If you use in your manual trading pending orders to break any price level such as SELL STOP and BUY STOP, it is very often that during high volatility in the market such types of pending orders are activated with a very strong slippage. As a result of slippage, the position is opened at a different price than the price at which the STOP order is placed. This EA-utility allows you to replace pending orders of the STOP type with pending orders of the LIMIT type. For this purpose the EA emulates a pending order type STOP LIMIT (BUY STOP LIMIT and SELL STOP LIMIT). As soon as the candle closes below the SELL STOP LIMIT orders, the EA will attempt to open a pending order SELL LIMIT. As soon as the candle closes above the BUY STOP LIMIT order, the EA will try to open a pending buy LIMIT order. The volume, take profit and stop loss of pending orders are set in the EA settings. To place a pending order of the BUY STOP LIMIT type, place a horizontal line on the chart above the current price and set its name "BUYSTOPLIMIT"in the properties of this line. To place a pending order of the SELL STOP LIMIT type, place a horizontal line on the chart below the current price and set its name "SELLSTOPLIMIT"in the properties of this line. If the "Delete opposite order" parameter is enabled (true), the opposite one will be automatically deleted when one of the stop LIMIT orders is activated. This utility is suitable as an assistant for traders using breakout strategies and for trading during the news release, during which volatility in the market increases significantly.
- Volume - Volume;
- Stop Loss - StopLoss;
- Take Profit - TakeProfit;
- Magic Number - Magic number;
- Delete opposite order - If this parameter is enabled (true), then when one of the STOP LIMIT orders is activated, the opposite one will be automatically deleted;
- Trall step point - Trailing stop. To disable, set the value to zero.