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Manage Take Profit EA

  • #41
  • Jan 18, 2007 8:23am Jan 18, 2007 8:23am
Quoting stockwet
Markot,

Sorry, you've been asking for this for a while and have been very polite about my SLOOOOWWWWW response. Try this one out. I didn't do any testing, just modified parts of the code that I think will make it work. Please report back any problems and I'll fix them. I'll see if I can test it as well.

Regards,

stockwet
thank you very much...I am testing it right now... I will let you know how it goes... I realy appreciate that you are taking time to help guys like me...
markot
  • #42
  • Jan 22, 2007 7:00pm Jan 22, 2007 7:00pm
I tested the modified ea and it does not do anything with 3 and 4 level... it is unusual.. takes 1ST and 2nd stop levels ok but nothing for 3&4... I tested all possibilities with levels set below and above entry and combined ... Could you please take a look at it again.. thank you
markot
  • #43
  • Jan 22, 2007 7:14pm Jan 22, 2007 7:14pm
the sript goes fine. thanks

Quoting stockwet
Hmmm, I thought I attached that one here.

Anyway, this script will place a buy or a sell order with a magic number you specify. Specify the order type with "Buy", "buy", "Sell", or "sell". Let me know if you run into any problems.
  • #44
  • Jan 23, 2007 8:46am Jan 23, 2007 8:46am
I did find one error with it, but, it should only have affected the fourth level. I don't know. Try this one. It should work OK.



Quoting mkoturic
I tested the modified ea and it does not do anything with 3 and 4 level... it is unusual.. takes 1ST and 2nd stop levels ok but nothing for 3&4... I tested all possibilities with levels set below and above entry and combined ... Could you please take a look at it again.. thank you
markot
Attached File(s)
File Type: mq4 ManageTPv2-3_modA.mq4   7 KB | 1,998 downloads
  • #45
  • Jan 24, 2007 9:06pm Jan 24, 2007 9:06pm
Quoting stockwet
I did find one error with it, but, it should only have affected the fourth level. I don't know. Try this one. It should work OK.
I was testing it today again... on live acccount with 0.01 lots....just the stop loss part... i set take profit for 1000 pips so it does not interfere... GBPJPY
the first target was +5,
first stop -30
second target was 15
second stop -7
third target 15
third stop 0
fourth target 30
stop 22

also I tried same with GBPUSD
IT only activated first 2 stops... in fact I am 88 pips in profit at GBPJPY and SL is still -7...
Can you possibly try testing it.... I am starting to think that I am going nuts... I compiled the EA in case you were wondering...
Thanks
Markot
  • #46
  • Jan 25, 2007 4:13pm Jan 25, 2007 4:13pm
I think I have the error figured out and am working on it now.

Quoting mkoturic
I was testing it today again... on live acccount with 0.01 lots....just the stop loss part... i set take profit for 1000 pips so it does not interfere... GBPJPY
the first target was +5,
first stop -30
second target was 15
second stop -7
third target 15
third stop 0
fourth target 30
stop 22

also I tried same with GBPUSD
IT only activated first 2 stops... in fact I am 88 pips in profit at GBPJPY and SL is still -7...
Can you possibly try testing it.... I am starting to think that I am going nuts... I compiled the EA in case you were wondering...
Thanks
Markot
  • #47
  • Jan 30, 2007 11:34am Jan 30, 2007 11:34am
Quoting stockwet
I think I have the error figured out and am working on it now.
Thanks... I am still testing to see if there are any other bugs.. so far nothig else..
Markot
  • #48
  • Jan 31, 2007 11:46am Jan 31, 2007 11:46am
I can't seem to get Max Loss to work. I have Use Max Loss set to true and I enter -20 as the Max Loss value but it doesn't take me out, just keeps right on going.

Does the Allow live trading box need to be checked under the Common tab?

And final question . . . if I have two trades on with the same pair, do I need to enter a magic number for each or can the EA manage both?

Thanks for a great EA and especially for your time in answering all our questions!
  • #49
  • Jan 31, 2007 5:08pm Jan 31, 2007 5:08pm
Quoting timokrates
...I had a conversation with my broker yesterday and they said scaling out is technically impossible, then I found your great expert - and it works!..
Hi All. I've been beating my head against the wall trying to figure a way to take X lots of profit out of a given trade manually on MT4. Then i tell myself to do a search at the factory and see if there is an answer to it all. So taking Tim's quote above as fact, there really is no physical way to close out part of the lots in a given trade? If so that seems like a large oversite on metaquote's part?

I am going to read from begginning to end to get more info on this EA...as it appears to be the solution to a crazy situation.

