Master Exit Plan
This professional-grade solution for MetaTrader 4 helps traders achieve greater efficiency in their daily workflow. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Master Exit Plan
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.
Description & Settings
Master Exit Plan is collection of simple strategies that would help traders manage on how to exit open trades and pending orders.
NOTE: This EA doesn't open a trade for you. It only manages your open trades and pending orders.
Here are the list of exit strategies...
Equity Target - this part of the program helps you protect your account equity conservatively.
Hard Stop-Loss - you can set a fixed visible stop-loss on every trade you do.
Hidden Stop-Loss - you can set a fixed hidden stop-loss on your every trade.
Dynamic Hard Stop-Loss - this is a visible stop-loss that moves with the price. This will enable the trader to trade as if there's no stop-loss even if there's a stop-loss. The full explanation of this revolutionary concept is discussed in the e-book, Uncharted Stratagems: Unknown Depths of Forex Trading. There are actually more than a dozen of new ideas that can be stolen from that book.
Trailing Stop - this is not an ordinary trail stop method. it has another revolutionary idea of triggering the trail stop when a certain positive profit in percentage is reached. It also assured the trader of positive pips to gain.
Trail Pending Order - this trails stop orders to maximize a beneficial postions.
