Spread limit (protection) | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Buy Stop Limit and Sell Stop Limit Orders on MT4 6 replies

Auto SL/TP & buy limit, sell limit/buy stop, sell stop EA/indi 2 replies

Difference between buy limit, sell limit, buy stop, & sell stop? 4 replies

Drag&Drop buy limit and sell limit scripts 1 reply

Can someone fill my limit order even if price doesn't hit the specified limit? 5 replies

Spread limit (protection)

  • #1
  • First Post: Nov 24, 2008 4:34pm Nov 24, 2008 4:34pm
how to add spread limit (protection) to ea? EA must open trade only when spread is 2-7 pips but sometimes it goes up to 12 on some pairs.
  • #2
  • Nov 24, 2008 10:44pm Nov 24, 2008 10:44pm
You can get the current spread by referring to
Inserted Code
MarketInfo( Symbol(), MODE_SPREAD )
  • #3
  • Nov 25, 2008 5:55am Nov 25, 2008 5:55am
Quoting evol5
how to add spread limit (protection) to ea? EA must open trade only when spread is 2-7 pips but sometimes it goes up to 12 on some pairs.

I think the ordersend function has the slippage value through which you will be able to control the trade. So set it to 7 and if the spread is above 7 the trade is not placed.

Experts, correct me if I am wrong please.
  • #4
  • Nov 25, 2008 6:49am Nov 25, 2008 6:49am
Quoting deedeed
I think the ordersend function has the slippage value through which you will be able to control the trade. So set it to 7 and if the spread is above 7 the trade is not placed.

Experts, correct me if I am wrong please.
Slipage will not be affected by spread. What slipage is used for is to allow the order to go through at a different price without having to requote.

eg. you send an order through at a price of 1.2834 but before the server can process your order the price changes to 1.2836. Without slipage you would get an error back saying that the price is wrong and you would need to code around this to resubmit the order at the new price (and potentially have the same problem again and again if the market is currently moving so fast).

What slippage does is allow the price to move a set amount and still accept the order.
eg. you send an order through at a price of 1.2834 with a slipage of 5(pips). The price changes to 1.2836 (2 pips different) and you order is then accepted at that new price. However if the price changed to 1.2840, more than your 5pips slipage, you would then get the price error and no order would be executed.
  • #5
  • Nov 25, 2008 7:09am Nov 25, 2008 7:09am
Quoting the Guru
Slipage will not be affected by spread. What slipage is used for is to allow the order to go through at a different price without having to requote.

eg. you send an order through at a price of 1.2834 but before the server can process your order the price changes to 1.2836. Without slipage you would get an error back saying that the price is wrong and you would need to code around this to resubmit the order at the new price (and potentially have the same problem again and again if the market is currently moving so fast).

What slippage does is allow...

Ah, thanks Guru. I still have a lot to learn :-)
  • #6
  • Nov 25, 2008 8:04am Nov 25, 2008 8:04am
You can use the following code wrap around your OrderSend()

if ( MarketInfo( Symbol(), MODE_SPREAD) < 8 )
{
OrderSend(); // Your regular OrderSend Function
}
If everyone believes it, it will work.
  • #7
  • Nov 26, 2008 7:07am Nov 26, 2008 7:07am
Another way would be to include your 'spread limit' as an external input so that you could then use it on different pairs with different pairs.

Inserted Code
extern spread_limit=8;


if ( MarketInfo( Symbol(), MODE_SPREAD) < spread_limit )
  {
    OrderSend(); // Your regular OrderSend Function
  }
  • #8
  • Nov 26, 2008 8:31am Nov 26, 2008 8:31am
Agree.
If everyone believes it, it will work.
  • #9
  • Last Post: Nov 26, 2008 6:09pm Nov 26, 2008 6:09pm
thanks Guru and EAprogrammer! that is very useful information
0 traders viewing now