Stop Loss and Take Profit Strategy
Info
The Stop Loss and Take Profit Strategy is a Expert Advisor for MetaTrader 5 that this strategy involves adjusting trade volumes based on the outcome of previous trades. If a trade is closed by the stop loss, the volume for the next trade is doubled.
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 Stop Loss and Take Profit Strategy
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 strategy involves adjusting trade volumes based on the outcome of previous trades.
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: Prop Guard Lite: Daily and Max Loss Protection for Prop Firm Accounts - another powerful expert for MetaTrader 5 traders.
This strategy involves adjusting trade volumes based on the outcome of previous trades.Also recommended: Prop Firm Guard: Daily Loss and Max Drawdown Protection - similar expert with strong performance on MetaTrader 5.
If a trade is closed by the stop loss, the volume for the next trade is doubled. Conversely, if a trade is closed by the take profit, the minimum volume is used for the subsequent trade.
The OnTradeTransaction function is utilized to identify whether a trade was executed after the activation of the stop loss or take profit.
The Enum_Deal_Reason enumeration, introduced in 2026, is a valuable tool for this strategy. It can be checked within the OnTradeTransaction function to determine the reason for a trade's execution, making it a reliable way to identify trades resulting from take profit or stop loss.
Currently, this strategy can only be tested live by running the Expert Advisor on a chart or in debug mode on real data. A workaround involves using the OnTradeTransaction function to detect whether the take profit or stop loss was triggered.
You may also like: Equity Guard: Daily Loss, Max Drawdown, and Profit Target Protection for MT5 - 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.