CM Open 2 Stop Orders: Automated Trading Strategy
Info
The CM Open 2 Stop Orders: Automated Trading Strategy is a Script for MetaTrader 4 that this script functions as an expert advisor, automatically unloading from memory upon task completion. At a user-defined time, two pending orders (Buy Stop and Sell Stop) are placed.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use CM Open 2 Stop Orders: Automated Trading Strategy
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
This script functions as an Expert Advisor, automatically unloading from memory upon task completion.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: Watchlist Chart Opener MT4 - another powerful script for MetaTrader 4 traders.
This script functions as an Expert Advisor, automatically unloading from memory upon task completion.Also recommended: e-move slt pby mouse: intuitive stop loss and take profit management - similar script with strong performance on MetaTrader 4.
At a user-defined time, two pending orders (Buy Stop and Sell Stop) are placed. The distance of these orders from the current price, as well as their Take Profit and Stop Loss levels, are configurable parameters.
Once one of the pending orders is triggered, the opposing order is automatically deleted. The script then concludes its operation.
This strategy is ideal for capturing market volatility around specific events or times, with risk management built-in via Stop Loss and Take Profit levels.
You may also like: trailing stop for all orders - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
#property show_inputs
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
/*--------------------------------------------------------------------
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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.