Limit Orders Management Assistant
Info
The Limit Orders Management Assistant is a Expert Advisor for MetaTrader 4 that this tool simplifies trading with limit orders. When placing two limit orders on opposite sides of the price, you no longer need to wait for one to trigger before removing the other.
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 Limit Orders Management Assistant
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 tool simplifies trading with limit orders.
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: bad orders expert advisor for metatrader - another powerful expert for MetaTrader 4 traders.
This tool simplifies trading with limit orders.When placing two limit orders on opposite sides of the price, you no longer need to wait for one to trigger before removing the other. The assistant automates this process, saving you time and effort.
Also recommended: automatic take-profit and stop-loss limit tool - similar expert with strong performance on MetaTrader 4.
Here's how it works:
- Place two limit orders.
- Attach the assistant to the chart.
Once one order is activated, the assistant automatically deletes the other and notifies you. It then stops working until you restart it by placing new limit orders and re-initializing the assistant (e.g., by opening its settings and clicking OK without making changes).
You can customize the assistant's behavior:
- Enable/disable comments in the settings to receive notifications when the advisor is activated/deactivated.
- Set a magic number to manage specific orders, ensuring the assistant only interacts with orders containing that magic number.
This tool was developed in response to a user request for a free indicator, ensuring a tailored and efficient trading experience.
Settings:
- MagicNumber: Set the magic number to prevent the advisor from managing unrelated orders. Set to '0' to track manually placed orders.
- WriteComments: Enable/disable advisor comments.
You may also like: Wipeout - Close All Orders on Profit Target - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
input int magicnumber=0;
input bool writecomments=true;
#include <stderror.mqh>
#include <stdlib.mqh>
static bool work=true;
int oninit().......
⚠ 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.