Global Take Profit and Time-Based Closing Expert Advisor
Info
The Global Take Profit and Time-Based Closing Expert Advisor is a Expert Advisor for MetaTrader 5 that this expert advisor is designed to manage and close all open positions simultaneously based on predefined conditions. It functions as a global take profit mechanism, closing all positions when the aggregate profit across all trades exceeds a specified take profit level.
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 Global Take Profit and Time-Based Closing Expert Advisor
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 expert advisor is designed to manage and close all open positions simultaneously based on predefined conditions.
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.
This expert advisor is designed to manage and close all open positions simultaneously based on predefined conditions.Also recommended: Global Take Profit Expert Advisor - similar expert with strong performance on MetaTrader 5.
It functions as a global take profit mechanism, closing all positions when the aggregate profit across all trades exceeds a specified take profit level.
Additionally, it offers a time-based closing feature. You can define a specific time interval during which the EA will operate. This is configured using separate input variables for hours and minutes to set both the start and end times for the trading session.
By default, the EA is set to manage trades throughout the entire trading session, starting at 0:00 and closing all positions at 23:59.
An important feature is its handling of overnight sessions: if the specified start time is later than the end time, the EA will apply the closing logic on the following day within the defined interval.
You may also like: Global Variable Usage in MetaTrader Advisors - excellent alternative for expert users on MetaTrader 5.
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.