Simplified Stop Loss Calculation for Market Execution Orders
Info
The Simplified Stop Loss Calculation for Market Execution Orders is a Library for MetaTrader 4 that this library simplifies the calculation of stop loss for market execution orders. The library allows you to set your stop loss in points.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Library works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Libraries folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Simplified Stop Loss Calculation for Market Execution Orders
1. Storage: Place library files in the MQL/Libraries directory to ensure they are accessible to your projects.
2. Implementation: Include the library in your code using the #import directive, ensuring you match the exact function names and parameters.
3. Compilation: Ensure the library is present in the directory before you compile your main EA or script, as the compiler links them during this phase.
4. Management: Keep libraries organized in sub-folders if you manage many custom functions to maintain a clean project structure.
Frequently Asked Questions
Q: What is a library file used for? A: Libraries store reusable code modules, allowing you to centralize common logic used by multiple EAs or indicators.
Q: Is a library executable? A: No, libraries are non-executable files containing functions; they must be imported into an EA, indicator, or script to function.
Q: Can I update a library while the platform is running? A: You should compile your EA or script after updating a library to ensure the latest code changes are integrated.
What this tool does
This library simplifies the calculation of stop loss for market execution orders.
Typical Use Case
This Library excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Library works on MetaTrader 4. Place the file in the MQL4/Libraries folder and restart the terminal.
Description & Settings
Related: Lot Size Calculation Based on Stop Loss and Risk Percentage - another powerful library for MetaTrader 4 traders.
This library simplifies the calculation of stop loss for market execution orders.Also recommended: Universal Trailing Stop Library for MetaTrader Expert Advisors - similar library with strong performance on MetaTrader 4.
The library allows you to set your stop loss in points.
Alternatively, you can enable ATR calculation by setting atr(true) to calculate your stop loss based on the ATR indicator.
You can also adjust the ATR multiplier, which defaults to 3.
Your stop loss is calculated based on your position type:
- For buy positions, use the stploss(0) function with a parameter of 0.
- For sell positions, use the stploss(1) function with a parameter of 1.
If you intend to use this function with ordermodify(), you can set stoploss = stploss(ordertype()).
You may also like: Break Even and Trailing Stop Functions - excellent alternative for library users on MetaTrader 4.
Source Code
#property library
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
input int stoploss = 0;
input string atrexp = "this function to calculate stoploss depend on iatr";
input bool atr = false;
input int atrmultiplier = 3;
double stploss(int i).......
⚠ 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.