VO-Pro: Comprehensive visual order management system for MT4

Muhammad,

Glad you've solved the problem.

My apologies, I assumed that you'd enabled live trading in the same way that I had done. The VO scripts (Create New Order, Modify Orders, etc) are not covered by setting the "Allow live trading" in the VO Monitor EA.

Best wishes,
David

Hi Tony,
Thank you very much,

This option had thought, but for me is important to try strategies enter orders with VO-Pro, because I work on strategies based on dynamic support and resistance.

Anyway thank you very much for your help,

a greeting

Hi Hanover


I'm I able to enter 2 separate market orders, same lot size, at the same time.

Hi Dave,

If the orders have different SL and/or TP then they must be entered separately. However, if the SL and TP are always the same number of pips from the entry, you can create a preset and enter them in rapid succession using one keystroke/mouse click for each order.

Alternatively, you could enter them simultaneously as a single "1:1 split" order (with same TP and SL --- causing VO to create 2 orders of the same size), and then visually modify the SL and/or TP of either order.

David

Does this software allow management of trades in progress?

ex: (1) trail stops manually or automatically ?

I did peruse all videos and was not able to find out. If this was covered
just direct me to the video.

my trading style is the following;
start trade at .33 of risk%, set stop and tp (1:3)
move to breakeven+1 after 20 pips:
enter .33% at a covenient retracement.
move both stops to the same value, take profit = 1st tp
enter last .33% move all stops to the same value, take profit = 1st tp.

It is a real pain to implement this strategy in MT4 because of the manual typing needed.

Hi,

Thanks for taking the time to post here.

Simple answer: no, VO doesn't babysit your trades (beyond having several orders with different SLs and TPs). There are already hundreds of EAs that perform trade management tasks, and I didn't want to re-invent the wheel. You might like to try MYFX, or if you're looking for a less expensive solution, Steve Hopwood's free MPTM, or one of the EAs posted in this thread (perhaps one could be modified to suit your requirements).

Good luck, and best wishes for 2012,
David

David,

it sure is great to check in from time to time to see the evolution of your amazing product -- and glad you are charging for it as you deserve all the money you are saving serious traders who need a jumpstart with risk management!!! Your tool makes it fun!!!

; >

Good things come from New Zealand! Fortune cookie say future i$ bright with good tools like this! Am going to put out the word on it... Enjoy!

Cheers

Optimystic,

Many thanks for the feedback.

I'm very glad that you find VO-Pro as helpful as I do. I'm not sure how I survived before, without it.

David

The following is a question that I’m often asked, hence I thought I’d post a generic answer here.

The question involves why the order type apparently changes (from buy to sell, or vice versa), after the FIX option has been used to set a SL and/or TP.

The items in the dropdown (highlighted in the screenshot) are merely factory-supplied presets. (You can also create your own presets, and name them anything you wish). If you load a preset, but then make changes the SL and TP settings (also highlighted), then the preset name might no longer make sense. For example, if you choose the ‘market buy’ preset, but then subsequently change the SL to be ‘market+20’, then the SL will start 20 pips above the entry price, hence — when the ‘VO Create New Order’ script is attached to the chart — it will necessarily start as a sell order. This is because the order type must always be determined by the location of the SL and/or TP level lines relative to the entry level. (Similarly, whether a pending order is a ‘stop’ or ‘limit’ order is determined whether the entry level line is above or below the market price). As you move the lines around the screen, the order type changes accordingly.

Hence the preset name ultimately has no real bearing on the order type.

The FIX options in the ‘?’ (wizard) operate differently to many of the other options, because they don’t have a ‘polarity’. They are simply saying ‘set the SL or TP X pips away from the entry’. What happens is the order type defaults to the type (buy or sell) of the previously executed order. After you’ve attached the ‘VO Create New Order’ script to the chart, you can move the lines around (and thus change the order type) according to the following rules:

1. If the entry point moves**, then the SL (if FIXed) and TP (if FIXed) automatically snap back to the levels that were assigned to them, e.g. if the SL is FIXed at 50 pips and the TP is FIXed to 2R, then the SL will jump to a point 50 pips above/below the new entry point, and the TP to 2x50 = 100 pips above/below the entry.

[** with a pending order, the entry point is a line that’s under your control, i.e. you can move it wherever you wish, and the SL/TP lines will move with it. For a market order, the entry is obviously the market price, and it moves of its own volition, whenever the next price tick occurs].

2. If you move the SL line, it will move happily to wherever you place it; you can change the order type by moving the SL to the other side of the entry point. If the TP is FIXed as an R-multiple, then it is ‘tied’ to the SL, and will move along with the SL, accordingly. (To get both the SL/TP to snap back to their FIXed offsets, simply wiggle the entry line).

