VO-Pro: Comprehensive visual order management system for MT4

Hi David,

1. Yes I thought about writen warning ( d) ERROR ) when cash ammount at the account will not allow to open the particular lot size calculated by risk mgmt process. It would work only as a pre-warning and will give instant feedback to change the size. The real process would be proceed by MT4 as it is.

2. Thx

3. Tick/s buffer: when you execute STOP ORDERS or set STOP LOSSES most probably you'd like it start n-ticks above / below particular candle high /low. When I drag the LEFT DOT of order/sl line and drop it very close to the candle high / low it anchors exactly to the point at its high/low. I'd like it always to anchors n-tick above / below.

rgds

onimodo

I can only confirm previous comments regarding very high CPU involvement into Create New Order process. I work on Vista. terminal.exe uses up to 60% of CPU while VO Create New Order Script runs (normally it's 10 times less on my computer). I checked - it doesn't matter it's pending or market order - both consumes very high percentage of CPU. I don't have to measure it even as I use laptop and hear it when fan starts to operate very fast and noisy :-(

Isn't it cause of high frequency of updates ?

Hi Onimodo,

Thanks again for your reply.

1. I would prefer to leave all of the error checking to MT4, for the reason that I stated earlier. I don't want to run the risk of VO-Pro displaying error messages in situations where MT4 would allow the trade to proceed.

2. Already resolved.

3. The anchoring to a candle high/low is not an intentional part of VO-Pro's design. It is because the lines that VO-Pro adds are MT4 trendline objects, and these respect the 'Magnet sensitivity' parameter in MT4's options. (Press Ctrl-O in MT4, and then check the options on the Objects tab). If you set the magnet sensitivity to 0, this 'jumping' effect will no longer occur. It also doesn't occur if you drag the lines around using the middle handle (dot).

You can set a entry, SL or TP to a fixed price by selecting the 'abs value' option from the appropriate VOConsole wizard. If you know which candle you want to use, you can easily check its high or low, and then enter the required price as an abs value. Then the line will start at the correct location, and you can still make any final adjustments by dragging it.

Having said all this, VO-Pro's basic design philosophy is that it is a visual tool, i.e. that you move the lines to areas where they 'look' or 'feel' right, rather than having to enter price values (as you must do with MT4).

I'm grateful for your idea, but it would be complex to include it, and I'm not sure that a lot of people would use it. Just my opinion.


Performance issues

I have discussed my findings in posts #120 and #123. As I said, I can test only Win XP, but your Vista findings are much the same, which is what I would expect.

@everybody:
I've already acknowledged that there is a significant CPU overhead while the VO Create New Order, VO Modify Orders or VO Close & Delete Orders scripts are running (attached to a chart). This is because there is continuous polling (to check if you've moved the lines) and number crunching (to recalculate the order type, lot size, risk/return data, etc). See my comments in post #120. But I don't understand why anybody would find this a problem, because these scripts are attached only while you're deliberating about how to create/modify/close/delete an order. Once the EXECUTE (or CANCEL) button is pressed in VOConsole, the order is placed, the script is terminated, and CPU usage immediately returns to 'normal'.

VO-Pro is simply a visual means of conducting the same create/modify/close/delete functions offered by MT4's terminal. I don't know anybody who, after pressing F9 to create an order using MT4's facilities, then spends several minutes deciding on the parameters for entry, SL, etc. VO-Pro makes order processing much simpler: you simply attach the script, move the lines, and click EXECUTE. No need to worry about selecting an order type, typing in price levels, calculating lot size (trade volume) or risk/return data. All of this is automatic, and allows for accurate and rapid order placement in a fast moving market. That is another incentive to place orders quickly: price is constantly moving, and you don't want to miss the opportunity while price is at your desired level.

Given all of this, I don't see why the CPU overhead would need to be excessive for more than just a few seconds. The trader can always plan his trade before he attaches the relevant VO-Pro script.

The VO Monitor script, and also the VOConsole application, which do need to run continuously, use minimal CPU (less than 10%, collectively, on Win XP).

