Hi folks
Thanks in advance for any help - I am not MQ4 savy and need an EA that will:
1) scan all open positions (any currency)
2) place an immediate stop order (instead of a stop loss) set to execute at the specified pips loss for each open position for the same lot size (perfect hedge) (except for such existing hedge trades).
3) Delete the stop/ hedge orders for which the original trade no longer exists.
I found that MPTM EA http://www.forexfactory.com/showthread.php?t=89371 does something similar though it places the hedge only when the stop level is reached - Instead, I need this to happen in advance as a pending stop order for any/ all open trade which do not have either a SL or an existing stop order hedge in tthe opposite direction - so a stop loss in the form of a pending hedge trade. Idea is to protect against sudden jump in price against open positions, while not taking a loss and having the opportunity to manage the trade later. As I trade longer time frames manually and in the direction of the trend, the price often returns back to follow the trend and a traditional SL would just have given away pips unnecessarily.
Alternately, if someone knows of an existing EA or script that does this...
Very much appreciate any help.
Thanks in advance for any help - I am not MQ4 savy and need an EA that will:
1) scan all open positions (any currency)
2) place an immediate stop order (instead of a stop loss) set to execute at the specified pips loss for each open position for the same lot size (perfect hedge) (except for such existing hedge trades).
3) Delete the stop/ hedge orders for which the original trade no longer exists.
I found that MPTM EA http://www.forexfactory.com/showthread.php?t=89371 does something similar though it places the hedge only when the stop level is reached - Instead, I need this to happen in advance as a pending stop order for any/ all open trade which do not have either a SL or an existing stop order hedge in tthe opposite direction - so a stop loss in the form of a pending hedge trade. Idea is to protect against sudden jump in price against open positions, while not taking a loss and having the opportunity to manage the trade later. As I trade longer time frames manually and in the direction of the trend, the price often returns back to follow the trend and a traditional SL would just have given away pips unnecessarily.
Alternately, if someone knows of an existing EA or script that does this...
Very much appreciate any help.