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dual stop loss, hidden and regular together
Info
The dual stop loss, hidden and regular together is a Expert Advisor for MetaTrader 4 that usually the first thing a trader should consider when opening a new position is money management. one of the ways traders often control risk and manage their capital is to use a certain margin loss for their positions.
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 dual stop loss, hidden and regular together
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
usually the first thing a trader should consider when opening a new position is money management.
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.
Also recommended: e-trailing2: enhanced trailing stop expert advisor - similar expert with strong performance on MetaTrader 4.
usually the first thing a trader should consider when opening a new position is money management. one of the ways traders often control risk and manage their capital is to use a certain margin loss for their positions.many traders think that when they set a stop loss (or even take profit) for a position and enter this price in , the broker server is obliged to close their position as soon as the price reaches this limit. but in fact this is not exactly true.
it depends on the type of account you have at your broker. it is good to know that in ecn accounts, when you give a price to the broker as a stop loss or take profit, the broker closes your position in the first available price after that as soon as the price reaches this limit. if you do not agree with this, this time look at your trading history more carefully. you will see that some of your orders are closed at a price other than what you set, and you incur more losses and even more profit than you expect. this is because of slippage.
in addition, some traders believe that the loss limit should not be accurately indicated for brokerage. the hidden stop loss is born of such traders, and this robot is designed for exactly this purpose. from now you can have both
hidden
and
regular
stop loss
together
.
you can easily set a regular stop loss for your positions like always. it does not matter if you use robots or trade manually.
just run this robot on a new separate chart (any) to manage your entire positions. the input value determines the distance between the hidden and regular stop loss. note that this value is defined by point, not pip.
You may also like: e-moving in wl2: automated stop loss adjustment - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
extern double whentoclose = 10; // points to close order just before stoploss hit
double stoplevel = (int)marketinfo(symbol(), mode_stoplevel);
int oninit()
{
return(init_succeeded);
}.......
⚠ 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.