Automated Stop Loss and Take Profit EA
Info
The Automated Stop Loss and Take Profit EA is a Expert Advisor for MetaTrader 4 that this expert advisor (ea) is designed to assist traders by automatically setting stop loss (sl) and take profit (tp) levels on trades, particularly during scalping sessions. Key features:- Fixed SL and TP: Set predefined SL and TP values for all trades.
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 EA
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) is designed to assist traders by automatically setting stop loss (SL) and take profit (TP) levels on trades, particularly during scalping sessions.
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: MD Scalper EA: Trend/Reversal Scalping with Trailing Stop - another powerful expert for MetaTrader 4 traders.
This Expert Advisor (EA) is designed to assist traders by automatically setting stop loss (SL) and take profit (TP) levels on trades, particularly during scalping sessions.Also recommended: APB Channel EA: Heikin-Ashi Reversals with Keltner Channel Confirmation and Swing Structure Stops - similar expert with strong performance on MetaTrader 4.
Key features:
- Fixed SL and TP: Set predefined SL and TP values for all trades.
- Dynamic SL and TP: Utilize the daily Average True Range (ATR) to calculate SL and TP based on market volatility.
Input Parameters:
- Choose between fixed or dynamic SL and TP methods.
- Set SL and TP values for the fixed method.
- Configure ATR period and multiplier for the dynamic method.
You may also like: Quantora Trailing Stop Manager: Automatic Stop Loss for MT4 - excellent alternative for expert users on MetaTrader 4.
Source Code
/*
this utility ea places stoploss & takeprofit if there are positions without them.
*/
extern string about = "<<< automatic sl and tp manager >>>";
extern bool set_stoploss = true;
extern bool set_takeprofit = true;
extern string slexp = "<<< stoploss >>>";
extern string stoplossexp = "1=fixed pips 2=atr multiple";
extern int stoploss_method = 1 ;
extern int fixed_sl = 5;.......
⚠ 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.