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Automated Break-Even Stop Loss EA for MT4/MT5
Info
The Automated Break-Even Stop Loss EA for MT4/MT5 is a Expert Advisor for MetaTrader 4 that this expert advisor (ea) does not place new orders. Instead, it monitors existing orders and automatically moves the stop loss to the break-even point once the profit reaches a predefined minimum requirement.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Experts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Automated Break-Even Stop Loss EA for MT4/MT5
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
This Expert Advisor (EA) does not place new orders.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 4. Place the file in the MQL4/Experts folder and restart the terminal.
Description & Settings
Related: e-news-lucky$ - automated news trading expert advisor - another powerful expert for MetaTrader 4 traders.
This Expert Advisor (EA) does not place new orders. Instead, it monitors existing orders and automatically moves the stop loss to the break-even point once the profit reaches a predefined minimum requirement.Also recommended: e-moving in wl2: automated stop loss adjustment - similar expert with strong performance on MetaTrader 4.
The EA is provided in two versions to accommodate different currency pair digit specifications:
- Version 1: For pairs with 4 or 5 decimal places.
- Version 2: For pairs with 2 or 3 decimal places (typically JPY pairs).
Users only need to configure the minimum number of pips required to trigger the stop loss movement to break-even.
You may also like: e-trailing: automated trailing stop for all positions - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
extern string enterbepips = "please enter profit pips to move sl to be.";
extern double be_pips = 30;
extern string pairname= "please enter name of jpy pair";
extern string jpypairname = "usdjpy";
int init()
{
return(0);
}.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.