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Manage Take Profit EA

  • #61
  • Feb 5, 2007 6:11am Feb 5, 2007 6:11am
Hey Wally,

Actually, what will happen is that after your first target is hit at 20, your second target will be set to 20 + 0 (target increment). So, you'd have .01 out at 20 and the next .01 out at 20. If you want the second taken out at +60, you have to set the target increment to 40 (initial 20 + 40 increment).

Also, MT4 brokers will not allow you to set SL unless the price is x (usually 5) pips away from the level. So, setting the second stop target at 60 and the stop to 60 will not work. You'd have to set the second stop to 55 or less. Same idea for the first stop target.

stockwet

Quoting wallym
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
  • #62
  • Feb 6, 2007 11:45am Feb 6, 2007 11:45am
Quoting stockwet
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
Sorry for the tardy reply . . . have been out of town. I'm using 2-4. I think I might have run across some info in MT4 Help that might be part of my problem. Apparently, for the EA to run correctly, or even at all, it has to be on a chart that is on the current profile. Is this correct?

I have a profile with all 6 of the majors and then have individual profiles for each currency pair. I was running the EA on the GBP/USD chart in the all pairs profile, then switched to another profile and when I went back to the all pairs profile, I was stopped out at -10 instead of -21 which was my setting in the EA.

The comment issue may also be a by product of me running several MTP EA's at the same time on different pairs in my all pairs profile. Here's an example . . . I have one running on the USD/CAD and the comments are:
Order Open: 1.1821
Pip Count: 3
Next Stop Target: 10
Next Stop Differential: 2
Next TP: 8
SL: 0
Max Loss:13
Managing: All USDCAD trades.

I then add an MTP EA to the USD/JPY chart, all comments are correct on the USD/JPY but the Order Open comment on the USD/CAD changes to the USD/JPY order price which is 120.14.

Hope this helps.
  • #63
  • Feb 14, 2007 6:14am Feb 14, 2007 6:14am
Hello,

Sorry, I'm new to this.
Is ManageTP a program, how do I downloaded and install it?

Thanks in advance for any help.
  • #64
  • Feb 14, 2007 2:24pm Feb 14, 2007 2:24pm
Quoting shleimun
Hello,

Sorry, I'm new to this.
Is ManageTP a program, how do I downloaded and install it?

Thanks in advance for any help.
shleimun,

Don't know where everyone has gone, but this thread's been real quite lately. Manage Take Profit is an EA for MetaTrader. You need to download the 2.4 version from the first message and save it in the Experts folder in your Metatrader directory (you may have to restart Metatrader for it to show up). You drag and drop it from the Navigator bar to the chart you want it to work on and follow the directions in the first post.

Works great and has really made my trading a lot easier!
  • #65
  • Feb 15, 2007 6:37pm Feb 15, 2007 6:37pm
Stock,

What's the possibility of adding a true/false switch that would let the last portion of your position run (true) or go ahead and work like it works now, taking out partials until there are no more (false)? I've gotten into several runners that would have been nice to have small portion left to go for the gold.
  • #66
  • Feb 16, 2007 5:05pm Feb 16, 2007 5:05pm
Hi Stock,
I'm probably missing it - I could not find anywhere - can you pl tell me what Time Frame I got to use for this EA -

Thanks

- Sukhen
  • #67
  • Feb 17, 2007 5:26am Feb 17, 2007 5:26am
Quoting tonygibbs
Stock,

What's the possibility of adding a true/false switch that would let the last portion of your position run (true) or go ahead and work like it works now, taking out partials until there are no more (false)? I've gotten into several runners that would have been nice to have small portion left to go for the gold.
Tony,

It's possible. You'd need to compare the lots remaining on a position against what you have for close_lots. If they are the same, then, don't take any more profit. I guess that's the best way I can think of doing it. Another idea is to have an actual "Let_Run" lot value. So, if it's set to "1", it will check to see if 1 lot is left and then leave take profit alone from that point on. This will let you have more of a position to run rather than just using close_lots.

I'm not sure that I can get to it, though. I'm juggling a lot of stuff right now. If enough people ask for that, then I can prioritize it a bit higher.

stockwet
  • #68
  • Feb 17, 2007 5:27am Feb 17, 2007 5:27am
You don't need a specific timeframe.

Quoting sukhen
Hi Stock,
I'm probably missing it - I could not find anywhere - can you pl tell me what Time Frame I got to use for this EA -

Thanks

- Sukhen
  • #69
  • Feb 17, 2007 12:21pm Feb 17, 2007 12:21pm
stckwet
if your ea is ste to 0 it will mange all orders, including those entered with another magic number?

bye
  • #70
  • Feb 22, 2007 1:56am Feb 22, 2007 1:56am
This is the best of the ive seen thanks stockwet, really cool. Now i can watch more movies!
  • #71
  • Feb 22, 2007 7:04am Feb 22, 2007 7:04am
I've been skimming through this thread so I'm sure this question has already been answered...but...

