VO-Pro: Comprehensive visual order management system for MT4

Hi hanover, thanks for your reply, I am testing V2 and it looks great !

the only thinks that would miss should be to make stealth orders... it is the only things that would make me not selling this product ( MYFX make stealth orders in comparison)

and the second problem is : it is not working on alpari NZ demo account !... it shows this pop up : "Order was not placed due to the following error:" no further description of the error. Do I have done something wrong? I don't know...

But I repeat again it looks great nonetheless ! very useful and far more clear than the previous update.

I have forgotten to detail what I said in my previous post.
I was meaning that it would be great to set partial TP as a percentage of the order ( I place an order at 1.38 and I wish a 50% TP1 at 1.381 and another 20% TP2 at 1.382 and take the remaining 20% at 1.383)
hoping it helps.

Hi Mulale,

Many thanks for your reply.

Stealth orders are not possible in the current version. I will consider it in version 3.

I think you've possibly forgotten to set "Allow live trading" on in MT4. THis causes exactly the same error that you described. Press Ctrl-O and check "Allow live trading" ON, on the Expert Advisors tab. Please let me know if this fixes the problem; otherwise I will investigate further for you. I have tested VO-Pro on Alpari UK and it seems to work 100%.

[EDIT] In version 2.01 (which I will post tomorrow) I will ensure that a more descriptive error message is displayed, e.g. "Error 4109: Trade is not allowed. Enable checkbox 'Allow live trading' in the expert properties."
Thanks for alerting me to this fix.

VO-Pro will do this easily enough. I will demonstrate how in my next video (I will post it tomorrow, with a link here), using the ratios that you specified. However, the TP levels will be visible to the br0ker (see my earlier comment).

Thanks again,
David

thanks david, It works great now.
I look foward your video about TPs and the next version 3.
cheer up

Hi David!! Just installed VO-PRO 2 at my Oanda MT-4 platform and it's working fine so far! Will explore it it further. I already like many futures and it's simple convenience to use! Thanks for your dedication!
I have PayPal acc and ready to send just need your info. I want to do so, coz afraid price increase again
Thank you

Just installed VO-PRO 2 at fxdd. Great job.

Quick question, I set up to create a buy orderlimit 30 pips stop loss 60 pips take profit. When I am moving the order priceline with my mouse all lines moves together (very nice) however I noticed sometytimes the order (lines) switche between sell limit and buy limit by itself if I go upper or lower than the current market price. By that I mean, stop loss line (red line) and take profit line switche by themselves changing the order short or long depending if I am south or north of the current market price....Is it a bug or it suppose to be like that? Hope you know what I mean. But I like it, very nice.

Iulli, many thanks for the feedback.

If the SL is below the entry, then it must be a buy order:
-- if the entry level is above the ASK price, then it must be a buy stop;
-- if the entry level is below the BID price, then it must be a buy limit.

If the SL is above the entry, then it must be a sell order:
-- if the entry level is above the ASK price, then it must be a sell limit;
-- if the entry level is below the BID price, then it must be a sell stop.

VO-Pro detects the location of the lines as you move them around, and (assuming it's working correctly!) changes the order type on the fly. That's an important feature IMO --- to make the order type automatic and transparent. You just move the lines where you want 'em and then pull the trigger, and let VO-Pro take care of all of the details for you.

Here's the acid test: place the order (in a demo account, of course!!!) by clicking the EXECUTE button, and see if MT4 creates an order of the same type shown by VO-Pro. If you get "Error 130 - Invalid stops", then there's a problem. However, if you have the entry point too close to the market price, then some br0kers will not allow you to proceed (whether using VO-Pro or 'manually' entering the order in MT4). There's not much that anybody can do about that. Same could apply if you have the SL or TP too close to the entry.

If you're fairly certain that there's a bug, please feel welcome to report back.

Again, many thanks for your comments. I haven't forgotten your request here, I will get back to it when I have some spare time. At the moment, I'm in the process of finishing off 2 EAs for clients (paid work must take priority, I'm afraid), and adding more videos to the list in post #1 above.

