Straddle Order Script for MT4/MT5
Info
The Straddle Order Script for MT4/MT5 is a Script for MetaTrader 5 that this script is designed to create straddle buy and sell stop orders around the current price level. The orders are configured to expire after a specified time period and will straddle the current price action by a defined number of points.
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 Straddle Order Script for MT4/MT5
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 is designed to create straddle buy and sell stop orders around the current price level.
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 Sell Limit Order - another powerful script for MetaTrader 5 traders.
This script is designed to create straddle buy and sell stop orders around the current price level.The orders are configured to expire after a specified time period and will straddle the current price action by a defined number of points.
Also recommended: Set Sell Stop Order - similar script with strong performance on MetaTrader 5.
If an open position already exists, the script will set that position's stop loss to 1 point less than the opposite order's price.
If the stop loss cannot be set, the script will close the existing position and then create the straddle orders.
This tool is useful for strategies that involve placing orders equidistant from the current market price, with automatic expiration and stop loss management.
You may also like: Set Buy Stop Order - excellent alternative for script users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property script_show_inputs
input int step = 50; // straddle distance
input bool hasexpiry = true; // has expiry
input double minutes = 2; // expiry (minutes)
input int riskpercentage = 10; // risk percentage
#include <trade\trade.mqh>
#include <trade\positioninfo.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.