David

David,

Thx for your reply. Some of my ideas could be very helpfull for me but I understand it would complicate the final product.

I'd like VO-Pro to fulfill my (maybe nichy) needs - you have to think about the product to respect Pareto ratios and be stable at the same time - here is the difference. And I've to say: You are right !

I keep my fingers crossed for succesfull launch of the product. I fully support all your further developments, would like to be the owner of full version but hope the tiny needs could be adressed as well at the next stages :-)

rgds

onimodo

Hi David,

Wow this is a piece of work... Take some time to fully understand and use it, but the videos are good help for that.

I like it

First thought:

A feature that I think would be a major selling point for VO Pro. This is to add 2 buttons a "Buy" button and "Sell" button with 'Ctrl' + 'B' and 'Ctrl' + 'S' as approrpriate hotkeys. I think that they would be best placed under the Create New Order heading of VO Pro and can be checked to have 1-click market order placement.

Maybe they are password accessible each time VO Pro is first started (make sure no accidental kiddie mistakes etc...). When this is entered the desired Vol and SL (OR desired Risk and SL) with the TP are set.




What these buttons / hotkeys do:

1. Is place the appropriate market order on the current chart (no confirmation).
2. And then immediately place the "VO modify Order" script on chart.

Lot size is determined by either

1. a predetermined volume with a predetermined SL x pips away.
2. OR a volume according to the desired SL and risk.

These SL and volume functions I believe are already a possibility with VO Pro but immediately placing VO Modify Order script ready for execution of TP and SL I have not noticed.

How does the "VO Modify Order" function? As normal I believe by placing itself on the desired SL and TP settings.

This would allow people to go Buy or Sell, and then execute SL TP orders immediately giving the trade significant speed advantage....

'Ctrl + B' and while still holding down the Ctrl button hit 'Enter'.

Basically beats the idea of not being able to set market orders with the desired SL and TP simultaneously.

Entry would be automatically unchecked if 1 click ordering has been selected.
TP SL would be placed according to whether BUY SELL button was clicked.


Second thought:
These same buy and sell buttons may be used at times, when 1 click market orders are not needed to simplify the panel options in the SL and TP functions.



Third thought:
Have the ability to place VO Pro on top at all times like the terminal panel is in MT4...


Fourth thought:
In the Modify SL options, next to Market + N and Market - N have trailing Stop Loss check box.


Thanks for the trial run of it... And I will have a better look next week...

All the best
Josh

Hi Josh,

The instruction manual should be ready soon. My apologies, it is taking an embarrassingly long time to complete it. I'm working on 2 other projects as well as VO-Pro. Along with the videos, the Word doc attached to post #1 should explain enough to get started. After that, feel welcome to experiment (in a demo account, of course ).

When you create an order, VO-Pro automatically and transparently adds the TP and SL as a separate step, i.e. does the create and modify all in one for you. That is one advantage of using VO over MT4. VO also determines whether you want to buy or sell by the location of the SL relative to the entry level.

The process is simply:

1. Set your Trade Risk and other settings in VOConsole.
--- If you're placing a market (as opposed to a pending) order, uncheck the Entry box.
--- If you don't use a SL or TP, uncheck the respective boxes.
--- If you use SL or TP at a preset number of pips, use the wizards to make a selection, and then save the whole setup as a preset. This can then be recalled with a single click, for later (re-)use.

If you always trade the same way, this whole step is a once-only setup process.

2. Attach the VO Create New Order script to your chart.

3. (optional) Move the lines to your desired levels.

4. (optional) You can further adjust your Trade Risk, if need be.

5. Click EXECUTE to place the order. All done!

If you prefer, check 'Auto-execute order(s)' ON. Then steps 3 thru 5 are unnecessary; the order will be placed as soon as you attach the VO Create New Order script to your chart. Of course MT4 allows you to assign hotkey combos (Alt- or Ctrl- ) to scripts (and indys and EAs, also).

