Set Buy Stop Order
Info
The Set Buy Stop Order is a Script for MetaTrader 5 that the setbuystoporder script facilitates the placement of a buy stop order with predefined trigger, stop loss, and take profit levels in points relative to the current price. A key feature is its capacity to establish a deal volume based on the total deposit size, utilizing the 'mm' (money management) script input parameter.
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 Set Buy Stop Order
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
The setbuystoporder script facilitates the placement of a buy stop order with predefined trigger, stop loss, and take profit levels 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: set stop loss on all open positions by target loss amount - another powerful script for MetaTrader 5 traders.
The setbuystoporder script facilitates the placement of a buy stop order with predefined trigger, stop loss, and take profit levels in points relative to the current price.Also recommended: Stop Out Price Indicator - similar script with strong performance on MetaTrader 5.
A key feature is its capacity to establish a deal volume based on the total deposit size, utilizing the 'mm' (money management) script input parameter. This parameter calculates the proportion of the deposit allocated to the trade.
Script Input Parameters:
-
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property script_show_inputs
input double mm=0.1; // money management
input uint level=300; // trigger level in points from the current price
input uint stoploss=300; // stop loss in points from the trigger level
input uint takeprofit=800; // take profit in points from the trigger level
input uint expired=0; // the duration of the order in hours (0 - without time of cancellation)
input uint rtotal=4; // the number of repeats on unsuccessful transactions.......
⚠ 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.