Open Two Pending Orders
This tool for MetaTrader 4 is specifically engineered to streamline your trading operations. 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 Open Two Pending Orders
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
The Expert Advisor is intended for automatic placing of Buy Stop pending orders and Sell Stop pending orders simultaneously, Stop Losses and Take Profits on the user specified levels. As soon as the long position (BUY) is opened as ASK price crosses the levels, the remaining pending order (SELLSTOP) is deleted. Vice versa if the short position (SELL) is opened as BID price crosses the levels, the remaining pending order (BUYSTOP) is deleted. It places again both pending orders after the opened order has been closed. Thus spread widening is not dangerous. Nevertheless, you need to have this EA to prevent unwanted hitting of the Stop Loss levels.
Main Purposes
Automation of the process of placing the Buy Stop pending orders and Sell Stop pending orders simultaneously, Stop Losses and Take Profits on user-specified levels in case a brokerage company prohibits placing such orders closer than 'n' points from the current price.
Avoiding unwanted triggering of Stop Loss without further confirmation with the close price.
Setting Take Profit levels.
Setting Trailing Stop levels. EA Settings
DynamicLotSize
- Choose to use money management system to calculate lot size based on Equity (true by default).
EquityPercent
- Risk percentage of equity (2 by default).
FixLotSize
- lot size to use if
DyanamicLotSize
is false (0.1 by default).
StopLoss
- Stop Loss level in point of the price chart (100 by default).
TakeProfit
- Take Profit level in point of the price chart (300 by default).
TrailingStop
- Trailing Stop level in point of the price chart (100 by default).
PipsAway
- trigger level for the "waiting" pending orders in point of the price chart (50 by default).
Slippage
- Slippage value.
Magic
- Magic number.
The specified level for entering a position, the Stop Loss and Take Profit levels are marked with lines of different colors on the chart.
