check trades
Info
The check trades is a Expert Advisor for MetaTrader 5 that the code provided is an mql5 expert advisor (ea) script that is based on the idea of closing open positions when they have reached a user-defined profit or loss threshold, calculated as a percentage of the account balance. the ea does not provide any entry signals or market timing rules; its main purpose is to manage the risk of existing positions by closing them when a certain profit or loss threshold is reached.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use check trades
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
the code provided is an mql5 expert advisor (ea) script that is based on the idea of closing open positions when they have reached a user-defined profit or loss threshold, calculated as a percentage of the account balance.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: stealth trade manager: protecting your trades from market volatility - another powerful expert for MetaTrader 5 traders.
Also recommended: momo trades - similar expert with strong performance on MetaTrader 5.
the code provided is an mql5 expert advisor (ea) script that is based on the idea of closing open positions when they have reached a user-defined profit or loss threshold, calculated as a percentage of the account balance.the ea does not provide any entry signals or market timing rules; its main purpose is to manage the risk of existing positions by closing them when a certain profit or loss threshold is reached.
external variables used in the code:
riskpercentage : this variable represents the maximum allowed loss per trade as a percentage of the account balance. when the current loss of an open position reaches this percentage, the position will be closed to limit the risk.
profitpercentage : this variable represents the desired profit per trade as a percentage of the account balance. when the current profit of an open position reaches this percentage, the position will be closed to secure the profit.
since this ea is focused on risk management and does not rely on any specific market indicators, it can be applied to any symbol or timeframe. however, it is essential to note that this ea should be combined with a trading strategy that includes entry signals and other trade management rules to make it a complete trading system.
if you were to use this code as an include file (by placing it in the mql5\include folder), its main purpose would be for risk management by closing positions based on user-defined profit and loss thresholds.
you can combine this include file with other include files that serve specific purposes, such as calculating position size based on account risk, trailing stop-loss, and more. to do so, you can use the #include directive in your main ea file to include this file, and then call the checktrades() function when needed to manage the open positions.
You may also like: oh l c check - excellent alternative for expert users on MetaTrader 5.
Source Code
#include <Trade\Trade.mqh>
#include <Trade\SymbolInfo.mqh>
input double RiskPercentage = 1.0; // Risk percentage per trade
input double ProfitPercentage = 2.0; // Profit percentage per trade
CTrade trade;
CSymbolInfo symbolInfo;
int OnInit()
{
if (!symbolInfo.Name(Symbol()))
{.......
⚠ 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.