i dont really understand the step to use it, i rarely use MT5 on desktop. Can you please explain it.

also is it possible to set the SL to 0?

Hi Izzat,

To use the EA, once you've loaded it onto your chart, you'll need to choose the type of stop you want. You have four options:

1. Percentage (of price) – For example, if you want a 1% stop on a stock trading at $100, your stop will be at $101 for a short position and $99 for a long position.

2. Basis Points – This works like a percentage, but in basis points. 1% = 100 basis points. For example, 0.5% = 50 basis points.

3. Pips or Ticks – This is the number of pips or ticks you want as a stop distance. For instance, if you're trading GBP/USD and want a 45-pip stop, you would type in 45 as the stop value.

4. Absolute Value – This is the actual price distance as a real value. For example, if you want a 45-pip stop on GBP/USD, you would type in 0.0045 as the stop value.

Once you've chosen your stop type and value, you'll see two horizontal lines on your chart — a red line for a short trade and a blue line for a long trade. These lines show indicative stop levels if you were to place a trade at the current price. They will adjust with the price until a trade is executed, at which point the stop value will lock in and remain fixed.

If you wish to remove the stop, you can do so 5 seconds after the trade has been executed. You can also adjust the stop manually after 5 seconds post-trade execution.

How to delete or adjust a stop manually in MT5 (from the Toolbox):

• To delete a stop:

  1. Open the Toolbox (shortcut: Ctrl + T ) at the bottom of the MT5 window.
  2. Go to the Trade tab.
  3. Find the trade with the stop you want to delete.
  4. Right-click on the trade and select "Modify or Delete" from the menu.
  5. In the order modification window, delete the stop value and confirm.

• To adjust a stop:

  1. Open the Toolbox (shortcut: Ctrl + T ) at the bottom of the MT5 window.
  2. Go to the Trade tab.
  3. Find the trade with the stop you want to adjust.
  4. Right-click on the trade and select "Modify or Delete."
  5. In the order modification window, change the stop value to your desired level and confirm.

How to move the stop loss to break even:

To move the stop loss to break even, you'll need to do this manually:

1. Open the Toolbox and go to the Trade tab.
2. Right-click on the trade and select "Modify or Delete."
3. In the order modification window, set the stop value to your entry price and confirm.

Hope that helps! Let me know if you have any further questions.

I see, thank you for the clarification!

Also would you consider also adding automated TP?

I'm working on a few other things at the moment but I can certainly look into this when I have a bit of free time.  So no timeline yet but I will message you when I get around to it.

 Regards

Hi there.  Yes, in your examples, you would run the EA on each chart (one on the S&P and the other on the EUR/USD).  So they are completely separate EA and you can change the parameters of each as you need.

On a VPS the MetaTrader app will be the same as if you're running from your PC.
I don't believe the mobile app supports EAs or custom indicators.

Hi James - I have a question about this utility. Can it be used to apply a stop loss price to all open orders of the same asset?

I only trade gold (XUAUSD) but can open multiple small positions around my desired entry price or lower if it drops a few pips below, then I find 10 - 12 orders I have to manually apply the sae stop-loss price to. Can I use this utility to apply the same price to all of my open gold positions?

Hi TradeyFX,

I'm afraid it won't do that.  When you place your limit orders, they will presumably be at different levels.  When they execute, one by one, the stop loss will be placed at the price of execution based on the distance parameters you have set.  So if you set a 1% distance on limit buy orders of 100 and 90, for example, then the stop losses will be 99.0 and 89.1 respectively.