Open Two Pending Orders Expert Advisor
Info
The Open Two Pending Orders Expert Advisor is a Expert Advisor for MetaTrader 4 that this expert advisor (ea) is designed to automate the process of placing buy stop and sell stop pending orders simultaneously, with stop losses and take profits set at user-defined levels. When the long position (buy) is opened as the ask price crosses the specified level, the remaining pending sell stop order is deleted.
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 Open Two Pending Orders Expert Advisor
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 (EA) is designed to automate the process of placing buy stop and sell stop pending orders simultaneously, with stop losses and take profits set at user-defined levels.
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: daily breakdown pending order ea - another powerful expert for MetaTrader 4 traders.
This Expert Advisor (EA) is designed to automate the process of placing buy stop and sell stop pending orders simultaneously, with stop losses and take profits set at user-defined levels.Also recommended: Automated Screenshot and Email Notification After Trade Opening - similar expert with strong performance on MetaTrader 4.
When the long position (buy) is opened as the ask price crosses the specified level, the remaining pending sell stop order is deleted. Conversely, if the short position (sell) is opened as the bid price crosses the level, the remaining pending buy stop order is removed. The EA then places both pending orders again after the opened order is closed, ensuring that spread widening does not impact the strategy.
Main Features:
- Automation of placing buy stop and sell stop pending orders with user-defined stop losses and take profits.
- Avoids unwanted stop loss triggers without further confirmation from the close price.
- Allows setting take profit and trailing stop levels.
EA Settings:
- DynamicLotSize: Enable/disable money management system for lot size calculation based on equity (default: true).
- EquityPercent: Risk percentage of equity (default: 2).
- FixLotSize: Fixed lot size to use if DynamicLotSize is disabled (default: 0.1).
- StopLoss: Stop loss level in points (default: 100).
- TakeProfit: Take profit level in points (default: 300).
- TrailingStop: Trailing stop level in points (default: 100).
- PipsAway: Trigger level for pending orders in points (default: 50).
- Slippage: Slippage value.
- Magic: Magic number.
The EA marks the specified entry level, stop loss, and take profit levels with different colored lines on the chart for visual reference.
You may also like: Auto Pending and Manage Orders by RSI - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#include <stdlib.mqh>
input bool dynamiclotsize =true; //use money management
input double equitypercent = 2; //risk percent
input double fixedlotsize = 0.1; //fixed lotsize
input double stoploss = 100; //stoploss( in point)
input double takeprofit = 300; //takeprofit( in point)
input double trailingstop = 50; //trailingstop(in point).......
⚠ 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.