I use the auto-execute feature to scale in at 10 pip intervals. If I'm buying, I set Entry to -10 in VOConsole's 'Create New Order' panel, press my MT4 hotkey (Ctrl-7) to attach the VO Create New Order script, move the lines, and click EXECUTE. Then I check 'Auto-execute order(s)' ON, return to MT4 and simply press Ctrl-7 twice more to place the second and third orders, 'machine gun' style.

VO-Pro automates:
a) designation of the order type (sellstop, buylimit, etc)
b) the need to type in price levels as numbers (simply move the lines instead)
c) all lot size and risk/return calculations, including adjustment for spread
d) the need to enter SL and TP as a separate step; SL and TP levels can be fixed or preset
e) scaling-in and out; and other complex setups (hedges, straddles, etc) can all be set up as one-click presets
f) allows bulk modification of orders in the same pair
g) allows bulk closure of open orders across all pairs, including closure by some fancy MM techniques (bank $X, create free trade, stop and reverse, etc); and likewise bulk deletion of pending orders

More sales pitch: Having the levels designated by simply moving lines, along with all RR calcs being continuously redisplayed, allows the trader to combine TA and MM simultaneously and seamlessly, while planning his trade. Perfect for S/R trading (with 'Adjust for spread' checked on, the lines always correspond to the bid price, hence they can be aligned relative to candle high/lows, and other S/R types).

Re your other questions:

Trailing stops: VO-Pro version 2.xx does not babysit trades. It is simply a 'visual' tool that automates (i.e. replaces) MT4's create, modify, close and delete order functions. I will be adding a raft of new functions in version 3, including babysitting open trades, stealth orders, OCO, etc, but this is probably 2-3 months away.

Having VOConsole stay on top: I haven't found a way of programming this. However, there's a great little freeware product called Desk Pins. Once installed, it simply sits in the systray, where you click its icon, and then click on the window heading of any window that you want to always "stay on top". It draws a red thumbtack icon on the window heading, and this window will now continuously stay on top (i.e. to hide it, you'll need to minimize or close it). If you no longer want to have a given window "stay on top", simply click on its thumbtack, and it disappears. It works brilliantly on Win XP; I'd be interested to get feedback re Vista and Win 7.

Many thanks for your feedback. I hope that VO-Pro proves useful to you. This is going to sound like sales pitch (LOL), but it has improved the speed and accuracy of my own trading 200%. Once you're familiar with its operation, it's pretty obvious why.

David

Hi David. Is it possible to implement future that allow those SL,TP and Entry pending order lines
stay on chart while switching time frames back and forth, like trend lines do?
Thanks for your job!!

Viat,

Sorry, it's not possible, because MT4 requires that a script is terminated before changing the pair or timeframe.

The best that's possible is to click VOConsole's CANCEL, then change TF in MT4, then reattach the relevant VO script. That's messy, I know; I wish there was an easier way. But at least VO keeps the entry/SL/TP lines at the same level as they were, when you clicked the CANCEL button.

David

Thanks David,
I have been using Desk Pins today on your VOConsole and Desk Pins works well on 64 bit Vista...
Josh

David,

thanks for DeskPins. I had been resizing my windows previously which sometimes was a pain.

On another note, what TF do you primarily trade wrt to your comment on how VO-Console has improved your trading.

Thanks.

"there's a great little freeware product called Desk Pins...It works brilliantly on Win XP; I'd be interested to get feedback re Vista and Win 7"

It works perfectly on Vista 32 as well

Flyer,

Among other strategies, I use a lot of S/R based setups on M15 charts that necessitate precise entry and SL points around groups of candle highs/lows. VO's facility to move the lines to specific levels is perfect for this. Also, being able to place trades quickly in a fast moving market is a big plus.

I also average in frequently, to help smooth out the win/loss sequences (i.e. helps avoid long sequences of full-blown losses). Again, VO's ability to scale in quickly and easily is a big help.

David

_______________________

@everybody: glad you're enjoying Desk Pins, and good to know that it works OK with Vista. A handy utility that I found in my travels.

david,

this may have been asked...

