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Hello there.
I am interested in a ZONE EA (for the MT4 Platform) that I can trigger immediately or is triggered if a pending order is opened.
There are lots of 'recovery zone ea's' free and paid out there but the difference with this EA is that I do not require a Martingale style system or a Multiplying Lot sizes. I have a strategy already and this could help me a little.
Basically if I open a BUY order at market price (OR my PENDING Order gets activated) then I want the EA to activate a SELL STOP Order at X Number of Pips away from the BUY Order. I want this EA with a SL where the buy order was placed (visa versa if a Sell Order was opened). I want the Stop Loss and Take Profit in pips entered by user. Lot size remains the same, no multiplier is required and finally a Magic Number so that I can use it one the SAME Currency in different charts.
So for example I place the EA on my chart with the following settings:
LOT SIZE: 0.01 (lot size remains the same, no multiplier required)
ZONE DISTANCE (in Pips) - 100
TAKE PROFIT (in Pips) - 200
MAXORDER: 3
MAGIC NUMBER: 123456 (so that i can use same ea on SAME CURRENCY with different settings)
I BUY at Market Price eg: 1.1850 (or a pending order if it is later triggered)
The EA is activated:
First Order is a BUY Order:
Lot size: 0.01
Entry: 1.1850
Stop Loss: 1.1750 (100 pips)
Take Profit: 1.2050 (200 pips)
this order Hits Stop Loss and a Second Opposite order is opened.
Second Order is a SELL Order:
Lot size: 0.01 (same lot size)
Entry: 1.1750 (which is the first order's stop loss)
Stop Loss: 1.1850 (which was the first order's entry)
Take Profit: 1.1550
this order also Hits Stop Loss and a Third Opposite order is opened.
Third Order is a BUY Order:
Lot size: 0.01 (still the same lot size)
Entry: 1.1850
Stop Loss: 1.1750 (100 pips)
Take Profit: 1.2050 (200 pips)
Take Profit is Hit and the EA is Closed.
If after MAXORDERS (3) the Stop Loss is Hit then no more further orders are required to open.
Thats it DONE.
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