Profit on Drop
Info
The Profit on Drop is a Script for MetaTrader 4 that calculates the profit from opened trades on the current chart if the price reaches a specified level. This level is where the script will be dropped.
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 Profit on Drop
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
Calculates the profit from opened trades on the current chart if the price reaches a specified level.
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-v trailing by profit expert advisor - another powerful script for MetaTrader 4 traders.
Calculates the profit from opened trades on the current chart if the price reaches a specified level. This level is where the script will be dropped. Pending orders are not included in the calculation.Also recommended: e-move slt pby mouse: intuitive stop loss and take profit management - similar script with strong performance on MetaTrader 4.
Source Code
#property copyright "robotfx"
int start()
{
if(windowondropped()!=0)
{
print("profitondrop must be applied to main chart window!");
return(false);
}
double dropprice=windowpriceondropped();
double droptime=windowtimeondropped();.......
⚠ 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.