: ) Thom
  • #50
  • Jan 31, 2007 5:28pm Jan 31, 2007 5:28pm
Thom,

You can take partial profit out of a trade manually using MT4. First, right click your trade and select "Close Order". When the Close Order window appears, change the "Volume" to however many lots or mini lots you want closed. Then hit the Close button at the bottom.

I get this question so much that I think I'm going to put together a tutorial on it. You're not alone.

Best,

stockwet

Quoting accrete
Hi All. I've been beating my head against the wall trying to figure a way to take X lots of profit out of a given trade manually on MT4. Then i tell myself to do a search at the factory and see if there is an answer to it all. So taking Tim's quote above as fact, there really is no physical way to close out part of the lots in a given trade? If so that seems like a large oversite on metaquote's part?

I am going to read from begginning to end to get more info on this EA...as it appears to be the solution to a crazy situation.

: ) Thom
  • #51
  • Jan 31, 2007 5:31pm Jan 31, 2007 5:31pm
Quoting tonygibbs
I can't seem to get Max Loss to work. I have Use Max Loss set to true and I enter -20 as the Max Loss value but it doesn't take me out, just keeps right on going.

Does the Allow live trading box need to be checked under the Common tab?

And final question . . . if I have two trades on with the same pair, do I need to enter a magic number for each or can the EA manage both?

Thanks for a great EA and especially for your time in answering all our questions!
Max Loss is a positive number. I know, a little confusing, but, that's how I made it. So, if you want a 20 pip SL, just put "20" in the Max Loss field.

The EA will manage both trades independently. The magic number will manage only the trade with the magic number if you don't want it to manage all your other trades. Also, it only manages the trades for a given currency pair on which you have the EA attached to a chart. So, if you have EUR and GBP trades, and the EA is on the EUR chart, it won't manage your GBP trades.
  • #52
  • Jan 31, 2007 6:43pm Jan 31, 2007 6:43pm
Quoting stockwet
...I get this question so much that I think I'm going to put together a tutorial on it. You're not alone...
LOL, that is waaaaay to good Stockwet. The first thread i visited was your "Tutorials" hoping the answer would be there, then i found your cool EA. !!! Thanks for the private "Tutorial" in your above post!

Cheers,
Thom
  • #53
  • Feb 2, 2007 12:28pm Feb 2, 2007 12:28pm
Stock,

Really want to use this on a live account, but my confidence isn't there yet. Just had it managing a GBP/USD tried with a Max Loss of 21. Was checking out some other charts and realized my trade was at zero. Went back to the GBP/USD chart and show I had been stopped out at -10. Checked my logs and they only show that the order had been opened. No reference at all to having the trade stopped out.

I'm a little confused when I have the EA running on more than one chart also. The Open Order comment lists the price for the pair that has a trade on, but shows up on all running EA's. Is this correct behavior?

Thanks again for a fantastic EA . . . it will make trading so much easier! Sorry for all the questions. I'm really clueless about programing and how all these EA's work.
  • #54
  • Feb 2, 2007 1:12pm Feb 2, 2007 1:12pm
Quoting accrete
LOL, that is waaaaay to good Stockwet. The first thread i visited was your "Tutorials" hoping the answer would be there, then i found your cool EA. !!! Thanks for the private "Tutorial" in your above post!

Cheers,
Thom

...I been demo trading for 6 months, and I had my successes with trading, but I can't consistanly sustain profits levels and keep them. I plan
to study automated trading, is it going to be more profitable than manual
trading? Plus where do I start from a platform point of view?
  • #55
  • Feb 2, 2007 9:10pm Feb 2, 2007 9:10pm
Hi Tony,

I haven't seen the behavior you mentioned. Which EA version are you using?

Also, could you clarify a bit on the comment issue you had? I'm not following what the issue is.

Thanks.

stockwet

Quoting tonygibbs
Stock,

Really want to use this on a live account, but my confidence isn't there yet. Just had it managing a GBP/USD tried with a Max Loss of 21. Was checking out some other charts and realized my trade was at zero. Went back to the GBP/USD chart and show I had been stopped out at -10. Checked my logs and they only show that the order had been opened. No reference at all to having the trade stopped out.

I'm a little confused when I have the EA running on more than one chart also. The Open Order comment lists the price for the pair that has a trade on, but shows up on all running EA's. Is this correct behavior?

Thanks again for a fantastic EA . . . it will make trading so much easier! Sorry for all the questions. I'm really clueless about programing and how all these EA's work.
  • #56
  • Feb 3, 2007 2:13am Feb 3, 2007 2:13am
First, I would like to thank stockwet for such a valuable contribution. More power!

