Auto Set SL TP
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Auto Set SL TP
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.
Description & Settings
Idea by:
Vladislav Andruschenko
mq5 code by:
The EA place Stop Loss and Take Profit ONCE. In case of successful placing, it is aborted. In fact, this is a one-use EA, almost like a script. I just like it more to place this functionality in an EA.
It only works for the current symbol.
You can specify in its parameters: Stop Loss and Take Profit lot sizes and the type of the position, to which it should be applied (BUY, SELL, or both BUY and SELL). It it is allowed to modify the position, then the EA will change the Stop Loss and/or Take Profit forcedly. For example, modifying a BUY position is allowed and
Stop Loss
is set as above zero in the parameters, it means that in the BUY position, the Stop Loss will be changed
forcedly
in accordance with the
Stop Loss
input.
