Stop Loss and Take Profit Script by EA Number
Info
The Stop Loss and Take Profit Script by EA Number is a Script for MetaTrader 4 that script to manage stop loss and take profit in pips for a specific expert advisor (ea). This script allows you to set Stop Loss and Take Profit levels for your trading robots.
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 Stop Loss and Take Profit Script by EA Number
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
Script to manage Stop Loss and Take Profit in pips for a specific Expert Advisor (EA).
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.
Script to manage Stop Loss and Take Profit in pips for a specific Expert Advisor (EA).Also recommended: close loss positions by deposit currency amount - similar script with strong performance on MetaTrader 4.
This script allows you to set Stop Loss and Take Profit levels for your trading robots. You can choose to use only Stop Loss, or both Stop Loss and Take Profit.
This tool is particularly useful for EAs that do not have built-in Stop Loss functionality, such as scalpers and martingale EAs.
The script will only affect the EA specified by the EA number you enter, ensuring targeted management of your trades.
Parameters:
Number of EA: The unique number assigned to your Expert Advisor in the trading platform.
Stop Loss in Pips: The desired Stop Loss level, specified in pips.
Use Take Profit: Select 'yes' to enable Take Profit functionality, or 'no' to disable it.
Take Profit in Pips: If 'Use Take Profit' is set to 'yes', this value defines the Take Profit level in pips.
Execution Time (in seconds): A crucial parameter for high-frequency trading robots like scalpers. Set this to a value greater than 1 second, recommended around 3 seconds, to manage script execution frequency.
You may also like: close all positions by total profit or loss - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.01"
#property strict
#property show_inputs
input int number_ea=1; //number of ea
input int stop_loss=50;// stop loss in pips
input bool use_take_proft=false; //use take profit
input int take_profit=50; //take profit in pips
input int seconds_time_execution=5;//time of execution, in seconds.......
⚠ 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.