Does this EA only work with a position that is already opened or will it work with a pending order? I trade mainly with buy and sell stops since I can't monitor the markets during the day. So if a buy stop is hit and the EA is on the chart that I'm trading from will it manage the position?

Thanks
  • #72
  • Feb 22, 2007 7:00pm Feb 22, 2007 7:00pm
Hi Palmer...
All you have to do is to palce the EA on your charts.
Any order, market or pending once kicked in, EA will manage the trade according to your system setting.

I'm still figuring how to use the magic numbers...

Could you give us a crash course on that Stockwet?
  • #73
  • Feb 24, 2007 9:49am Feb 24, 2007 9:49am
OK. The magic number feature allows you to manage specific trades on a currency pair. For instance, asssume you're trading two different methods - one long term, another short term. If you open one order which offers a magic number option (for instance, the XXX EA opens an order and assigns magic number 112233 to the order) you can put that magic number in the TP EA and it will only manage that trade, not other trades of the same currency pair.

The challenge is that the only way to set a magic number is using an expert or a script. I have a script that will open a buy or sell order at market but allow you to assign a magic number to the trade. Let me know if you want that.

In the future, I may provide the ability to assign an initial order number to manage. But, the problem with that is that MetaTrader changes the order number every time you take profit out. So, I'd have to ensure that the EA can dynamically adjust to the new order number.

Anyway, I hope this was a thorough enough crash course.

Regards,

stockwet

Quoting jest1081
Hi Palmer...
All you have to do is to palce the EA on your charts.
Any order, market or pending once kicked in, EA will manage the trade according to your system setting.

I'm still figuring how to use the magic numbers...

Could you give us a crash course on that Stockwet?
  • #74
  • Feb 24, 2007 9:50am Feb 24, 2007 9:50am
Yes,

There should be a comment when the EA runs that tells you whether it's managing all trades or a specific trade associated with a specific magic number.

stockwet

Quoting cmalzoni
stckwet
if your ea is ste to 0 it will mange all orders, including those entered with another magic number?

bye
  • #75
  • Feb 25, 2007 5:12pm Feb 25, 2007 5:12pm
Hi Stockwet,

So in summary, (im just guessing this). The current Manage TP EA will not work wih magic numbers...yet. In order to allow this to work, i will need to run another ea which assisgns magic numbers to trades, right? Many thanks.

Quoting stockwet
OK. The magic number feature allows you to manage specific trades on a currency pair. For instance, asssume you're trading two different methods - one long term, another short term. If you open one order which offers a magic number option (for instance, the XXX EA opens an order and assigns magic number 112233 to the order) you can put that magic number in the TP EA and it will only manage that trade, not other trades of the same currency pair.

The challenge is that the only way to set a magic number is using an expert or a script. I have a script that will open a buy or sell order at market but allow you to assign a magic number to the trade. Let me know if you want that.

In the future, I may provide the ability to assign an initial order number to manage. But, the problem with that is that MetaTrader changes the order number every time you take profit out. So, I'd have to ensure that the EA can dynamically adjust to the new order number.

Anyway, I hope this was a thorough enough crash course.

Regards,

stockwet
  • #76
  • Feb 26, 2007 1:12am Feb 26, 2007 1:12am
No, it works fine with Magic numbers. You just have to have a way to make sure an order you submit has a magic number in the first place. Currently, the only way to do that in MetaTrader is by using an EA or a script.

Here are a couple resource links on magic numbers.

http://articles.mql4.com/145
http://forum.mql4.com/3781

Quoting jest1081
Hi Stockwet,

So in summary, (im just guessing this). The current Manage TP EA will not work wih magic numbers...yet. In order to allow this to work, i will need to run another ea which assisgns magic numbers to trades, right? Many thanks.
  • #77
  • Feb 26, 2007 1:58am Feb 26, 2007 1:58am
Thanks Stocwet,

One final noob qn. So does Your current Manage TP EA has this facility programmed? If no, where can i get the EA or script?

regards
Jest

Quoting stockwet
No, it works fine with Magic numbers. You just have to have a way to make sure an order you submit has a magic number in the first place. Currently, the only way to do that in MetaTrader is by using an EA or a script.

Here are a couple resource links on magic numbers.

http://articles.mql4.com/145
http://forum.mql4.com/3781
  • #78
  • Feb 26, 2007 8:38am Feb 26, 2007 8:38am
Look on page 3. I posted a script there that you can use.

Quoting jest1081
Thanks Stocwet,

One final noob qn. So does Your current Manage TP EA has this facility programmed? If no, where can i get the EA or script?

regards
Jest
  • #79
  • Feb 26, 2007 8:48am Feb 26, 2007 8:48am
Hi, is the best EA on the first post still v2.4? if not what page is the latest and greatest on?
Thanks
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #80
  • Mar 1, 2007 5:26am Mar 1, 2007 5:26am
Hi guys,

I was wondering if anyone has a EA like this one for managing your trade,but extremely simple one.
I only want it to change my stop loss to brake even at certain amount of +pips,nothing else.

I suppose this kind of thing is not very difficult to programm,but I have zero experience with programming...and would realy appreciate your help.

thank you very much.
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