Will the license be restricted by Account ID or computer. I ask because i have 3 accounts and 2 computers.

Flyer,

VO-Pro may be registered for up to 3 different MT4 account numbers, per $69 license.

However, it's actually more lenient than that. If a demo account expires, and you open a new one, VO-Pro 'remembers' your previous account number, and hence there's no need to register any new accounts on that MT4 installation. However, if you were to completely re-install MT4, or install MT4 on another computer, then there would no longer be a record of the original account number for VO-Pro to check against, and hence you'd need to use one of your 3 allowable registrations to register the new number.

Running multiple br0ker MT4s, or different copies of MT4 in different folders, or on different computers, would likewise necessitate multiple registrations, if the MT4 account numbers are different. If the account number is the same across all installations, then you could simply copy all of the VO-Pro files (including the registration key file, VOreg.INI) to each of them, thereby consuming only one registration.

I'm willing to negotiate a discount on additional licenses, but I suspect that with the vast majority of people, a single license should suffice for a lifetime (i.e. given MT4's probable life expectancy).

If I write a MT5 version, it will be sold as a completely separate product. Licenses, and/or unused registrations, will not be transferable.

Sorry if the above seems convoluted, but I didn't want to penalize anybody for operating several consecutive demo accounts, or for trading the same MT4 account on multiple computers........ but while still somehow keeping a lid on possible attempts at piracy.

David

Hi,

Don't know if it's a bug or there is smthg wrong with my comp ...

selecting FIX RR for TP (eg 2R) in Create New Order section I see how TP lines moves (market order is chosen) with 2R for long positions (which is OK). when I move SL line above the market price (what defines short position) TP lines moves as well but RR ratio changes all the time (1.61, 1.68 ... etc) - shouldn't it be fixed at 2 RR as well?

rgds

onimodo

Onimodo,

Thanks for reporting this.

I think it's most likely because you have the 'Adjust for Spread' checked ON. I notice that when I uncheck it, both buy and sell positions revert to R = 2.00

However, it does seem odd that, even with 'Adjust for Spread' checked ON, the buy position remains at R = 2.00, but a sell position does not. I will investigate.

Thanks,
David

[EDIT] My solution: I have decided to forcibly turn the 'Adjust for Spread' option OFF, when fixed SLs and TPs are being used. On reflection, it makes no sense for VO-Pro to adjust the lines or calculations when the user has asked them to be fixed. This will be implemented in v 2.08

David,

I think it's right for SL&TP fixed number of pips but not for fixed TP R/R ratio where TP price will oscilate depending what entry will be.

On the other hand - even you set fixed no of pips for SL, TP you'd like them to be the NET ones without the cost of spread if the "adjust for spread" is ON.

I used both in the same time: TP RR ratio and Adjust for spread - it's a pity it will not be present in 2.08. I think there must be some small mistake in the formula as it works for L. TP R/R isn't treated as fixed for S (it seems like it changes together with other variables: pips, $ while should be fixed all the time as it is for L)

rgds

onimodo

I think I've found the reason why Long was treated differently than Short. It's probably cause of different formula for "Adjust for spread" for both direction.

- If SHORT then there is a SPREAD value added to SL which is above the order price (OK)

- If LONG then the SPREAD value should be added to TP (which is not present) - when LONG there is no spread added to SL nor TP

rgds

onimodo

See post #1 for Release Notes, and to download the ZIP file.

The beta test period was scheduled to end on April 30, and all prior versions will expire on that date (the message shown in post #124 will appear). Hence you will need to download v 2.08 from post #1, if you wish to continue testing the software.

V 2.08 extends the beta test period until May 15.

Hello Hanover....a nice bit of programming you have here. I've been tinkering with lots of order entry stuff these days....scripts getting most of what I need accompished.

Question....is this program intended to execute multiple entry orders at the same time. I teed up 3 market orders and there seemed to be considerable hesitation although it did the requested task. Is this something you have looked at....or is it likely the problem is resources on my end. It's soon time for me to add memory. Would this be a memory intensive request?

Thanks.

Cheers
CanuckCT