v1.1 New Order: Advanced Order Execution with Risk Management for MT4/MT5
Info
The v1.1 New Order: Advanced Order Execution with Risk Management for MT4/MT5 is a Script for MetaTrader 4 that this tool provides advanced control over opening orders and positions in metatrader 4/5 terminals, featuring precise risk/reward ratio management. It automatically calculates lot size based on defined risk and stop loss parameters, eliminating the need for manual calculations or spreadsheets.
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 v1.1 New Order: Advanced Order Execution with Risk Management for MT4/MT5
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 tool provides advanced control over opening orders and positions in MetaTrader 4/5 terminals, featuring precise risk/reward ratio management.
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: Мартин для малых депозитов - another powerful script for MetaTrader 4 traders.
This tool provides advanced control over opening orders and positions in MetaTrader 4/5 terminals, featuring precise risk/reward ratio management.Also recommended: Transaction Visualization on Chart from Report - similar script with strong performance on MetaTrader 4.
It automatically calculates lot size based on defined risk and stop loss parameters, eliminating the need for manual calculations or spreadsheets.This enhances trading agility and precision, significantly aiding in the risk management strategy for manual trades.
The lot size is calculated to respect the user-defined risk and reward, adapting to various trading strategies.
Users simply need to specify the stop loss level, the desired risk/reward ratio, and the order will be placed according to these parameters.
This tool extends the functionality of the standard MetaTrader 4/5 order command, acting as a powerful complement.
Features
- Operates with all symbols, irrespective of the timeframe.
- Executes orders immediately or places pending orders.
- Supports two methods for defining risk: percentage of account balance or a fixed amount.
- Supports two methods for defining stop loss: by price level or by points.
- Supports four methods for defining take profit (reward): percentage of account balance, a fixed amount, by price level, or by points.
- Allows adding comments to orders, setting magic numbers, and defining slippage.
- Features an easy-to-use and intuitive interface.
Usage
Ensure the 'Auto Trading' option is enabled in the toolbar.
With the chart of the desired symbol active, navigate to the 'View' menu and select 'Navigator'.
In the Navigator window, locate 'Scripts', then double-click 'v1.1 New Order'.
In the window that appears, select the 'Inputs' tab and configure the parameters as follows:
Input Parameters
- Order Operation Type:
Select the type of operation: Buy, Sell, Buy Limit, Sell Limit, Buy Stop, or Sell Stop.
- Set Pending Order Level By:
If the operation type is a pending order, select how the entry level will be specified: by Price or by Points.
- Pending Order Level:
If the operation type is a pending order, set the entry level for this order.
- Set Order Risk By:
Select how the operation's risk will be defined: Percentage (of account balance) or Amount.
- Order Risk:
Specify the risk amount for the operation.
- Set Stop Loss By:
Select how the stop loss level will be specified: Price or Points.
- Stop Loss:
Set the stop loss level.
- Set Take Profit By:
Select how the take profit level will be specified: Percentage (of account balance), Amount, Price, or Points.
- Take Profit:
Set the take profit level.
- Order Comment:
Add a comment to the operation (e.g., a brief description of the strategy, price action signal, etc.).
- Order Magic Number:
Set a magic number for the operation, useful for managing positions with other tools.
- Maximum Price Slippage - Points:
Specify the maximum price slippage in points for opening positions, useful during periods of high market volatility.
You may also like: Скрипт для частичного закрытия ордеров - excellent alternative for script users on MetaTrader 4.
Source Code
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⚠ 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.