All the best,
David

hi David, thanks for the video about partial TP ( and the update)
It works but :
1/tricky but not very handy: it would be better to place the order directly instead of placing a first order and then modified it.
2/ when you modify the orders you have to refer to the ticket number to know which %TP line you are moving on the graphic. Not handy as well
3/ when I try to modify order it makes me an off quote error. It may come from my broker (demo account). But in this case I have to place again all the TPs. It would be better to find the TP as they were placed just before this message !

One idea ... is that possible to draw the lines as a trend? it would be great for people waiting for a rebound on a trend line (and with the TP/SL automatically parallels to this line or not).

so , great job again. Hoping you and your country won't suffer too hard from the tsunami ripples...

Mulale,

Thanks for your reply, and your suggestions.

Everybody has a different way of trading, and if I was to try to include the simplest way of attempting every possible type of trade, then the product would never get finished, and it would end up top-heavy and more complex.

In reply to your points:

1/tricky but not very handy: it would be better to place the order directly instead of placing a first order and then modified it.
You could instead enter 4 separate 'Create New Orders', which would remove the need to use the 'Modify Orders' function. But that would involve a 4 step process, instead of a 2 step process.

I realize that you're asking for a 1 step process. I'm thinking about what to include in version 3. I might decide to incorporate EA-monitored exits like MYFX does, i.e. taking profit off at various levels from a single trade, and also trailing stoplosses. This would also allow the 'stealth' options that you asked for previously.


2/ when you modify the orders you have to refer to the ticket number to know which %TP line you are moving on the graphic. Not handy as well
The orders are created in the same sequence as you entered the ratios: 50,20,20,10 in your example. Hence , working from left to right, the first order that appears in the 'Modify Orders' will always be the 50% one, and so on. Sorry, I didn't explain that very well in then video. Using the order numbers to match the line with that shown in the trading terminal was merely to illustrate how the order number is displayed above the line.


3/ when I try to modify order it makes me an off quote error. It may come from my broker (demo account). But in this case I have to place again all the TPs. It would be better to find the TP as they were placed just before this message !
Yes, I have experienced that error myself. It means that the br0ker is currently not receiving quotes for that currency pair. It's more likely to happen when liquidity is thin, especially if you're trading a more 'exotic' pair. I will definitely consider what you said about retaining the previous TP levels. I agree, that's a good idea.


One idea ... is that possible to draw the lines as a trend? it would be great for people waiting for a rebound on a trend line (and with the TP/SL automatically parallels to this line or not).
I don't know how many people would use such a facility. People normally draw their own trendlines, and if the trendline was to disappear when the trade was executed (or canceled) - as VO-Pro's entry/SL/TP lines do - then I don't think they would be very happy.

VO-Pro's lines are there merely to provide a visual guide as to where the entry/SL/TP will be placed. Of course you can align them with previously drawn trendlines if you want to. I wrote an indicator here that will trigger an alert if price gets within X pips of a trendline - it might be helpful to you.

David

OMG David,

Another GREAT product from Hanover Labs. U have just made MT4 1000x better.

Will test on my VPS running Win 2008 R2. Not sure how it will operate when working with multiple MT4s running. Will be watching the CPU/memory over head it uses. My environment has 12 MT4s running (installed in unique directories) but all running under one broker acct.

I have something like this which I coded but this is much much better. Three things I would like u to consider for version 3:

1. Option to take chart / workspace snap shot on open/close of trade automatically with ability to format own naming convention for the image file based on ticket number and date/time.

2. moving stoploss based on target pips reached +/- from entry point or a price level. Not a trailing stop concept, but more a protection of profit/reduce risk after a certain number of pips have been reached. Multiple levels or target defined.

3. Account balance --- I keep some funds in a commercial bank as protection, could we have a ability to enter "B+NNNN.NN" where NNNNN.NN is external funds ?


I have a working EA code which I could send you, but I am sure u do not need it, would be significantly different as ur stuff is advanced.

again thks for another piece of fine art.

Hey I set hot keys for each script and and I do not need to drag and drop, just press CTL+1 or whatever and bam !!! script runs.

FXWW,

Many thanks for the feedback.

