How to put a quick sl for a scalping system?

Hi traders. I like to trade scalping, but I encounter a problem: I trade 1 and 5 min tf, with a stop between 3 and 7 pips. Due to the fact that sometimes the price moves quite fast, I have difficulties in setting the correct stop as a percentage of the account. Please, what solutions or automations have you found for situations like this in mt4?

the solution is to discard that strategy.

I'm sorry, but I love scalping. In addition, this problem occurs in all small tf strategy, I think there are scalpers who have somehow solved the problem.

you can try this EA you can open 1 on single line or you can spread xy orders across range. all orders will be closed on SL or TP (SL and TP are virtual)

Can someone pls assist in coding this in Mt5 for 1min timeframe only. Rough sample in Mt4 is below:
//Step1: Bar2 RSI_2(13) was prev abv or equal to 34 but on Bar1 RSI_1(13) now below 34.
if(RSI_2>=34 && RSI_1<34 && W1 != "yes")
{W1="yes";W1_high=barhigh1;W1_low=barlow1;count=0;Repeat_Signal=0;}

//Step2: At d point whr RSI<34 we want to do 2 things:1. Begin to update d Lower low of W1 until price closes above d High of d Lowest - when this happens, it means W2 has been formed. 2. Begin to setup a counter:
if(W1=="yes" && W2!="yes" && barlow1<W1_low)
{W1_high=barhigh1;W1_low=barlow1;count=count+1;

if(count>=15) {W1="nil";W2="nil";} //Nullifier
//Step3: Whn price closes abv d high of W1's lowest bar then W2 is formed.
if(W1=="yes" && W2!="yes" && barclose1>W1_high{W2="yes";}
//Final step: If W2 is yes, then whenever a Hammer occurs whose Tail is d lowest among d last 3 candles, starting fro itself, then signal an ArrowUp on d chart on bar zero. Except if count is >=15.
Note: THE HAMMER IS A CANDLE WHOSE TAIL IS >= 50% OF ENTIRE LENGTH OF D CANDLE.
if(W2=="yes" && Hammer=="yes" && barlow1<=Lowest && Repeat_Signal<1)
{
Alert(Symbol()," ","Buy");
ArrowBuffer[0] = barlow1 - 0.5 * dPoint;
W1="nil";W2="nil";Repeat_Signal=1;

}
//List of variables:
string W1,W2;
double Repeat_Signal,barlow1,barhigh1,W1_high,W1_low,Lowest,count;
//END

Hi guys, thanks to those who tried to come up with a solution. But it seems that the fastest way to calculate sl as a percentage of the account is here:

https://www.forexfactory.com/thread/...ines-with-risk

Obviously, you must have some idea of the size of trade you want to put on each time?

If so, simply use AutoStop EA to place the Take Profit and Stop Loss at your predetermined levels.

All you have to do is click Buy or Sell

Good Luck

1. go to Codebase
2. Sort by clicking header
3. right-click to download and install
4. do NOT download AutoStop v2

Hope that helps

Hi Erebus, thanks for the help. The problem is that the "sl" varies between 4 and 9 pips. For this, after the candle is finished, I have to check how many pips are up to sl, to do the calculation for the risk, and to enter the order. In this way seconds are lost, during which time the position has advanced and I want to put the order as close as possible to the closing of the previous candle.
With these graphic lines, I can set the sl before the candle ends (including the risk calculation) and at the end of the candle I can put another line (which represents the order itself) I give "submit" and then I have time to put the "tp" ", everything in 2-3 seconds.

That certainly sounds like a very demanding trading situation.

I highly doubt that you will find a "free" EA to do everything for you.

Have you searched the MQL5 store for such an EA?

If the method is profitable, it won't hurt to pay for a good product.

Good Luck

My broker supplies a trading EA, so I have a preset stop loss for every entry. Prior to that, I used a commercial product. I have not used a meta trader entry/exit tool since I first started Forex back in 2007, lol. I consider a stop loss as a catastrophic stop loss, in the event something happens to my computer or Internet connection. It is not a wild figure, but one that matches most market conditions. If you do not have such a tool, consider the following ideas:

1. You can manually place a stop a few pips below the last high/low. If price does not go in your favor, close it manually, or if your broker allows you to drag your stop loss, you can just drag it to the current price. If price goes in your favor, and your broker allows you to drag your stop, then trail it yourself manually.

2. Use a PSar indicator set to 1 / 0.01, or the other way around, do not remember, lol. Place your stop on the dot and trail the dots as price goes in your favor. If price goes against you, close the trade as soon as you know you are going to lose. You never have to ride price to your stop loss.

3. If price goes in your favor, you can also trail it by moving your stop to the lowest/highest value of the previous 3 candles. Unless there is considerable whipsaw, this is a good way to gain a few extra pips while keeping your stop out-of-reach.

4. If you trade support/resistance lines for some reason, you will want your stop to be well away from them. The market is going to whipsaw on both sides of those lines to attempt to stop you out.

5. If you are not concerned about a catastrophic stop, you can draw a horizontal line on your chart at the price you consider your stop loss. If price reaches it, you can manually close the trade.

Personally, I do not remember the last time I had a trade stopped out. I normally know long before that point if I am wrong, but I am rarely wrong. I trade small time frames too, so if I have to leave my computer during a trade, I will probably trail the stop so I can lock in profit if it turns on me without my knowledge. Other than that, I have a signal that tells me when to exit.

As for determining the size of the stop, I would look at historical entries/exits and count the distance between them. Taking a percentage of your account to determine your stop is ignoring the market movement. If you are trading in the current environment on 1M/5M charts, then I would suggest a stop of at least 15 pips plus the spread. So, if you have 1 pip spread, your stop loss would be 16 pips from your entry, or you can use one of the other suggestions from the list above. Please note these are all just suggestions. You have to do what you feel comfortable doing. Unless you have a really good entry signal, that does not have draw down, you can expect some small draw downs, so 3-7 pips might not be enough space for a trade to develop.

I just downloaded this and will try it when the markets open.

IMO if you are trading properly then you would have a pending order set up ready to go with the stop calculated out as the order fills