Live limit
Info
The Live limit is a Script for MetaTrader 4 that many probably encountered a situation where the market requires instant decisions (especially true for pipsing and scalping), but the process of calculating the acceptable risk, and then placing the corresponding stop loss and take profit takes a lot of time. For these people, the problem can be solved by this script assigned to a hotkey.
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 Live limit
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
Many probably encountered a situation where the market requires instant decisions (especially true for pipsing and scalping), but the process of calculating the acceptable risk, and then placing the corresponding stop loss and take profit takes a lot of time.
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: Limit orders Pro - another powerful script for MetaTrader 4 traders.
Many probably encountered a situation where the market requires instant decisions (especially true for pipsing and scalping), but the process of calculating the acceptable risk, and then placing the corresponding stop loss and take profit takes a lot of time. For these people, the problem can be solved by this script assigned to a hotkey. When started, the script finds the line with a special label (named "GO!") on the chart and opens a limit order on the line level (if the line is above the price - a buy limit order, if below - sell limit). The lot size (Lots variable), the maximum loss by stop loss (the MoneyRisk variable, in deposit currency) and the profit/loss ratio (the ProfitLoss variable, used as a basis for placing take profit) are set in the script settings. Based on the variable values, the script automatically calculates the values of stop loss and take profit for the current instrument and opens an order.
Also recommended: Multi Buy Limit Orders & Multi Buy Stop Orders - similar script with strong performance on MetaTrader 4.
Installation of the script:Download the script
Open it in the MetaEditor and edit the values of the variables Lots, MoneyRisk and ProfitLoss
Save the script in the 'experts\scripts\' folder
Assign the script to a hotkey.
Create a line with the name "GO!" on the chart
The script is ready to use - now by moving the line and pressing the hot key combination you can instantly open limit orders. If you want to use the ability to open orders with different lot and risk values using hotkeys - save the variants of the script with different variable values under a different name and set a hotkey for each of them.
You may also like: Multi Sell Limit Orders & Multi Sell Stop Orders - excellent alternative for script users on MetaTrader 4.
⚠ 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.