Money Management Script
Info
The Money Management Script is a Script for MetaTrader 4 that this script is intended to make life easier and virtually painless in executing trades. It gets sometimes annoying for me to keep clicking for a LIMIT or STOP pending trade so my script will automatically set it at the appropriate setting.
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 Money Management Script
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 is intended to make life easier and virtually painless in executing trades.
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: XI T Buy Sell Auto Stoploss. mq4 - Stoploss set from Fractal Levels, Money management Risk/Reward - another powerful script for MetaTrader 4 traders.
Also recommended: Open Order (With Risk Management, TP and SL) - similar script with strong performance on MetaTrader 4.
This script is intended to make life easier and virtually painless in executing trades. It gets sometimes annoying for me to keep clicking for a LIMIT or STOP pending trade so my script will automatically set it at the appropriate setting. For instant trades, put in just a SL and don't worry about the entry. In addition, if you want to recompile some values like percentage of account balance for automatic use then be my guest. It will give you a notice if you lack too much funds to enter a trade and top out a trade. If I become successful later then I may modify this script to execute multiple trades to appease the maximum lots.I invite everyone to do whatever they want with this script. It is going to make my life a lot easier and make my day trading session go by a lot quicker. I am just sharing this because in a way I'm giving back and desiring to put myself on the map of this community. I also programmed an EA which dramatically sucks but it's how I gained some experience with coding MQL; therefore, I'm going manual with the awesome indicators and knowledge I've picked up. It's only taking me roughly no more than an hour a day to conduct my day or position trades, and I have had great results. I might offer to manage accounts once I make a comfortable earning with Forex, but I'm not counting on it right now.
You may also like: Simple Open Order script with simple money & trade management feature - 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.