lacus tstopand be
Info
The lacus tstopand be is a Expert Advisor for MetaTrader 4 that this expert advisor is designed for manual trading, offering a comprehensive set of features to manage stop loss and take profit for various order types, including buy, sell, buy limit, buy stop, sell limit, and sell stop. Key features include:- Stop Loss and Take Profit: Set predefined stop loss and take profit values for each trade, ensuring risk management.
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 lacus tstopand be
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 is designed for manual trading, offering a comprehensive set of features to manage stop loss and take profit for various order types, including buy, sell, buy limit, buy stop, sell limit, and sell stop.
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: csv converter quandl to mt4 (calendar version) - another powerful expert for MetaTrader 4 traders.
This expert advisor is designed for manual trading, offering a comprehensive set of features to manage stop loss and take profit for various order types, including buy, sell, buy limit, buy stop, sell limit, and sell stop.Also recommended: the double bollinger band strategy mt4 - similar expert with strong performance on MetaTrader 4.
Key features include:
- Stop Loss and Take Profit: Set predefined stop loss and take profit values for each trade, ensuring risk management.
- Break Even and Trailing Stop: Advanced position management with break-even functionality and trailing stop to lock in profits as the market moves in your favor.
- Digits Compatibility: Works seamlessly with 4 and 5-digit brokers, ensuring broad compatibility.
Input Parameters:
- Stoploss: Define the stop loss in pips.
- Takeprofit: Set the take profit target in pips.
- Trailingstart: Specify the distance from the open price to initiate trailing, allowing for immediate or delayed trailing based on market conditions.
- Trailingstop: Define the trailing stop distance from the current price in pips.
- Breakevengain: Set the profit level to trigger the break-even function, ensuring partial profit protection.
- Breakeven: Lock in a specific number of pips as profit, providing a safety net for your trades.
Example:
For a buy order, the expert advisor sets a stop loss of 40 pips and a take profit of 200 pips. As the price moves in your favor, reaching 25 pips profit, the break-even function adjusts the stop loss to +10 pips. If the position reaches +30 pips or more, the stop loss is further adjusted, and a trailing stop of 20 pips is applied.
Additional Features:
- Percentofbalance: Close all orders when account profit reaches a specified percentage of the balance.
- Profitamount: Close all orders when the account profit reaches a specific amount, e.g., 12 euros, regardless of individual trade profitability.
- Orderprofit: Close an order on the current pair when its profit reaches a defined amount, such as 4 euros.
- Stealth Mode: Enable the expert advisor to calculate and control stop loss, break-even, trailing stop, and take profit values without sending them to the broker. This mode is ideal for testing and refining strategies.
Note: Testing in demo mode is recommended to ensure optimal performance and strategy validation.
You may also like: Price vs Alpha Analysis - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#include <stdlib.mqh>
#include <winuser32.mqh>
extern double stoploss=40;
extern double takeprofit=200;
extern string closefunctions="closefunctions";
extern double percentofbalance = 1; //close all orders if profit reached the x percent of balance or
extern double profitamount = 12; //close all orders if profit reached the x profit amount in acc currency, for example 12 euros.
extern double orderprofit = 4; //close market order if profit reached x profit amount, for example 4 euros .......
⚠ 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.