Automated Stop Loss and Take Profit
Info
The Automated Stop Loss and Take Profit is a Expert Advisor for MetaTrader 4 that this script automates the setting of stop loss and take profit with confirmation. The calculation is based on the buy cost.
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 Stop Loss and Take Profit
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 script automates the setting of stop loss and take profit with confirmation.
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: Quantora Trailing Stop Manager: Automatic Stop Loss for MT4 - another powerful expert for MetaTrader 4 traders.
This script automates the setting of stop loss and take profit with confirmation.Also recommended: e-trailing2: enhanced trailing stop expert advisor - similar expert with strong performance on MetaTrader 4.
The calculation is based on the buy cost.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
extern string aboutautostop="automatically sets take profit and stop loss calcul with inital cost on all trades multisymbol";
extern bool monitortakeprofit=true;
extern bool monitorstoploss=true;
extern double takeprofit=15;
extern double stoploss=20;
int start()
{
int digits=marketinfo("eurusd",mode_digits);.......
⚠ 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.