Manage Take Profit EA

Thanks very much for this and also to Stockwet. Tremendous work there!
i was just wondering if anyone can verify moneybiz's attempt to add trailing stop loss?
Trailing stop loss really is the business!

I will test it tonight myself if i get a chance to trade!

Thanks and good luck

I've revised MTP because the Trailing Stop was not being set if the fixed stops were zero. Plus some cosmetic changes.

So with MTP 1.3, am I correct (after briefly reading the doc) that the parameters are global, for all pairs? So, I can't have different settings for different pairs--is this correct?

Hi Moneybiz:

Thanks for your rev. ver. I have a question on the max_loss:
Say if I have 2 lots entered, is the max_loss: 20 pips for each lot?

And if it is? then will it be 2 * 20 = 40 pips or
Is it total max_loss which would be 20/2 = 10 pips per lot

Beceause I had entered 0.04 lots in my mini acct. and had set a max_loss of 20 pips, it did not close out, at 20 pips, as of friday close I still have a 63 pip loss, Does the EA performing the max_loss = .04 lots * 20 = 80 pips?
Thats why I still have 63 pip loss?

sell @ 1.3425 and the price as cl. was 1.3493
Did I do something wrong?

Could you please clear it up for us.
Thanks again for your help and EA.

Thanks
Zee

Josh, You can attach MTP to each Currency pair.

Zee, Max Loss applies to raw pips, regardless of lots traded. If the price gaps, like on an announcement, you may not get stopped exactly where you specified, but you should have been stopped out at some point. The Max Loss works for me. Max Loss is a positive number. Be sure to read the caveats on the last page of the document file.

I looked in the code josh. now the EA must be placed on every pair that you want to manage. you can be more specific be using a MagicNumber For that pair. But that you need to use a script or EA to attach a MagicNumber to the trade.

there is a check for open order
OrderSymbol() == Symbol() --> this means that the EA must be on that pair you want to manage.

Correct me if I am wrong.

Regards

BTW nicely done MoneyBiz with your adaptations.

Moneybiz

Thanks for your explanation. on the max_loss

Would you consider adding one more Variables please,


VAriable Inputs Value
Buy_1; Sell_2 1, or 2 (Trader can put 1=buy or 2 = sell)
Price put the price eg 1.3500(price at which the trader wants to take the trade)

This would help trader to place the Buy or Sell price in the beginning,
If you think its a vauable input, then you could incorporate it, if
not thats ok.

Thanks
Zee

MoneyBiz:

After the EA has taken the Max_loss of pips, will it stop!!!!

Or if the price comes back to the entry price will the EA start again?

Thanks

Zee

Zee, when Price reaches your Max Loss, a request is issued to the server (broker) to close out your entire position (remaining lots). There is nothing left to start again, unless you enter another trade.

MTP was designed to manage trades, not to enter them.

Can anyone help? I would like to be able to:

Manually place a single lot order, along with a SL and a TP.

Then, I would like an EA to move my stop to BE when it gets to a point midway between my entry point and my TP.

I don't want my SL to move beyond my original entry point, so an ordinary trailing stop wouldn't do.

Would I be able to use MTP for what I want? Or is there some other EA I could use?

Thanks in advance.

Note: If you will be using MTP to trade announcements, please give MTP a helping hand by closing all unnecessary programs on your PC. You absolutely do not want your email program to be downloading mail, or Automatic Updates to be updating your system, or scanning programs to be operating, when the announcement comes out, as it will slow the MTP program down, making it less responsive to market conditions and prone to undesirable results. Duh!

the manage Take profit trail stop was not working for me last week??? is there anyway to fix this??? it broke me even on all my trades, but the trail was not moving with the trade at all... i went to sleep positive 70 pips with the trail stop set at 50 and woke up at break even.

also is there anyway to make this so that it has up to 8 stops???

Hi Guys,

1) Can anyone please list all the pairs this EA can be used with.

2) I am trying to use MTP on GBPJPY can someone please give me an example of setting the pips, as unlike GBPUSD where you have pip movements of 0.0001 with GBPJPY you have pip movements which go ing the dollars. ie: 1.00

3) Is it possible to use MTP on different pair charts. ie: have MTP running on GBPUSD, GBPJPY and USDAUD all at the same time managing the individual pairs.

All help greatly appreciated.

Cheers,
Miike

Bassfisher, the problem has been fixed with version 1.5. 8 Stops? Use the Trailing Stop.
Mike, 1) Use it with any pair, 2) MTP knows how to handle the decimal point, 3) Yes, but only one chart per currency pair.

