up Pending Buy Stop order at 34000 is executed and automatically a new Sell Stop order is placed below 34000 with 50 pips distance that is at 33950 .
Case3- Then market goes down 34000 open position Sl hit at 33960 and pending sell stop order at 33950 is executed and then a New pending Buy Stop order is automatically placed above the new open position of 33950 with 50 pips distance that is at 34000 .
Case4- Market first moves up from 33900 to 34150 executing all Pending Buy Stop orders then Reversing from 34150 to 33900 executing all Pending Sell Stop Orders. And then Again Reverses from 33900 to 34150 in that case there has to be Pending Buy orders already placed at levels- 33950,34000,34050,34100,34150 which defined in the 1st manual trade.
Overall Theme -At any time Robot will keep placing Multiple(number defined in input, here example-5 ), 5 Buy Stop Orders above Current open position and keep placing 5 Sell Stop Orders Below Current open positions at Levels Defined in 1st Manual trade with input distance given in pips. Meaning if market keep moving up 2000 points and Current Market price is 36000 . Then Robot will place 5 buy stop orders above 36000 at 36050, 36100 , 36150 , 36200 , 36250 and 5 sell stop orders below 36000 at 35950 , 35900 , 35850 , 35800 , 35750 . If some order not executed at defined levels due to slippage example executed at 36030 so next 5 orders must not be placed at 50 pips calculated from 36030 that is at 36080,360130 etc but rather pending orders must be placed with pip distance calulated from 1st manual trade which is at 33900 . 50-50 pips calculation must be done from 1st trade 33900+50+50+50+50+50+50+50+50+50+50+50+50+50+50+50+50 like that no matter due to slippage where 2nd order or 5th order is executed .
Caution-
1. Pending Stop orders always execute at levels defined in 1st Starting Trade . Meaning 33900 is the base point from where 50 pips will be caulculated any side . Example - in case 1 Due to Slippage pending order is executed at 33940 insted of 33950 still Sell Stop orders will be placed at 33900 only Not at 33940-50 = 32890 .
2. Dont create multiple pending orders at any level . Make sure 1 levels has only 1 pending stop order .
