close all orders once the drawdown reaches a specific percentage
Info
The close all orders once the drawdown reaches a specific percentage is a Expert Advisor for MetaTrader 4 that this code has some functions to close all opened orders once the drawdown reaches a specific percentage of the account balance. you will just enter the magic number of the orders (enter 0 for control all orders), and the maximum percentage of drawdown that will allow the code logic to close the order once it is reached.
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 close all orders once the drawdown reaches a specific percentage
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 code has some functions to close all opened orders once the drawdown reaches a specific percentage of the account balance.
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: close positions by percentage profit or loss - another powerful expert for MetaTrader 4 traders.
this code has some functions to close all opened orders once the drawdown reaches a specific percentage of the account balance.
Also recommended: E-Close by Time: Automated Position and Order Management - similar expert with strong performance on MetaTrader 4.
you will just enter the magic number of the orders (enter 0 for control all orders), and the maximum percentage of drawdown that will allow the code logic to close the order once it is reached.only call the function
dd_close
to use this code.
attached is the header file of this code with the ea that is built on this code.
You may also like: bad orders expert advisor for metatrader - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property strict
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#include <stderror.mqh>
#include <stdlib.mqh>
extern const string description_1="the magic number, enter 0 to control the all orders .";
extern int magic_number=0;
extern const string space_1="";
extern const string description_2 = "the max drawdown persantge that allow the ea";.......
⚠ 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.