Limit Stop Order Script for Trading Breakthroughs
Info
The Limit Stop Order Script for Trading Breakthroughs is a Script for MetaTrader 5 that this script is designed for trading price breakthroughs at support and resistance levels. For instance, if the price reaches a specified limit price, the script will place a stop order at a defined buy price (e.
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 for Trading Breakthroughs
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
This script is designed for trading price breakthroughs at support and 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: set stop loss on all open positions by target loss amount - another powerful script for MetaTrader 5 traders.
This script is designed for trading price breakthroughs at support and resistance levels.Also recommended: Stop Out Price Indicator - similar script with strong performance on MetaTrader 5.
For instance, if the price reaches a specified limit price, the script will place a stop order at a defined buy price (e.g., 5-10 pips above the level) and then exit.
This mechanism ensures that if the price fails to break through the support line, a buy stop order is not executed.
This approach acts as a filter to exclude weak or false trading signals.
You may also like: Set Sell Limit Order - excellent alternative for script 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"
#include <trade\trade.mqh>
#property script_show_inputs
input double inplot = 0.1; // lot
input double inplimitprice = 1.33000; // limit price
input double inpstopprice = 1.33750; // stop order price
input int inpstoploss = 300; // stop loss (pips).......
⚠ 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.