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Manage Take Profit EA

  • #101
  • Apr 18, 2007 1:12pm Apr 18, 2007 1:12pm
The TP and SL levels are "silent". They don't attach themselves to your orders. This hides your levels from your broker, but, could cause you problems if your internet connection goes down or your platform crashes. It's always good to put a disaster SL and/or TP in your order, but, this is a trader preference.

The ManageTP is not meant for pending orders. You must have a live order and it manages the order that is open.

Quoting schuette
Hi Stockwet,

I have downloaded and attached EA to a couple of charts and activated EA in MT4. Both Journal/Experts confirm loaded plus smiley face on.

Based on original settings, I place market order say SELL EUR/USD 1lot. Do I have to enter SL and TP in my order as well, or will EA take care of this?

I haven't been able to get EA to wrok for me. Even with pending orders say, buy limit etc. Once open price hit, EA did nothing.

Could you please confirm what exactly I have to download incl version and how to set up the EA to handle a manual trade?

Mnay many thanks

Tom
  • #102
  • Apr 18, 2007 1:13pm Apr 18, 2007 1:13pm
I can't replicate your problem. The Max Loss function works fine for me. I'll double check it to be sure, but, I've never had a problem with it.

Quoting jeffreytp
I have noticed that the Max Loss function does not work. I have it set to true and the SL is also set. I am using MT4
  • #103
  • Apr 18, 2007 3:54pm Apr 18, 2007 3:54pm
Quoting stockwet
I can't replicate your problem. The Max Loss function works fine for me. I'll double check it to be sure, but, I've never had a problem with it.
Stockwest, is there anyway you can implement a Trailing stop feature into your script? I am using TrailingStop.mq4 but it would be nice to have your features as well as a TS.
  • #104
  • Apr 19, 2007 2:21pm Apr 19, 2007 2:21pm
I'm hoping someone can answer and explain this to me: I sometimes need to trade the same currency pair with 2 different strategies, thus different parameters on the tp EA. I discovered today that they are linked if it is the same account(!!!!) and may conflict or be additive. I need them to be separate, in which case, as I understand from this forum I need to generate different magic numbers for each trade.
It seems that the magic number can only be generated once the position has been opened - correct me if I'm wrong. If I need the magic numbers generated b/4 the positions are opened, so I can attach them to the tpEA, how do I do that? Both positions, with different tp's on the same currency pair, will be activated at the same time, but one managed differently from the second.

Thanks
  • #105
  • Apr 19, 2007 3:02pm Apr 19, 2007 3:02pm
Actually, a magic number can only be entered into the order via an expert or script. The Magic number is attached to the MT4 OrderSend() function. There is no way to manually attach a magic number to an order.

At first, I tried to set it up so that you could reference the actual order number. The problem with that is that every time you take partial profit out, MT4 generates a new order number for what is open. That's why I use magic numbers. I reasoned that it would be useful for people who have experts which automatically enter them into a position.

Earlier in the thread, I posted a script so that if you are entering a manual trade, you can use the script to enter you which allows you to assign a magic number to that trade. You can use that same magic number to manage that particular trade using ManageTP. Here's the post: http://www.forexfactory.com/showpost...9&postcount=37

Quoting mac18
I'm hoping someone can answer and explain this to me: I sometimes need to trade the same currency pair with 2 different strategies, thus different parameters on the tp EA. I discovered today that they are linked if it is the same account(!!!!) and may conflict or be additive. I need them to be separate, in which case, as I understand from this forum I need to generate different magic numbers for each trade.
It seems that the magic number can only be generated once the position has been opened - correct me if I'm wrong. If I need the magic numbers generated b/4 the positions are opened, so I can attach them to the tpEA, how do I do that? Both positions, with different tp's on the same currency pair, will be activated at the same time, but one managed differently from the second.

Thanks
  • #106
  • Apr 19, 2007 3:04pm Apr 19, 2007 3:04pm
Yes, it is possible to add that feature. I have a personal, modified version of the expert which includes the feature, but, I hadn't planned on releasing it publicly.

Quoting jeffreytp
Stockwest, is there anyway you can implement a Trailing stop feature into your script? I am using TrailingStop.mq4 but it would be nice to have your features as well as a TS.
  • #107
  • Apr 19, 2007 3:56pm Apr 19, 2007 3:56pm
alright, stockwet, it's your decision

Quoting stockwet
Yes, it is possible to add that feature. I have a personal, modified version of the expert which includes the feature, but, I hadn't planned on releasing it publicly.
  • #108
  • Apr 22, 2007 1:58pm Apr 22, 2007 1:58pm
I which you could simplify you techniques for the little average joe's in the platform who whould wont to put your technique into practice i sure would be glad to use it but i cant seem to comprehened what you did exoplained.i know you are quite good in trading its was because of good traders like that brought us the newbees to learn and become like you guys someday.Thanks all the same.
  • #109
  • Apr 26, 2007 10:49pm Apr 26, 2007 10:49pm
Ok, call me dumb, call me anything you want, but I just don’t understand how this EA work. Sorry as a newbie.

