Metatrader 4 Tool to Improve Trading Orders | Forex Factory

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Metatrader 4 Tool to Improve Trading Orders

  • #1
  • First Post: Jun 18, 2018 9:25am Jun 18, 2018 9:25am
Hi.

I am programming a small tool because I find Metatrader 4 a bit slow for scalping since I cannot enter default SL/TP levels, quick predefined pending orders, orders based on risk size and so on.

What feature do you often miss when you try to quickly open/close an order?

I have done this till now, maybe I have missed something that could be important.

I attach an screenshot, it is quite intuitive.

Attached Image (click to enlarge)
Click to Enlarge Name: Metatrader4Tools.png Size: 168 KB
  • #2
  • Jun 18, 2018 10:09am Jun 18, 2018 10:09am
Hey nice indiactor,

it will be nice if we could see the market deapth in each market if we open that on a market.
  • #3
  • Jun 18, 2018 10:10am Jun 18, 2018 10:10am
I use a script to do precisely that, but when you trade Indices, scripts are not allowed. So if your "tool" could bypass this restriction, it will be great.

Could you possibly "hide" the Stops / TPs at the same time?

Best regards,
Hercs
  • #4
  • Jun 18, 2018 11:33am Jun 18, 2018 11:33am
looking for one that works perfectly for ages; haven't found it yet!!
- need a smaller version with just buy market/sell market/close all
- close half at TP
- attention to pips wrt currencies/equities/etc those I tried are often messed up by that
- make sure that SL and TP can then be manually moved around by grabbing the lines (as MT4)
- make sure the slippage option can be disabled
  • #5
  • Jun 18, 2018 11:47am Jun 18, 2018 11:47am
- close all pending orders
- grid (3 long and or short from ....) from level x
- some addition ideas (paid) https://www.mql5.com/en/market/product/2892

all the best for your development
  • #6
  • Jun 18, 2018 1:51pm Jun 18, 2018 1:51pm
Hello. Very nice feedback from you all. I will respond to some of your points.

First, this tool is just a bridge between Metatrader 4 and the user. All commands are directly sent to Metatrader and the quotes, account, market information, etc is read also directly from Metatrader.

Everything that has a checkbox is optional. And the options with a radio-button are exclusive among them. So indeed, the SL/TP and max slippage levels are all optional.

Regarding the market depth, I think the liquidity tiers are not public. I have seen MT4 has that control but I do not use it. Thank you for the heads up I will take a look at it.

I was thinking where to keep the market orders, and those are finally directly inserted on MT4, so lines and everything pops up immediately and it can be edited graphically changing to the MT4 client.

Regading pips, for now I have just used the Digit variable from MQL4 and I calculate those using a formula like "n/POWER(10,Digits)" (the number of pips divided by a number of powers of ten equal to the Digits value). This works well at least for EURUSD and USDJPY that have different decimal places. I think it should also work with other securities.

Quoting Isabella_D
- grid (3 long and or short from ....) from level x
Hi Isabella, I do not understand this.

Other ideas.

I would like to add individual ticket management features. But for now if I finish the basic features and the risk-based orders it'll be good since I have only a few days to finish everything until I will have more free days.

I definitively will add the pending orders closing feature or at least will add the button to remind me I have that left because it is quite easy.


Thank you again, very good points.
  • #7
  • Jun 18, 2018 2:27pm Jun 18, 2018 2:27pm
Quoting scherzi
Hello. Very nice feedback from you all...

Hi Isabella, I do not understand this. Other ideas. I would like to add individual ticket management features. But for now if I finish the basic features and the risk-based orders it'll be good since I have only a few days to finish everything until I will have more free days. I definitively will add the pending orders closing feature or at least will add the button to remind me I have that left because it is quite easy. Thank you again, very good points.
For example, imagine the following situation: fast market movement leads you suddenly to an interesting level (round number, support / resistance, fibo.)
You want to take this new trend with you, but gradually see if the trend holds.
So order from 1.237 a new position, 10 points later the next, 15 points after another.
one click (three) order and tp. Better (three) pending order at defined point
  • #8
  • Jun 18, 2018 4:05pm Jun 18, 2018 4:05pm
Ah, yes.

I was thinking about creating entry rules, because I am using usually two simulatenous entries, one with a bracket and another without take profit level which initial SL level is moved to breakeven asap to let the position grow under usually the potential 62/38 fibo retracement levels.

In that way, you can create a list of entries at specific relative (pips) or absolute (price) levels in one click by executing a set of rules predefined using kind of entry rules wizard (very simple tabular layout in which each rule is a row).

This is something that would be in fact postponed for later but it is a really excellent feature to include in the future.
  • #9
  • Jun 19, 2018 1:16am Jun 19, 2018 1:16am
I have added a few features regarding your comments such as:

- Multiple order generation with a security check to optionally limit the number to 5 orders per click. It could be maybe 5 orders per instrument as a future improvement.
- Pending orders closure.

Attached Image (click to enlarge)
Click to Enlarge Name: MT4 Tools.png Size: 31 KB


Let's see if I can have it done for today. I think I will postpone the risk calculator however.
  • #10
  • Jun 19, 2018 1:39am Jun 19, 2018 1:39am
Quoting scherzi
I have added a few features regarding your comments such as: - Multiple order generation with a security check to optionally limit the number to 5 orders per click. It could be maybe 5 orders per instrument as a future improvement. - Pending orders closure. {image} Let's see if I can have it done for today. I think I will postpone the risk calculator however.

