Money Management Script for MetaTrader
Info
The Money Management Script for MetaTrader is a Script for MetaTrader 4 that this script aims to streamline trade execution, eliminating the need for manual clicks when setting limit or stop pending trades. It automatically adjusts settings, allowing for instant trades with just a stop loss (SL) input.
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 for MetaTrader
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 aims to streamline trade execution, eliminating the need for manual clicks when setting limit or stop pending 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: e-move slt pby mouse: intuitive stop loss and take profit management - another powerful script for MetaTrader 4 traders.
This script aims to streamline trade execution, eliminating the need for manual clicks when setting limit or stop pending trades. It automatically adjusts settings, allowing for instant trades with just a stop loss (SL) input. Users can recompile account balance percentages for automatic use, receiving notifications if funds are insufficient for trade entry or top-out.Also recommended: cm sl nl tp: automated order management for mt4/mt5 - similar script with strong performance on MetaTrader 4.
The script is designed to handle multiple trades, accommodating maximum lots. Users are encouraged to customize and share their experiences, potentially enhancing day trading efficiency and reducing session duration. The author also offers insights into their journey, including the development of an EA and the use of manual trading with indicators, resulting in successful trades within an hour daily. Future plans may include account management services upon achieving consistent forex earnings.
You may also like: CM-Close Lock: Advanced Order Management Expert Advisor - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property show_inputs
extern double entry;
extern double sl;
extern string types = "0 is buy,1 is sell,2 pend_buy,3 pend_sell";
extern int pendingtype = -1;
extern string note = "on is 1 and off is 0";
extern int tp_on_or_off = 1;
extern double account=10000;.......
⚠ 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.