In reply to your points:

"Will test on my VPS running Win 2008 R2. Not sure how it will operate when working with multiple MT4s running. Will be watching the CPU/memory over head it uses. My environment has 12 MT4s running (installed in unique directories) but all running under one broker acct"
VO-Pro uses minimal CPU. Even while the Orders List window is refreshing itself, CPU usage is < 5%. And of course the scripts are only on the MT4 charts while you're contemplating how you're going to create/modify/close/delete your order.

You'll need to install VO-Pro once per MT4 directory. If you're placing/modifying orders in all 12 accounts simultaneously, you'd need 12 instances of VO-Pro running. You can tell which version you're currently operating by the directory showing in the center of the title banner at the top of the VO-Pro window (click on either the SETTINGS or ORDERS button to obtain a full width window).

"1. Option to take chart / workspace snap shot on open/close of trade automatically with ability to format own naming convention for the image file based on ticket number and date/time."
I'm currently not 100% sure where I'm going with version 3. Version 2 is not an EA and therefore doesn't monitor your trades continuously. Hence if a pending order was to suddenly trigger, that's merely a 'normal' MT4 operation; no VO-Pro script is running at the time.

However, if I make version 3 an EA that monitors everything continuously, then virtually anything will be possible.

"2. moving stoploss based on target pips reached +/- from entry point or a price level. Not a trailing stop concept, but more a protection of profit/reduce risk after a certain number of pips have been reached. Multiple levels or target defined."
Again, concepts like a moving SL will be possible if I make version 3 an EA. There are a zillion different types of exit/trade management; I would try to include as many as I think most traders might find useful; too many and some less computer literate folk will inevitably complain that "it's too confusing".

"3. Account balance --- I keep some funds in a commercial bank as protection, could we have a ability to enter "B+NNNN.NN" where NNNNN.NN is external funds ?"
I've included this in version 2.02, which I'll be releasing shortly.

"Hey I set hot keys for each script and and I do not need to drag and drop, just press CTL+1 or whatever and bam !!! script runs."
Yes, I likewise prefer using the hotkeys (keyboard is generally much quicker to use than the mouse), although I expect that most folk will prefer dragging the scripts on to the chart. Both options are available.

Thanks again,
David

Hi David! Hope everything fine in your environment. Wish you good trading week!!!
Cheers!

I've just uploaded VO-Pro version 2.02.

See post #1 for details.

hi hanover,

I experienced many problems with the execution of my orders using VO pro ( under alpari NZ RU broker)...
One time it doesn"take my orders, another time my stop loss is not executed...
I have tried to attach a copy of my screen but I cannot on the website ...

Bye

Hi Mulale,

I downloaded Alpari MT4 ("Informational Trading Terminal Metatrader 4") from this webpage. I assume it's the same one (Alpari NZ) that you're using?

There were 3 options to create demo accounts. I tried all 3 of them:

Alpari-ECN-Demo: it seems that the minimum position size is 3 full lots, and they also charge a hefty commission per trade. I managed to place both limit and market orders on EURUSD without any problems (and scalped a quick $43 profit from the market order, LOL). VO-Pro's modify, delete and close functions also appeared to work correctly.

Alpari-NDD-Demo: this account seemed to allow micro-lots (0.01 lot) but still charged commission. Again, I succeeded in placing both limit and market orders on EURUSD without any problems.

Alpari-Demo: this account allowed only mini-lot trading (0.1 lot) but no commissions were charged. Again, I succeeded in placing both limit and market orders on EURUSD without any problems.

Firstly, I assume that you have all of the necessary MT4 checkboxes checked ON ('Allow live trading' etc) as demonstrated in video #1?

That being so, then when you click EXECUTE, MT4 should either place the order (as instructed by VO-Pro), or return an error message to VO-Pro, which should display in a window (usually with 'Suggested Action' and 'MT4 technical description' narratives). Let me know what error messages you have been getting, and I'll attempt to investigate further.

During peak activity periods, there may be delays in order placement. This would apply regardless of whether you were using VO-Pro or MT4's 'New Order' facility to place an order. Depending on the br0ker, and the level of activity, some patience may be required.

If, on the other hand, the orders are getting placed in the terminal area, but are not being executed (e.g. you mentioned a SL) then this is outside of VO-Pro's control. If Alpari are not honoring pending order entry points, stoplosses, etc after the orders have been placed, then I would be quickly looking for a more reliable br0ker.