Now to my question...Sorry but I'm a bit slow in understanding the parameters I need to setup for this EA. I'm using v2.4 and here's the scenario I would like the EA to handle. Should be pretty simple but I still get confuse on how to setup it up...

I will open a trade with 2 micro-lots (0.02). After which, I would like the EA to:

1) Set initial TP @ 40pips
2) Close 1 lot when initial TP is hit
3) Move SL to BE on the remaining lot
4) Use trailing stop of 40pips on the remaining lot

Below are the parameters for the EA. Are my supplied values correct to handle the scenario above?

extern int First_Target = 40;
extern int Target_Increment = 0;
extern double Close_Lots = 0.01;
extern bool Move_Stops = true;
extern int First_Stop_Target = 40;
extern int First_Stop = 0;
extern int Second_Stop_Target = 0;
extern int Second_Stop = 0;
extern bool Use_Max_Loss = true;
extern int Max_Loss = 0;
extern int Magic_Number=0;

Please advise. Your help is greatly appreciated.

Cheers,
Wally
  • #57
  • Feb 3, 2007 9:44am Feb 3, 2007 9:44am
Stockwet,

Please forgive me for not being able to figure some of this out...

Here are my questions:

1. I use a mini account. Let's say I open a position with 20 mini lots. If I set "Close_Lots" to a value of "0.2" does this mean that when I reach each profit target that it will close EXACTLY 2 MINI LOTS...or does it mean that it will close 20% OF MY TOTAL MINI LOTS (which in this example would be 4 mini lots)?

2. In the example above, what if I wanted it to close my entire 20-mini-lot position at the first profit target? What should the "Close_Lots" value be set to?

3. Under "Close_Lots" is it accurate that
a value of "5.0" is ALWAYS equal to 5 standard lots,
a value of "0.5" is ALWAYS equal to 5 mini lots, and
a value of "0.05" is ALWAYS equal to 5 micro lots?

4. Does the EA know whether my account is a standard, mini, or micro accunt, or does it even matter? I'm trying to figure out if the EA just closes out a percentage of lots (regardless of the account type), or if the EA is universal rgardless od the account type by specifying "5.0", "0.5", or "0.05" respectively.
  • #58
  • Feb 4, 2007 9:56pm Feb 4, 2007 9:56pm
Hi Wally,

Well, I have a couple of ideas.

First, I don't think the EA works as you intend. It's not really setup to be a trailing stop. The idea is to take profits out at defined increments. In your scenario, with an Initial TP of 40 and a Target Increment of 0, the EA will take .01 lots out at 40, then another .01 lots out at 40+0. The Target Increment is the next number of pips from the initial TP you want to take out at it. So, if you set the Target Increment to 40, then, .01 lots go out at 40 (initial TP) then another .01 lots go out at 40+40.

Here's an alternate scenario to further illustrate the feature. Assume Initial TP is 40 and Target Increment is 20. You're trading with .03 lots and your Close Lots amount (the amount to take out at each increment) is .04 lots. Well, you would take .01 lots out at 40, the next .01 lots out at 40+20, the next .01 lots out at 40+20+20, and the final .01 lots out at 40+20+20+20. See the idea? So, it isn't a trailing stop feature.

I noticed in your setting that your second move stop settings are not set to anything. Rather, they are set to 0. I don't know how the EA is going to react to that. I've never tested it. You may just get a situation where your stop keeps getting bounced to B/E. So, be aware of that.

In the future, I might add a trailing feature. But, I figured if people wanted a trail at a certain spot that they would turn the expert off and use MT4's built in trailing stop feature. It seemed kind of redundant to build it into the EA.

stockwet

Quoting wallym
First, I would like to thank stockwet for such a valuable contribution. More power!

Now to my question...Sorry but I'm a bit slow in understanding the parameters I need to setup for this EA. I'm using v2.4 and here's the scenario I would like the EA to handle. Should be pretty simple but I still get confuse on how to setup it up...

I will open a trade with 2 micro-lots (0.02). After which, I would like the EA to:

1) Set initial TP @ 40pips
2) Close 1 lot when initial TP is hit
3) Move SL to BE on the remaining lot
4) Use trailing stop of 40pips on the remaining lot

Below are the parameters for the EA. Are my supplied values correct to handle the scenario above?

extern int First_Target = 40;
extern int Target_Increment = 0;
extern double Close_Lots = 0.01;
extern bool Move_Stops = true;
extern int First_Stop_Target = 40;
extern int First_Stop = 0;
extern int Second_Stop_Target = 0;
extern int Second_Stop = 0;
extern bool Use_Max_Loss = true;
extern int Max_Loss = 0;
extern int Magic_Number=0;

Please advise. Your help is greatly appreciated.

