I've just recently finished the first version of trade management EA written in MQL4. This EA does nothing in the way of initiating trades, but only monitors trades for the symbol of the chart it is applied to. This monitoring includes keeping track of stop levels and profit targets for open trades. Whenever a profit target is reached that you deem an appropriate time to move your stop-loss, the program recalculates the stop level according to a trading plan you've put in place (through the use of variables) and begins monitoring the trade again with the new information in place. Currently, the program does not actually "set" a stop-loss as I've found that in some situations I would often like to set SLs so small that my MT4 does not want to accept them. Instead, the program acts as though you were employing a mental stop-loss: calculating the stop-loss level according to your plan, checking the price at each tick and comparing it to the stop-level and exiting when it is hit. However, in the case where trades are going well, and your profit levels are being hit, the program automatically moves your SL according to your rules and then begins targeting a new profit level that you set.
This EA allows you to customize your own profit levels for your trades and the percentages of the profits you would like to take for each level. If you're a breakeven trader when you hit your target, no problem, set your stopRatios to 0 and let all your trades run with a stop at break even. Do you prefer to change your targets as your trade becomes more and more profitable? For instance, when your trade is up 30 pips you move your stop to BE but when you're up 150 pips you prefer to keep at least 100 of them should it begin to turn back? No problem, just build it into your trade plan where at 150 pips, your stop loss is moved up to take 66.7% of your earned profit (100 pips). Another feature is the ability to initiate trades and have the EA ignore them, in case you'd like full manual control of a particular trade. When you place suh an order, simply put in the comment field DNM for "Do Not Monitor" and the program will happily skip over the order and monitor only those trades you allow it to.
Currently, this EA has not been thoroughly tested in every possible situation I have designed it to work in so I'm currently looking for other interested traders to perhaps test it in a demo set up and report any bugs or misgivings they find to me so that I might fix them and make this EA work perfectly. Currently, the EA can manage up to 100 trades at a time, (I picked this number simply because it's round and seems to be a reasonable cap to how many trades any trader might ACTUALLY have open at any time). Finally, the EA only monitors running buy/sell orders, and does not interfere in any way with pending limit/stop orders. The program also does not edit any stop-loss levels in the orders you have open. If you have a stop-loss set on a particular order whichever is hit first (the program's according to your plan, or the manual one) will be the stop that exits the trade. Unfortunately, running manual stops with this platform would more than likely not behave well as part of the program relies on the exit to be carried out by the program itself. My recommendation would be to add a DNM comment to any order which you believe requires a manual stop instead of simply allowing your trade plan to set it.
If anyone is interested in this EA, please feel free to post in this thread or PM me and I'll be more than happy to supply the code to you for use. As I said, at the moment, this EA is still in testing stages so I'm looking for some people that might be willing to test it on a demo platform. I would not want anyone to use this tool live before I'm absolutely sure of its performance in as many situations as possible.
This EA allows you to customize your own profit levels for your trades and the percentages of the profits you would like to take for each level. If you're a breakeven trader when you hit your target, no problem, set your stopRatios to 0 and let all your trades run with a stop at break even. Do you prefer to change your targets as your trade becomes more and more profitable? For instance, when your trade is up 30 pips you move your stop to BE but when you're up 150 pips you prefer to keep at least 100 of them should it begin to turn back? No problem, just build it into your trade plan where at 150 pips, your stop loss is moved up to take 66.7% of your earned profit (100 pips). Another feature is the ability to initiate trades and have the EA ignore them, in case you'd like full manual control of a particular trade. When you place suh an order, simply put in the comment field DNM for "Do Not Monitor" and the program will happily skip over the order and monitor only those trades you allow it to.
Currently, this EA has not been thoroughly tested in every possible situation I have designed it to work in so I'm currently looking for other interested traders to perhaps test it in a demo set up and report any bugs or misgivings they find to me so that I might fix them and make this EA work perfectly. Currently, the EA can manage up to 100 trades at a time, (I picked this number simply because it's round and seems to be a reasonable cap to how many trades any trader might ACTUALLY have open at any time). Finally, the EA only monitors running buy/sell orders, and does not interfere in any way with pending limit/stop orders. The program also does not edit any stop-loss levels in the orders you have open. If you have a stop-loss set on a particular order whichever is hit first (the program's according to your plan, or the manual one) will be the stop that exits the trade. Unfortunately, running manual stops with this platform would more than likely not behave well as part of the program relies on the exit to be carried out by the program itself. My recommendation would be to add a DNM comment to any order which you believe requires a manual stop instead of simply allowing your trade plan to set it.
If anyone is interested in this EA, please feel free to post in this thread or PM me and I'll be more than happy to supply the code to you for use. As I said, at the moment, this EA is still in testing stages so I'm looking for some people that might be willing to test it on a demo platform. I would not want anyone to use this tool live before I'm absolutely sure of its performance in as many situations as possible.