PZ Progressive Trading Scripts
Info
The PZ Progressive Trading Scripts is a Script for MetaTrader 4 that this set of scripts has been designed to scale-in your trades as price action runs in your favor. This will maximize profits due to proper pyramiding, decrease the impact of unprofitable trading decisions and make your life much easier.
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 PZ Progressive Trading Scripts
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 set of scripts has been designed to scale-in your trades as price action runs in your favor.
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: Trading scripts with pictures - another powerful script for MetaTrader 4 traders.
This set of scripts has been designed to scale-in your trades as price action runs in your favor. This will maximize profits due to proper pyramiding, decrease the impact of unprofitable trading decisions and make your life much easier. There are four different tasks you can perform with these scripts:
Also recommended: One Click (Hot Key Alt-C) close all order and take screen for keep your trading journal - similar script with strong performance on MetaTrader 4.
Buy at market price and place 3 further pending orders
Sell at market price and place 3 further pending orders
Place a buy stop order at the high of the previous bar and 3 further pending orders
Place a sell stop order at the low of the previous bar and 3 further pending orders
Some other facts you should know:
The first trade has a risk allocation of 2%.
All further pending orders decrease in lotsize to avoid overbetting.
All orders have an ATR-based stop-loss. Default is ATR(30)*2 from the opening price.
All pending orders have an ATR-based distance between them. Default is ATR(30)/2.
Additionally, a fifth script is provided to delete all pending orders if desired. Use with caution since it affects all pending orders.
You may also like: indicator for day trading 5 min chart - 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.