A good feature to have is hotkeys for opening and closing orders. Also, a button (and hotkey) to move most recent order to BE or BE+spread.

Also, what are your intentions with this? Are you planning to distribute this here or go commercial with it?

Thanks
  • #11
  • Jun 19, 2018 2:10am Jun 19, 2018 2:10am
My idea is sharing it in the future for individuals without limitations for free but:

I am not thinking about selling this because I have not time to maintain any type of commercial license so far. Maybe in a future stage, if the project is mature and I am still willing to work on it, I may consider complex licensing. I work as a Software Engineer and this trading stuff is something that after 5 years of study and training I have recently decided to start microtrading with real money, thus my time is really limited.

I have been considering to implement a security key that checks one email account (or similar) and one machine ID to generate a hash code to allow per user per machine free licenses initially. I would like to have a control over the program, not allowing societies to use it for now; but only private users who do not work at trading companies nor have neither any participation or relationship with trading companies, without limitations on the program features at no cost. This means that an individual may use it for his/her trading purposes but with those limitations.

Since I do not want to deal also with personal data stuff, in the EU the personal data laws are really annoying, I have to figure out a way avoid all that if I want to distribute it for free. The mere idea of writing a full legal notice and license to release this is really far from my actual availability.

However I do not want this tool to be used by societies nor any kind of organization for free (neither charity), so I need a way to grant it is only used by persons in any case in case it is made available.

Reagarding your points, yes, I had thought about hotkeys for future improvement. The BE it'll also be a planned improvement. Thank you!
  • #12
  • Jun 19, 2018 2:23am Jun 19, 2018 2:23am
This tool is very similar with your tool.İts advantage is about the lots of new openning orders.They are changeable.And eitherly can we add a function like avaraging the profit of sell and buy orders.After finding some profit closing some part of existing orders.
Attached Image
  • #13
  • Edited 3:01am Jun 19, 2018 2:24am | Edited 3:01am
Quoting scherzi
I have added a few features regarding your comments such as: - Multiple order generation with a security check to optionally limit the number to 5 orders per click. It could be maybe 5 orders per instrument as a future improvement. - Pending orders closure. {image} Let's see if I can have it done for today. I think I will postpone the risk calculator however.
really good, I am very impressed. I am not quite sure if choosing only one underlying (only Uj + only EU + only AU ...) this system controls the overall risk of the account. Total risk 50%

edit: bougth some underlying UJ risk 15%, EU risk 5%, UCAD risk 25%,
the task for the whole account for instance is: not to allow risk maximal 30%
  • #14
  • Jun 19, 2018 2:38am Jun 19, 2018 2:38am
The account currency is used to calculate the cost of one pip of the current instrument and allow to calculate the risk involved with the position size. If you want to know how much will cost to your account 1 pip of EURGBP and your account is in USD, you need that information to get the EURUSD exchange.

The risk is related to the initial stop loss level, the spread and the lot size. In this case risk is the one associated to the initial position setup.

The central use of this tool is scalping. My trades last only a few seconds many times or they need analogue reaction speed and Metatrader 4, that is the tool that I am using now, is not suitable for it. I tried writting scripts first but it is impractical in the best case. At least MT5 has more features, but MT4 lacks that agility.
  • #15
  • Jun 19, 2018 2:45am Jun 19, 2018 2:45am
Quoting falanca
This tool is very similar with your tool.İts advantage is about the lots of new openning orders.They are changeable.And eitherly can we add a function like avaraging the profit of sell and buy orders.After finding some profit closing some part of existing orders.{image}
Very nice tool. It is similar indeed but with dynamic additional features I have not implemented yet. As I was speaking about with Isabella, I have thought about including a trading wizard to create trade rules. One feature that it does not have yet and it should go first is saving setups, for instance. I have only been working a couple of days on it and it is in a very initial stage.
  • #16
  • Jun 19, 2018 7:02am Jun 19, 2018 7:02am
Subs. Thanks and
Regards
  • #17
  • Jun 19, 2018 1:30pm Jun 19, 2018 1:30pm
Quoting goodways100
Subs. Thanks and Regards
Hello goodways100,

What do you mean with subs?

Best regards.
  • #18
  • Jun 19, 2018 4:14pm Jun 19, 2018 4:14pm
Added breakeven feature. Also the server field below allows connection for instance through VPN to a remote machine.

Let's see if I have time to implement the buttons for pending and close orders, at this moment only the SELL and BUY buttons are implemented.

Attached Image (click to enlarge)
Click to Enlarge Name: 2018-06-19 23_10_25-Metatrader 4 Tools.png Size: 43 KB
  • #19
  • Jun 20, 2018 5:12am Jun 20, 2018 5:12am
Quoting scherzi
Added breakeven feature. Also the server field below allows connection for instance through VPN to a remote machine. Let's see if I have time to implement the buttons for pending and close orders, at this moment only the SELL and BUY buttons are implemented. {image}
Hi scherzi, might I suggest that you swap the BUY and SELL buttons? Intuitively speaking, I always thought that it should be done like you've done it, however, Metatrader has always put the sell button on the left and buy on the right. I fear that someone may get caught in scalping in a fast-market and hit the wrong button by mistake

Best,
  • #20
  • Jun 20, 2018 5:47pm Jun 20, 2018 5:47pm
Suggest -
Attached Image
Edit: just seen the BE button - may have missed the REV button too
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