Open Buy Position
Info
The Open Buy Position is a Script for MetaTrader 5 that this script facilitates buying with predetermined stop loss and take profit values in points relative to the current price. Key Features:- Fixed Deal Volume: Utilizes the mm (money management) parameter to set a deal volume based on the entire deposit size, ensuring controlled risk management.
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 Open Buy Position
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 facilitates buying with predetermined stop loss and take profit values in points relative to the current price.
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: Position Size Calculator for Risk-Based Lot Sizing - another powerful script for MetaTrader 5 traders.
This script facilitates buying with predetermined stop loss and take profit values in points relative to the current price.Also recommended: Trade Journal Exporter: Closed Positions to CSV - similar script with strong performance on MetaTrader 5.
Key Features:
- Fixed Deal Volume: Utilizes the mm (money management) parameter to set a deal volume based on the entire deposit size, ensuring controlled risk management.
- Stop Loss and Take Profit: Predefined values in points from the current price, allowing for strategic trade management.
Input Parameters:
- mm (money management): Adjusts the deal volume as a percentage of the total deposit, enabling customizable risk allocation.
You may also like: set stop loss on all open positions by target loss amount - excellent alternative for script users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.01"
#property script_show_inputs
input double mm=0.1; // money management
input int deviation=10; // price deviation
input int stoploss=300; // stop loss in points from the current price
input int takeprofit=800; // take profit in points from the current price
input uint rtotal=4; // number of repeats in case of unsuccessful deals
input uint sleeptime=1; // pause duration between repeats in seconds.......
⚠ 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.