xi t buy sell auto stoploss - stoploss set from fractal levels with money management risk/reward
Info
The xi t buy sell auto stoploss - stoploss set from fractal levels with money management risk/reward is a Script for MetaTrader 4 that xi t buy sell auto stoploss - stoploss set from fractal levels, money management risk/rewardintroductionthis script is designed to help improve the win ratio by setting the stoploss at fractals with the best support. it has been found that using fixed stoploss values can lead to the stop being hit, only for the price to return to the correct direction shortly after.
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 xi t buy sell auto stoploss - stoploss set from fractal levels with money management risk/reward
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
xi t buy sell auto stoploss - stoploss set from fractal levels, money management risk/rewardintroductionthis script is designed to help improve the win ratio by setting the stoploss at fractals with the best support.
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: automated economic calendar trading advisor - another powerful script for MetaTrader 4 traders.
xi t buy sell auto stoploss - stoploss set from fractal levels, money management risk/rewardAlso recommended: automated market order execution script - similar script with strong performance on MetaTrader 4.
introduction
this script is designed to help improve the win ratio by setting the stoploss at fractals with the best support. it has been found that using fixed stoploss values can lead to the stop being hit, only for the price to return to the correct direction shortly after. this script aims to provide a more effective way of setting stoploss levels by identifying recent support and resistance levels.
features and usage
to use the script, the user must first choose to either buy or sell. if both options are left false, or if both are true, an error message will be displayed and the script will need to be relaunched. the risk percentage can then be set, with a default value of 2%. the script calculates the lot size to risk using the following formula: freemargin * risk% = riskcapital, and (riskcapital / stoplosspips) / (leverage / exchangerate) = volume. this formula provides an accurate risk/stoploss pip volume. however, on accounts with small deposits, the user may end up risking more than the intended risk percentage. in such cases, a message will be displayed, giving the user the option to continue or not.
the reward multiplier is a simple feature that allows the user to set their take profit level. for example, entering 1 will set the take profit level to the same number of pips as the stoploss, while entering 2 will set it to twice the stoploss pips. the stopadd feature adds a specified number of pips to the fractal-based stoploss level. the maxslip feature sets the maximum price slippage allowed when opening a trade, and the maxspread feature sets the maximum allowed spread. the magic feature sets the magic number for the trade, with a value of 0 indicating no magic number.
using the script
to use the script, the user must first choose the fractal level at which to place the stoploss. it is recommended that the fractal indicator be displayed on the chart to provide a clearer picture of the fractal levels. the script will then ask the user if they want to place the stop at a specific level, and the user can choose to accept or decline. if the user accepts, the script will run as intended and open the order. if an error occurs, a message will be displayed stating the nature of the error.
conclusion
this script is designed to provide a more effective way of setting stoploss levels and managing risk. it is hoped that it will be of use to traders, and any issues or suggestions for improvement are welcome.
You may also like: e-screenshot: automated chart snapshot tool - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property show_inputs
#include <winuser32.mqh>
extern bool buy = false, // buy if true
sell = false;
extern int risk = 2, // amount of account balance to risk per trade.
reward = 2, // multiply stoploss by this to get takeprofit value
stopadd = 10,
maxslip = 3, // max price slippage when order is placed.......
⚠ 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.