Cheers,
Wally
  • #59
  • Feb 4, 2007 10:03pm Feb 4, 2007 10:03pm
1. No, it doesn't use a percentage of your position. 0.2 means 2 mini lots, or 2 micro lots depending on how your broker has you set up.

2. Set the close_lots to the size of the position. I do this alot, too. So, if I'm trading with 3 lots and want to take all 3 out at a certain point, just put "3" in the close_lots parameter and set your initial TP.

3. No. It depends on your broker. For instance, IBFX uses a mini designation for mini accounts. Your charts will say EURUSDm and a trading unit of 1 = 1 mini lot. It depends on your broker. The EA uses the same lot scale used by whatever your broker uses and whatever type of account you're setup on.

4. Nope. It's a "dumb" EA. It just takes your inputs as they are. So, if, when you place an order through MT4 and you use .3 lots, and that equals 3 mini lots, then you use the same scale in the EA. If, in this case, you want to take 1 mini lot out at each increment, you would use 0.1 in the close lots field.

I saw your IM. I'll be around tomorrow.

Best,

stockwet

Quoting ident1714
Stockwet,

Please forgive me for not being able to figure some of this out...

Here are my questions:

1. I use a mini account. Let's say I open a position with 20 mini lots. If I set "Close_Lots" to a value of "0.2" does this mean that when I reach each profit target that it will close EXACTLY 2 MINI LOTS...or does it mean that it will close 20% OF MY TOTAL MINI LOTS (which in this example would be 4 mini lots)?

2. In the example above, what if I wanted it to close my entire 20-mini-lot position at the first profit target? What should the "Close_Lots" value be set to?

3. Under "Close_Lots" is it accurate that
a value of "5.0" is ALWAYS equal to 5 standard lots,
a value of "0.5" is ALWAYS equal to 5 mini lots, and
a value of "0.05" is ALWAYS equal to 5 micro lots?

4. Does the EA know whether my account is a standard, mini, or micro accunt, or does it even matter? I'm trying to figure out if the EA just closes out a percentage of lots (regardless of the account type), or if the EA is universal rgardless od the account type by specifying "5.0", "0.5", or "0.05" respectively.
  • #60
  • Feb 4, 2007 10:30pm Feb 4, 2007 10:30pm
Hi stockwet,

Thank you very much for your reply. I think I got the idea that it's not a trailing stop feature. Given the following values:

extern int First_Target = 20;
extern int Target_Increment = 0;
extern double Close_Lots = 0.01;
extern bool Move_Stops = true;
extern int First_Stop_Target = 20;
extern int First_Stop = 20;
extern int Second_Stop_Target = 60;
extern int Second_Stop = 60;
extern bool Use_Max_Loss = true;
extern int Max_Loss = 0;
extern int Magic_Number=0

If I traded 2 lots. Lot 1 will be closed when it is +20. SL will be moved to BE. Lot 2 will be closed when it is + 60.

Is this correct?

Again, my apologies for being abit slow here...Appreciate your help.

Cheers,
Wally

Quoting stockwet
Hi Wally,

Well, I have a couple of ideas.

First, I don't think the EA works as you intend. It's not really setup to be a trailing stop. The idea is to take profits out at defined increments. In your scenario, with an Initial TP of 40 and a Target Increment of 0, the EA will take .01 lots out at 40, then another .01 lots out at 40+0. The Target Increment is the next number of pips from the initial TP you want to take out at it. So, if you set the Target Increment to 40, then, .01 lots go out at 40 (initial TP) then another .01 lots go out at 40+40.

Here's an alternate scenario to further illustrate the feature. Assume Initial TP is 40 and Target Increment is 20. You're trading with .03 lots and your Close Lots amount (the amount to take out at each increment) is .04 lots. Well, you would take .01 lots out at 40, the next .01 lots out at 40+20, the next .01 lots out at 40+20+20, and the final .01 lots out at 40+20+20+20. See the idea? So, it isn't a trailing stop feature.

I noticed in your setting that your second move stop settings are not set to anything. Rather, they are set to 0. I don't know how the EA is going to react to that. I've never tested it. You may just get a situation where your stop keeps getting bounced to B/E. So, be aware of that.

In the future, I might add a trailing feature. But, I figured if people wanted a trail at a certain spot that they would turn the expert off and use MT4's built in trailing stop feature. It seemed kind of redundant to build it into the EA.

stockwet
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