How do I install this Expert on MetaTrader 4?

Download the file, open MetaTrader 4 -> File -> Open Data Folder, copy the file to the correct folder (Experts / Indicators / Scripts / Libraries), then restart the terminal.

How do I activate / load this Expert?

Drag the Expert Advisor from the Navigator panel onto a chart, enable AutoTrading, and allow live trading in the settings.

Is this compatible with MetaTrader 4?

Yes, this Expert is built specifically for MetaTrader 4.

Is this Expert safe to use with real money?

All tools are provided for educational and testing purposes. We strongly recommend testing on a demo account first. Trading involves significant risk of loss.

Can I use this Expert on multiple charts?

Yes, but each chart can only run one Expert Advisor at a time. You can run multiple EAs on different charts.

Can I customize the settings of this Expert?

Yes. Right-click on the chart and select properties to open and adjust parameters.

Free Order Loss Closure Expert Advisor Expert for MetaTrader 4

MetaTrader 4 expert

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Order Loss Closure Expert Advisor

Info

The Order Loss Closure Expert Advisor is a Expert Advisor for MetaTrader 4 that this expert advisor (ea) automatically closes open orders in the metatrader terminal when a specified loss threshold is reached. It monitors all open orders across all currency pairs, regardless of whether the EA is installed on them.

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 Order Loss Closure 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) automatically closes open orders in the MetaTrader terminal when a specified loss threshold is reached.

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: Quantora Trailing Stop Manager: Automatic Stop Loss for MT4 - another powerful expert for MetaTrader 4 traders.

This Expert Advisor (EA) automatically closes open orders in the MetaTrader terminal when a specified loss threshold is reached. It monitors all open orders across all currency pairs, regardless of whether the EA is installed on them. This allows for centralized control over potential losses.

Also recommended: e-moving in wl2: automated stop loss adjustment - similar expert with strong performance on MetaTrader 4.

The loss threshold can be varied based on the order volume. For instance, by default, the maximum allowable loss for orders with volumes from 0.01 to 0.02 lots is set to 4 units of the account currency. For orders with volumes greater than 1 lot, the maximum loss is set to 30 units of the account currency.

Please note: Slippage may occur depending on market conditions and your broker.

Input Parameters:

- min_001_002: Maximum loss for orders with volumes from 0.01 to 0.02 lots (inclusive).
- min_002_005: Maximum loss for orders with volumes from 0.02 to 0.05 lots (inclusive).
- min_005_01: Maximum loss for orders with volumes from 0.05 to 0.1 lots (inclusive).
- min_01_03: Maximum loss for orders with volumes from 0.1 to 0.3 lots (inclusive).
- min_03_05: Maximum loss for orders with volumes from 0.3 to 0.5 lots (inclusive).
- min_05_1: Maximum loss for orders with volumes from 0.5 to 1 lot (inclusive).
- min_from1: Maximum loss for orders with volumes greater than 1 lot.

You may also like: close positions by percentage profit or loss - excellent alternative for expert users on MetaTrader 4.

Source Code

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⚠ 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.