set stop loss on all open positions by target loss amount
Info
The set stop loss on all open positions by target loss amount is a Script for MetaTrader 5 that for each open position, this tool calculates the stop loss (sl) price to achieve a target loss amount (inptargetlossamount) in the account's currency. it ensures the sl complies with broker constraints, validating against stops and freeze levels.
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 stop loss on all open positions by target loss amount
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
for each open position, this tool calculates the stop loss (sl) price to achieve a target loss amount (inptargetlossamount) in the account's currency.
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 Indicator - another powerful script for MetaTrader 5 traders.
for each open position, this tool calculates the stop loss (sl) price to achieve a target loss amount (inptargetlossamount) in the account's currency.Also recommended: Set Sell Stop Order - similar script with strong performance on MetaTrader 5.
it ensures the sl complies with broker constraints, validating against stops and freeze levels.
the tool automatically skips positions with an existing sl that is within 1 tick of the target, as well as positions where the price movement would prevent setting the sl without violating broker rules, logging the reason for each skip.
You may also like: Set Buy Stop Order - excellent alternative for script users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property version "1.00"
#property description "This code is provided AS IS and intended for educational purposes only. Professional trading EAs and indicators - robotfx www.robotfx.org"
#property description "This code is provided AS IS and intended for educational purposes only. Professional trading EAs and indicators - robotfx www.robotfx.org"
#property description "This code is provided AS IS and intended for educational purposes only. Professional trading EAs and indicators - robotfx www.robotfx.org"
#property description "This code is provided AS IS and intended for educational purposes only. Professional trading EAs and indicators - robotfx www.robotfx.org"
#property script_show_inputs
#include <trade\trade.mqh>
#include <trade\positioninfo.mqh>
input group "=== configuration ===".......
⚠ 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.