Equity SL and TP
A simple little utility that can close all of your open positions at once if your equity reaches a defined profit or loss (in percent of your account balance).
You can use it as an additional risk-management for your manual positions or your EAs.
It closes ALL of the positions. It does not care about symbol, magic number, comment or if the trade was placed by an EA or manual. If you want, the utility can delete your pending orders as well.
How to use it:
Place the utility on any chart that provides continuous ticks. I recommend to use EURUSD.
Set the inputs to your needs. You can double-check them at the dashboard.
Don't forget to check if the Auto-Trading button in your Terminal is enabeled.
- If the market is closed for a symbol the position for this symbol will not be closed when equity SL or TP was triggered. The EA will close only the positions for which trading is possible.
- The Utility cannot prevent an EA from reopening a position.
- The Utility does not work with Signals. The Signal-Service will always reopen positions, which the Utility can not prevent.
- Not every EA can be managed effectively with this utility.
- It is NOT a replacement for setting a Stop-Loss!
- There is no slippage-limitation.
- The utility can not be tested at the strategy-tester.
The only way to test this utility is at a demo-account.