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Limit Stop Order Script
Info
The Limit Stop Order Script is a Script for MetaTrader 5 that it is intended to breakthrough's trading on the support / resistance levels. For example if the price touches the given limit price the script places its stop order at the defined stop buy price (on 5-10 pips above level) and exists.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Scripts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Limit Stop Order Script
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
It is intended to breakthrough's trading on the support / resistance levels.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Script works on MetaTrader 5. Place the file in the MQL5/Scripts folder and restart the terminal.
Description & Settings
Related: Stop Out Price - another powerful script for MetaTrader 5 traders.
It is intended to breakthrough's trading on the support / resistance levels. For example if the price touches the given limit price the script places its stop order at the defined stop buy price (on 5-10 pips above level) and exists. Thus, if the price breaks through the support line no buy stop order is sent. I.e. such approach serves as a filter that allows to deselect weak / false signals.
Also recommended: Set Sell Limit Order - similar script with strong performance on MetaTrader 5.
⚠ 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.