Modify Stop Loss or Take Profit
Info
The Modify Stop Loss or Take Profit is a Script for MetaTrader 4 that this script allows you to set stop loss (sl) and take profit (tp) in pips from the actual price or at a specific price. When setting SL or TP, the script prioritizes pip settings over price settings.
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 Modify Stop Loss or Take Profit
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 allows you to set stop loss (SL) and take profit (TP) in pips from the actual price or at a specific price.
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: e-move slt pby mouse: intuitive stop loss and take profit management - another powerful script for MetaTrader 4 traders.
This script allows you to set stop loss (SL) and take profit (TP) in pips from the actual price or at a specific price.Also recommended: trailing stop for all orders - similar script with strong performance on MetaTrader 4.
When setting SL or TP, the script prioritizes pip settings over price settings. If both pip and price values are provided, the script will use the pip settings.
To modify only SL or TP, set the desired value in pips or price, and set the other value to 0. The script will ignore the zeroed value and not change it in opened orders.
You may also like: i-Total Stop Indicator - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property show_inputs
#include <winuser32.mqh>
extern string descr = "*** modify sell orders ***";
extern double slpip = 0;
extern double tppip = 0;
extern double slprice = 0;
extern double tpprice = 0;
double pips2dbl, pips2point, mindistance,
slpoints, tppoints,.......
⚠ 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.