Simple TP/SL Panel EA
Info
The Simple TP/SL Panel EA is a Expert Advisor for MetaTrader 5 that this expert advisor (ea) is a straightforward standalone tool for managing take profit and stop loss orders. Its key feature is simplicity, allowing users to set and execute orders with ease.
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 Simple TP/SL Panel EA
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 (EA) is a straightforward standalone tool for managing take profit and stop loss orders.
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: GBPJPY Monday Strategy: Simple Weekly Long Trade - another powerful expert for MetaTrader 5 traders.
This Expert Advisor (EA) is a straightforward standalone tool for managing take profit and stop loss orders. Its key feature is simplicity, allowing users to set and execute orders with ease.Also recommended: Simple EMA Cross Expert Advisor with Stop Loss, Take Profit, and Magic Number - similar expert with strong performance on MetaTrader 5.
The EA enables users to place take profit and stop loss orders with a simple mouse click. When enabled and set to 'Run', it automatically detects open positions (buy or sell) and monitors the current price. Upon reaching the designated take profit or stop loss price, it executes an immediate counter order to close the position.
The EA provides alert messages to prevent errors, such as setting limits outside the valid price range. The panel's shadow effect alternates between gray and black with each tick change when running.
Recommendations:
- The EA's operation may be interrupted by certain actions, such as changing the chart time period or turning off the terminal, due to initialization.
- Ensure the EA's lot size is correctly set to match the open position before running.
- Enable automated trading in your terminal's Expert Advisor settings to allow the EA to complete orders when triggered.
You may also like: simple moving average (ma) expert advisor - 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.