Are you a Scalper or News trader?
If the answer is YES, I think you know that "StopLoss (SL) Management" is very important for you.
"Ai2FX: SL-Modifier", the powerful EA can help you to modify any order's SL automatically with the Fast and Elastic algorithm.
You can determine the difference criterion in "Positive Side" and "Negative Side" to modify your order, where
-"Positive Side" of an order is the area on your chart that the order gives you a profit when the current price moves on.
-"Negative Side" of an order is the area on your chart that the order makes you lost when the current price moves on.
With this idea, it makes this EA can be customized easily for your trading strategy.
Demo version: https://www.mql5.com/en/market/product/32888
2. Functions and Features (v1.0):
(1) This EA defines 2 sides of a chart; "Positive Side" and "Negative Side" to determines the method of SL-modification.
(2) In "Positive Side" the EA monitors and modifies SL every tick (Real-time).
(3) In "Negative Side" the EA modifies SL every interval determined from you.
(4) The EA has two criterion to modify SL;
- Fix-Dst : move SL by a specific distance ("Positive Side": between SL and CurrentPrice, "Negative Side": the distance from the "Last SL Price" to the "New SL Price")
- %-Dst : move SL by specific % of distance (: between SL and CurrentPrice)
(5) The EA can specifically work with order using "Magic Number".
(6) You can determine the minimum distance between SL and "Current Price".
(7) You can delay to adding SL to your order after the order was opened. (1,2,3,... Sec.)
3. How to use this EA:
From my scalping experience, I found that fast execution is the Success Factors.
So, "Ai2FX: SL-Modifier" is based on this concept.
Moreover, I recommend you to try to do some of the followings to improve the execution speed of your trading meanwhile you use "Ai2FX: SL-Modifier" as your "SL-Management EA".
(One of our milestones is to reduce the slippage of each order. It may be from latency, computer/VPS spec, broker, market etc.)
(1) You should Split your scalping EA into 2 independent sets; "OPENING EAs" and "CLOSING EAs", your order will be managed faster than do everything in one EA.
: This is the reason why "Ai2FX: SL-Modifier" is modify SL only, do not include the opening algorithm.
(2) You can use more than one "CLOSING EAs" work together.
: In my trading account, I use "Virtual-Trail EA" and "Ai2FX: SL-Modifier" work together. However, you can use only "Ai2FX: SL-Modifier" to be your "CLOSING EA".
(3) "Ai2FX: SL-Modifier" is specific to each currency, you must open the EA in all charts that you want the EA modifies your order.
: This method makes the "order modification" faster than the modification of a lot of orders in one EA.
(4) if your trading style is scalping, in positive side I recommend you to use "Fix-Dst" criteria, and in "Negative Side" I recommend you to use "%-Dst " criteria.
- Ai2FX-ModifySL is not the EA to open order, it is the EA to make orders are closed in the right time.
- Your "CLOSING EA" can be only "Ai2FX-ModifySL" or "Ai2FX-ModifySL" work together with "Other EAs".
- You can use "Ai2FX-ModifySL" although you are not a scalper.
4. Variable:Shown in the snapshot picture.
"Simple is the best"
If you require any further information, feel free to contact me and please do not hesitate to comment or review this EA.
I hope you will like it.
Note for next version
1. Users can edit their input variable on EA panel.