ea simple tp s lpanel
Info
The ea simple tp s lpanel is a Expert Advisor for MetaTrader 5 that this ea is a simple standalone take profit/stop loss panel. there's nothing special about this ea except for its simplicity.
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 ea simple tp s lpanel
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
this ea is a simple standalone take profit/stop loss panel.
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: Simple EMA Cross Expert Advisor with Stop Loss, Take Profit, and Magic Number - another powerful expert for MetaTrader 5 traders.
Also recommended: simple moving average (ma) expert advisor - similar expert with strong performance on MetaTrader 5.
this ea is a simple standalone take profit/stop loss panel. there's nothing special about this ea except for its simplicity. the limits are not sent as pending orders, if triggered, it is executed as an immediate order.entries are placed-in using a click of the mouse, and if enabled and set it to "run", it will automatically detect any open position whether it's a buy or sell. it will then wait for the current price to hit the marked take profit or stop loss price, and if it happens, it will execute an immediate buy or sell to counter the open position. alert messages are also used to warn about invalid procedures such as assigning limit with a wrong range of price. shadow effect of the panel alternates from gray to black in sync with tick changes when set to run.
recommendations:
since tp/sl is running under ea, any interference, such as changing time period of the chart or turning off the terminal, will stop the run due to initialization.
make sure you set the right lot size of the ea to counter the open position before making it run.
don't forget to enable your terminal's option on expert advisor to allow automated trading, otherwise order on this ea will not be completed when triggered.
You may also like: simple expert advisor: combining sma and adx for effective trading - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
input double lotsize = 0.01; // lot size
input color panelcolor = clrlightblue; // panel color
input color tp_pointerclr = clrblue; // take profit pointer color
input color sl_pointerclr = clrred; // stop loss pointer color
input color standbyshadow = clrbrown; // shadow color in standby mode
input bool allowpointer = true; // show pointer.......
⚠ 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.