stop loss take profit
Info
The stop loss take profit is a Expert Advisor for MetaTrader 5 that if a trade is closed by stop loss, the volume is doubled; if it's closed by take profit the minimum volume is used. ontradetransaction is used to determine whether a trade was performed after the activation of stop loss or take profit.
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 take profit
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
if a trade is closed by stop loss, the volume is doubled; if it's closed by take profit the minimum volume is used.
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: Quantora Break Even Manager MT5 - Automated Stop Loss Protection - another powerful expert for MetaTrader 5 traders.
Also recommended: Professional Automatic Trailing Stop Utility for MetaTrader 5 - similar expert with strong performance on MetaTrader 5.
if a trade is closed by stop loss, the volume is doubled; if it's closed by take profit the minimum volume is used. ontradetransaction is used to determine whether a trade was performed after the activation of stop loss or take profit.the excellent enumeration enum_deal_reason was added in :
it can be checked in ontradetransaction.
in other words, it is a very simple and reliable way to determine that a trade resulted from take profit or stop loss.
at the moment (build 1626), this expert advisor can only be checked in a live test - by launching it on a chart or in a debug mode on real data (f5 in the metaeditor editor). i used the following bypass maneuver:
in ontradetransaction, we determined whether take profit or stop loss triggered:
You may also like: Equity Guard - Daily Loss Limit Guardian with Panic Panel - 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.