I read through the forum, but just not clear regarding a few of the variables. I have attached the EA images.

For example, I am trading 3 standard lots and went long (buy) on the GBP/USD @1.9100. First_Target = 20, Target Increment = 15 and Close_Lots = 1. So, if the trade goes my way to 1.9120, then 1 lot is close out for +20pip profit. If the market continues up to 1.9135, then the 2nd lot is close out for +35pip profit, and if the market further continue up to 1.9150, then the 3rd lot is close out for +50pip profit. This part, I think I am clear (hopefully).

Where I am not clear are these variables below. I know these variables can all be change to whatever number you want, but just don’t understand how it works in a live trade.

First_Stop_Target = 10,
First_stop = 1
Second_Stop_Target = 30
Second_Stop = 10
Third_Stop_Target = 50
Third_Stop = 40

So, if my long trade on the GBP/USD @1.9100 went up to 1.9115, does it mean the First_Stop_Target = 10, would this mean the EA move the stoploss to 1.9110, which will give me a 5pip profit if the market decides to go against me. What does the First_stop = 1 mean. How does the Second_Stop_Target = 30, Second_Stop = 10 work, etc..
Also, what happens if I went long (buy) on the GBP/USD @1.9100, but it never went into profit at all, but rather went down instead. Will the only way I can be stopped out, if I set a number for the Max_Loss and if it get triggered?

Thanks for any response
Bye



Attached Images
  • #110
  • Apr 27, 2007 1:41am Apr 27, 2007 1:41am
Quoting troydavis1010

First_Stop_Target = 10,
First_stop = 1
Second_Stop_Target = 30
Second_Stop = 10
Third_Stop_Target = 50
Third_Stop = 40


The EA will act as follows: You open a trade in Cable (buy at 1.9100). When Cable reaches 1.9110, your stop will be set to 1.9101. If you don´t get stopped out and cable continues to rise, your stop will be set to 1.9110 as soon as cable reaches 1.9130. If it continues to 1.9150, your stop will be set to 1.9140.

Hope that helps,

Micha
  • #111
  • Apr 27, 2007 11:33am Apr 27, 2007 11:33am
Thanks Micha,

Now I think I have a much better understanding. So, basically, the First_Stop_Target = 10, Second_Stop_Target = 30, Third_Stop_Target = 50 are targets that are trying to be reached, and once those target a reached, the stops are put into place.

So once the First_Stop_Target = 10 reaches up to +10pips profit, a stoploss of 1pips is place.
When the Second_Stop_Target = 30 reaches up to +30pips profit, a stoploss of 10pips is place.
When the Third_Stop_Target = 50 reaches up to + 50pips profit, a stoploss of 40pips is place.
So, if the market ever turn against me, then I have made profits from the 1.9100 – 1.9140. Is this correct.

What happens during the process the where the Target Increment is closing out lots if it start to reach these Target Increment. (ie, you are trading 3 lots, and First_target=20, and Target_increment is 15, and Close_lots=1). How does the First_Stop_Target, Second_Stop_Target, Third_Stop_Target correlate with the Target Increment. Wouldn't the trade just be close out if any of the target increment is reached.

Thanks
  • #112
  • May 15, 2007 1:55pm May 15, 2007 1:55pm
Hi,
First, thank you for this EA. It has served me well. I love it!

Just a request if you will. It would be cool to be able to set your close lots for the stops. If the stops are hit, I would like it to close my whole position, where the take profit will close a different amount.
If the stops are hit, it may mean the trade is going against you, yet I would not want to close my whole position when it is taking profit..

I hope my explanation makes sense.

Chris
  • #113
  • Jun 23, 2007 9:14pm Jun 23, 2007 9:14pm
how can i use this EA to manage trades of different pairs? i typically only have one chart up and i just drag the new pair on to display it but from the below i take it that i should create a separate chart for every pair that i place a trade for, then attach the EA to each of them. i assume i can run the EA multiple times simultaneously in a session but not on one chart.

what pair does the EA manage? the one that was showing on the chart at the time the EA was attached? example - if i have the EUR chart up, then i place an EUR trade and then load on the EA, the EA will manage the EUR trade. if i change the chart to JPY the EA is still managing the EUR, correct? if i place a JPY trade then the EA is still managing the EUR and the JPY is unmanaged, correct?

thanks. i apologize if the questions are obvious or have been addressed before


Quoting stockwet
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.
  • #114
  • Jun 24, 2007 3:31am Jun 24, 2007 3:31am
I've revised the EA to add a third stop and a trailing stop. Although I am an experienced programmer, I am less than a novice with the C language, so please test this revised EA thoroughly before going live. I've changed the name of the EA to MTP1, to differentiate it from Stockwet's version. Here is a description of the changes I've made:

Third_Stop_Target: When this target is hit, your SL will be moved a third time.