I will continue to test drive VO-Pro on Alpari NZ, and post any errors that I get, here in this thread.

David

Hi Hanover,

I was refering to the order already placed on the terminal . Not the execution from VO pro.
Of course it may come from the terminal itself, but what is strange is that I did not experienced this kind of problem before without using vo pro (with both real and demo account) by placing orders directly on MT4.
I made the test with a NDD demo account.
If it is not technically due to vo pro, forget my message.
but I am sure it will not the same as you made vo pro stealth order management since the orders will be placed outside MT4 ;-) but I assum it must be a heavy work to perform this...
bye

Mulale, many thanks for your reply. This is exactly what beta testing is all about: having potential users of a product confirm whether or not a product runs correctly under different conditions (and in this case, different br0kers).

I will continue to run tests on Alpari NZ NDD accounts, and post my findings in this thread.

You can use any number of methods to enter orders into MT4. It could be the VO Create New Order script; it could be any other EA or script; or it could be MT4's New Order function. All have one thing in common: after the order appears in the terminal area, it is over to MT4 (and the br0ker) to execute any orders, i.e. opening a pending order when the bid price (for a sell order) or ask price (for a buy order) reaches the specified level, or closing an open order when the bid price (for a buy order) or ask price (for a sell order) reaches either the TP or SL. You can shut down MT4, and even power off your computer, and these levels should hold good, assuming that your br0ker is honest. NDD is supposed to mean 'no dealing desk' i.e. the orders are placed automatically, and without any human interference. (The differences between concepts NDD, ECN, STP etc are well explained here - about half way down the page). Assuming that the br0ker is not a market maker, there should (in theory) be no need to use 'stealth' orders.

I guess you already know this, but EAs work differently to scripts. EAs can continuously monitor trades (but only while MT4 is running, and the EA is enabled), and cause entries and exits to be made, however they are programmed. Whereas a script runs just once, and immediately it has finished running it has no further influence over MT4. VO-Pro (version 2) is comprised entirely of scripts whose role ends as soon as you click either the EXECUTE or CANCEL button. They are simply a visual approach to MT4's facilities to create, modify, close and/or delete orders in the terminal.

Hence to answer your question, assuming that I do eventually create a version 3 that is capable of performing some of the functions that MYFX does (e.g. implementing stealth trailing SLs and partial TP levels) then I would need to rewrite the scripts as EAs, and there would be a lot of work involved to add these functions. I was reluctant to do this initially, because there are so many Trade Management EAs that already exist (here and here are two free ones, for example - Steve Hopwood is a very talented programmer and his multi-purpose EA can perform a wide number of different exit types, and includes stealth facilities). There are also EAs that will perform special kinds of exits, e.g. exit when a combination of indicators meet certain conditions. I wanted VO-Pro to be an original product, that didn't simply perform the same tasks that can already be done by many existing EAs.

Again, many thanks for all of the testing you have been doing. It is extremely helpful, and is much appreciated.

David

Hanover,

Amazing job on this. I also use Recent SR which saves me much time so I would like to thank you for that.

I have been testing out VO-Pro and would like to know if there is a way to have it default to a market order when I drag the script onto the chart.

It would also be great to be able to select to not have it automatically put a sl and tp onto the chart. For example many times I do not want a take profit so I have to take the time to delete the line. Possibly separate scripts "Create Limit Order" and "Create Market Order"?

Looking forward to the final version.

Cap'n, sir,

Many thanks for your kind words. Glad you like VO-Pro.

The following refers the screenshot below:

 

1. If you want to place a market order, click the checkbox alongside Entry OFF before you drag the 'Create New Order' script onto your chart. (Note: For more info, please watch video #4 in the first post.)

1. If you don't want a TP or SL, click their respective checkboxes OFF. (Of course, if you don't have a SL, you must enter the Trade Risk as a number of lots).

These settings remain good until you change them, or click the RESET button.

There are also two other ways of doing this:

1. You can click on the little '?' button ("wizard"), and choose the 'No SL', 'No TP', or 'Enter at Market' options....... but the wizards are merely 'training' facilities that uncheck the same boxes, anyway.

2. Or you can delete the lines from the chart, like you said.

Thanks again,
David