I'm not able to update previous posts with revised files, so I'll deposit them here. The .zip file contains 6 files:

MTP_1.5.mq4 ............. The MTP source file
MTP Advisor4FF.doc .... A "how to use" document file
MTP Read Me.txt ......... A version history file
mtp1.wav .................. An alert sound file
mtp2.wav .................. An alert sound file
mtp3.wav .................. An alert sound file

This version contains optional sound and email alert. The alerts can be enabled/disabled in the Inputs panel.

I'd like to express my appreciation to Stockwet for creating the original ManageTakeProfit EA, which is the basis for this MTP EA. It's a great idea.

A Note about Stops.
The First, Second, and Third targeted stops are real stops and you will see them on your trade transaction in the MT4 Terminal window when MTP issues a request to the server to set them in place. However, the Max Loss and Trailing stops are "imaginary" stops. MTP keeps track of where the stop is, but doesn't send a "move stop" request to the server. When the price hits the imaginary stop, a request is sent to the server to close the trade. You will not see these stops in the Terminal window. You can see the locations of these stops, as they change, in "Curr SL:" line in the text info on the upper left of the chart window.

I think I say this for everyone, but after using the new version I am very impressed with the functionality.

New features work well.

Keep up the great work moneybiz!!!

cheers,
Miike

hi,

few hour ago I used this EA (newest version), to trade GBP/JPY

I opened sell order at 231.36 , i didnt set the TP and Stop Loss

then I put the EA with this setting:

First_TP_Targt=200
First_Stop_Target =35,
First_stop = 1
Second_Stop_Target = 55
Second_Stop =25
Third_Stop_Target = 100
Third_Stop = 55
TrailStop by=10

till 2nd stop target (55 pip) it went ok, the SL changed at +25pip(231.11)

then the price keep going lower , but it had never gone into +100pip (3rd stop target), so I think the stop loss should still stay at 231.11 right?

what happen was, my trade suddenly closed at 230.72 (64 pip profit),

how could it be? can anybody explain to me what was probably happen on that trade? The lowest price it reached that time was 230.52 (about +84 pip).

thanks

Ganezi, I need an entry time so I can follow on my chart. Had the Trail kicked in? Was it MTP that closed the trade? Click on the Experts tab below your chart to see what actions MTP performed.

Everyone, when you suspect a problem, please take a picture of your chart (click on chart, Save as Picture, Active chart, OK, Save as GIF). The MTP info on left of chart is helpful in solving a problem. A picture of the Expert history would also help.

hi moneybiz, i copy the mtp record from log file. You can clearly see that the EA closed my trade. I still dont know what happened..
----------------------------------------------------
17:56:44 MTP_1.5 GBPJPY,H1: loaded successfully

18:00:31 MTP_1.5 GBPJPY,H1 inputs: PreSet_Name="Default"; First_TP_Target=200; TP_Target_Increment=20; Close_Lots=1.0; Move_Stops=true; First_Stop_Target=35; First_Stop=1; Second_Stop_Target=55; Second_Stop=25; Third_Stop_Target=100; Third_Stop=57; Trail_Stop_By=10; Use_Max_Loss=true; Max_Loss=35; Alert_Sound=true; Alert_Email=false; Magic_Number=0;

18:00:31 MTP_1.5 GBPJPY,H1: initialized

18:17:17 MTP_1.5 GBPJPY,H1: moveStops called 3834837 1

18:17:17 MTP_1.5 GBPJPY,H1: modify #3834837 sell 1.0 GBPJPY at 231.36 sl: 231.35 tp: 0.00 ok

18:18:29 MTP_1.5 GBPJPY,H1: moveStops called 3834837 25

18:18:29 MTP_1.5 GBPJPY,H1: modify #3834837 sell 1.0 GBPJPY at 231.36 sl: 231.11 tp: 0.00 ok

18:19:39 MTP_1.5 GBPJPY,H1: close #3834837 sell 1.0 GBPJPY at 231.36 sl: 231.11 at price 230.72

I think this is a question that many on this thread can answer.
I have got the MTP going fine. The chart that it is on has three open trades and two pending.
Do I still use the ModA EA for the magic number assignment, or does the MTP EA do that itself now?
Moneybiz, you say in the doc that we still need a script running to manage the multiple order numbering. When I add the MOd A EA to the chart, the MTP disappears. Is it operating in the background?
What is the go here? Also tried OpenWithMagic EA, but the same thing happened. The MTP parameters disappeared.
Thanks for any help. Looking for to seeing the results for myself that others here are having with the EA.
Frank