Third_Stop: This is where you want your 3rd SL to be placed when the Third_Stop_Target is hit. If the market price never reaches the Third_Stop_Target, but reverses and goes against you, then the trade will be stopped out at the Second_Stop.

Trail_Stop_By: If you want a trailing Stop Loss after the SL is moved a third time, then set this value to the number of pips that you want the Stop Loss to trail the current price. This is a pip by pip trail.

Note: You don’t have to use all three Stop_Targets. The Trailing SL kicks in after the last non-zero target is reached. If all Stop_Targets are 0, then the trailing SL kicks in at order entry.
Attached File(s)
File Type: mq4 MTP1.mq4   7 KB | 1,672 downloads
  • #115
  • Jun 26, 2007 8:52am Jun 26, 2007 8:52am
Moneybiz-

Nice! I've been waiting for this, especially the trailing stop loss. Will give it a try.

Thanks!
  • #116
  • Jun 27, 2007 7:03am Jun 27, 2007 7:03am
Hi, I don't know what happen. But your ea sometimes seems not working. My gj was more than 110 pips, now 68 pips. The trailing stop don't trigger, the next stop is not working. The next stop target is 19, next stop is 1. Everything is not right.
What do you think?

Quoting moneybiz
I've revised the EA to add a third stop and a trailing stop. Although I am an experienced programmer, I am less than a novice with the C language, so please test this revised EA thoroughly before going live. I've changed the name of the EA to MTP1, to differentiate it from Stockwet's version. Here is a description of the changes I've made:

Third_Stop_Target: When this target is hit, your SL will be moved a third time.

Third_Stop: This is where you want your 3rd SL to be placed when the Third_Stop_Target is hit. If the market price never reaches the Third_Stop_Target, but reverses and goes against you, then the trade will be stopped out at the Second_Stop.

Trail_Stop_By: If you want a trailing Stop Loss after the SL is moved a third time, then set this value to the number of pips that you want the Stop Loss to trail the current price. This is a pip by pip trail.

Note: You don’t have to use all three Stop_Targets. The Trailing SL kicks in after the last non-zero target is reached. If all Stop_Targets are 0, then the trailing SL kicks in at order entry.
  • #117
  • Jun 27, 2007 9:16am Jun 27, 2007 9:16am
Quoting 200
Hi, I don't know what happen. But your ea sometimes seems not working. My gj was more than 110 pips, now 68 pips. The trailing stop don't trigger, the next stop is not working. The next stop target is 19, next stop is 1. Everything is not right.
What do you think?
well he warned about the fact that it might be buggy
  • #118
  • Jun 28, 2007 3:32am Jun 28, 2007 3:32am
200, you say "sometimes" it doesn't work. That would mean that sometimes it does work, eh? Click on the Journal tab and see if there's an error message indicating why it didn't work. Also, if the EA is interupted (PC crash, change accounts, etc), it will get confused. I always remove and re-attach the EA between trades. I have not tried to do multiple/simultaneous trades with it, so can't speak to that scenario. Also, some brokers do not allow Expert Advisors on Live accounts. In that case, look for an error message in the Journal:
Attached Image
  • #119
  • Jun 28, 2007 6:45am Jun 28, 2007 6:45am
Quoting moneybiz
200, you say "sometimes" it doesn't work. That would mean that sometimes it does work, eh? Click on the Journal tab and see if there's an error message indicating why it didn't work. Also, if the EA is interupted (PC crash, change accounts, etc), it will get confused. I always remove and re-attach the EA between trades. I have not tried to do multiple/simultaneous trades with it, so can't speak to that scenario. Also, some brokers do not allow Expert Advisors on Live accounts. In that case, look for an error message in the Journal:
What broker is this where they do not allow live trades?
  • #120
  • Jul 31, 2007 2:45pm Jul 31, 2007 2:45pm
Quote
In case you're wondering, the reason I wrote this is so that I didn't have to place 5 different stop loss orders in order to manage different take profit levels. Since I don't want to sit in front of the computer all the time, waiting for these levels to hit and I take out a portion of the order, I figured an expert would do just the thing.
ok here's a scenario I experienced lately I was in a trade 3 hours before a major news release and the trade didn't hit niether my sl nor tp I needed to sleep badly but I just couldn't let the trade open during the news and to my bad luck the market stayed still for 2 hours before hitting my tp

so I have a request, it would really be nice if we had an option to close open trades at a specific time if it didn't hit tp or sl so we can sleep and not worry about news
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