Stop Out Price Indicator
Info
The Stop Out Price Indicator is a Script for MetaTrader 5 that this indicator calculates the stop-out price for an open position, indicating the price at which the broker will close the position. Additionally, it determines the lockout price, which is the price at which the free margin becomes negative.
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 Out Price Indicator
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 indicator calculates the stop-out price for an open position, indicating the price at which the broker will close the position.
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.
This indicator calculates the stop-out price for an open position, indicating the price at which the broker will close the position.Also recommended: price action dynamic exit strategy - profit shield pro - similar script with strong performance on MetaTrader 5.
Additionally, it determines the lockout price, which is the price at which the free margin becomes negative.
The indicator offers flexibility in specifying the position volume:
- EnterVolume = 0 (default): Utilizes the volume and direction of the current position.
- EnterVolume > 0: Calculates for a long position with the specified volume.
- EnterVolume < 0: Calculates for a short position with the specified volume.
You may also like: Set Sell Stop Order - excellent alternative for script users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.03"
#property script_show_inputs
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
input double entervolume=0.0;.......
⚠ 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.