Stop and Take MT5: Modify Order Levels
Info
The Stop and Take MT5: Modify Order Levels is a Script for MetaTrader 5 that when applied to the price chart, this script modifies the stop loss or take profit levels for all open orders on the current financial instrument. Example:For multiple buy positions on the GBPUSD pair, dragging the script to the chart below the current price will adjust the Stop Loss levels of all open positions.
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 Stop and Take MT5: Modify Order Levels
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
When applied to the price chart, this script modifies the Stop Loss or Take Profit levels for all open orders on the current financial instrument.
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: Export Symbol Specifications to CSV (Volume Step, Fill Mode, Stops Level) - another powerful script for MetaTrader 5 traders.
When applied to the price chart, this script modifies the Stop Loss or Take Profit levels for all open orders on the current financial instrument.Also recommended: OHLC Backtesting Accuracy: Determining the Critical Stop Distance - similar script with strong performance on MetaTrader 5.
Example:
For multiple buy positions on the GBPUSD pair, dragging the script to the chart below the current price will adjust the Stop Loss levels of all open positions. Conversely, dragging it above the current price will adjust the Take Profit levels.
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 "1.00"
#include <trade\positioninfo.mqh>
#include <trade\trade.mqh>
cpositioninfo pos;
ctrade trade;
void onstart()
{
double price = normalizedouble(chartpriceondropped(), _digits);.......
⚠ 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.