Order Management Assistant
Info
The Order Management Assistant is a Expert Advisor for MetaTrader 4 that this tool automatically places stop loss and take profit orders at user-defined distances from the entry price. It clearly displays the current status of all open orders.
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 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 automatically places Stop Loss and Take Profit orders at user-defined distances from the entry price.
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 Trade Manager MT4: Advanced Position Management for MetaTrader 4 - another powerful expert for MetaTrader 4 traders.
This tool automatically places Stop Loss and Take Profit orders at user-defined distances from the entry price.Also recommended: simple trailing position management library - similar expert with strong performance on MetaTrader 4.
It clearly displays the current status of all open orders.
To close an order, simply select and drag its label to the left.
In the settings, you can configure:
- Stop Loss and Take Profit levels
- Trading pair
- Lot display accuracy
- Adjustments for accurate position status display (to prevent overlap with other information)
It is recommended to create separate instances of this tool for each trading pair.
This is the latest version, optimized with essential functionalities to avoid interfering with your trading activities.
We hope this tool proves beneficial. Good luck with your trading.
You may also like: E-Close by Time: Automated Position and Order Management - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
color ordcolor[]={olive,dodgerblue,orange,green,yellow,gray,chocolate,blue,lime,white,red};
double dstop=0; // stop for current order (usd)
string sdstop="0"; // stop for current order (usd)(string)
double sl=0; // stop loss level
double tp=0; // take profit level
double psl=0; // stop loss in points
double ptp=0; // take profit in points
double op=0; // open price level.......
⚠ 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.