Pending Order Script
Info
The Pending Order Script is a Script for MetaTrader 5 that this script assists in placing pending orders on the chart. Upon dragging the script onto the chart, it calculates the price at the drop point to determine whether a buy stop or buy limit pending order is appropriate.
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 Pending 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
This script assists in placing pending orders on the chart.
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: Close All Positions and Pending Orders - another powerful script for MetaTrader 5 traders.
This script assists in placing pending orders on the chart.Also recommended: MT5 Order Preflight - Read-Only Validation - similar script with strong performance on MetaTrader 5.
Upon dragging the script onto the chart, it calculates the price at the drop point to determine whether a buy stop or buy limit pending order is appropriate.
The stop loss is derived from the specified risk percentage, and the take profit is subsequently calculated based on the stop loss and reward ratio.
This straightforward script simplifies the order placement process.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property script_show_inputs
input int riskpercentage = 1; // risk percentage
input int rewardratio = 2; // reward ratio
#include <trade\trade.mqh>
#include <trade\positioninfo.mqh>
#include <trade\symbolinfo.mqh>
#include <trade\accountinfo.mqh>.......
⚠ 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.