3. If you move the TP line, it will move completely independently of both other lines. (To get both the TP to snap back to its FIXed offset, simply wiggle the entry line).

That may seem complex, but if you experiment for a few minutes, hopefully it will seem both logical and flexible.

If you’re using market orders, then since the entry is always the market price, it might be preferable to use ‘market+X’ and ‘market–X’ instead of FIX, to set the polarity/order type. You can then save these as new presets, or replace the factory supplied ones, whichever you wish.

David

I've just received an e-mail from a trader who's evaluating VO-Pro. His view was that VO-Pro's calculations are incorrect because when he attempted to place a trade with 20% equity risk (this is the default risk setting, in the trial version), that his br0ker returned a "0134 — Not enough money" error. In case it's helpful to anybody else, I've posted my reply below.
_________________________________

Hi,

It’s my view that VO-Pro is performing the calculation correctly. I will attempt to explain why, using the first attached screenshot. When I attempt to place this trade, I also get exactly the same error "134 – not enough money".

As you can see from the parts highlighted red, my account equity is $9,690.61 and the pair that I’m attempting to trade is NZDUSD, which operates at $10 per pip, per full lot traded (because my account is denominated in USD).

If I’m going to risk 20% of my account equity, 20% x $9,690.61 = $1,938.12

My SL is currently 8.4 pips away from entry. That value is displayed above the red SL line. Or you can perform the calculation manually: 0.83638 – 0.83554 = 0.00084, or 8.4 pips.

Since NZDUSD is $10 per pip, per full lot traded, each lot is going to create risk of 8.4 pips x $10 = $84.

Now the question is how many lots can I trade, if each lot costs $84 in risk, and I’m allowed a total risk of $1,938.12? So I divide $1,938.12 by $84, and the answer is 23.0728 lots. But my br0ker (GoMarkets) only allows multiples of 0.01 lots, so this must be rounded down to 23.07 lots, which you can see is the number of lots that VO-Pro has correctly calculated above the white line. This is the biggest number of lots that I can trade, with a 8.4 pip stoploss, that will keep the risk below 20% of my total account equity.

Do the calculation backwards to double check:
23.07 lots x $10 per pip means that the risk is $230.70 per pip (also shown above the white line).
$230.70 x 8.4 pips = $1,937.88 (shown above the red line), which is just fractionally under 20% of my account equity.

If I trade 23.08 lots, 23.08 x $10 = $230.80 per pip.
$230.80 x 8.4 pips = $1,938.72, which exceeds 20% of my account equity ($1,938.12).

Hence, to keep the risk under 20%, 23.07 lots is the biggest number of lots that I can trade, for a 8.4 pip stoploss.

But this does NOT necessarily mean that my br0ker will allow the trade. Why? Because margin is different to risk. VO-Pro calculates risk, not margin. Margin depends on the amount of LEVERAGE allowed by your br0ker.

The margin requirement for any xxxUSD pair is given by the formula
= [#lots] x 100,000 / [leverage] x [exchange rate]
(see http://www.forexfactory.com/showthre...85#post2285285)

My GoMarkets account allows 100:1 leverage, so the calculation is
= 23.07 x 100,000 / 100 x 0.83554
= $19,275.91
Therefore I would need more than $19,000 in my account to place the trade. But (if you look in the screenshot) you’ll see that my free margin available is only $9,690.61. Hence when I try to place the trade, my br0ker returns error 134, because I do not have enough money in the account. VO-Pro correctly reports this error.

Just out of curiosity, if my GoMarkets account allowed me 200:1 leverage, then the amount I would need is:
= 23.07 x 100,000 / 200 x 0.83554
= $9,637.95
In other words, I would have just enough money in the account to make the trade.

The link above explains the difference between RISK and MARGIN. I had to work through many examples myself, before I understood this fully.

_________________________________

Incidentally, you can have VO-Pro display the ‘true leverage’ for any trade. See the second attached screenshot.

In VOConsole, press F11 to get the full screen display. Then click the wizard (‘?’ button) highlighted in red, and click the ‘Restore Factory Setting’ button (also highlighted). Now when you place a trade, the true leverage also shows above the white line (also highlighted). This is the leverage needed to make a trade. Note how this value also changes as you move your stoploss around. If this number is less than the leverage allowed by your account, then your br0ker should allow the trade. However, this may vary a little from br0ker to br0ker, so you’ll probably need to allow some margin for error. That’s why I leave the error handling to the br0ker, and simply have VO-Pro report any error that's returned.

Many thanks for taking the time to evaluate VO-Pro. Of course 20% is probably way too high an amount to risk on any one trade, but this restriction exists only in the trial version. If I allowed any % risk to be entered in the trial version, then nobody would need to buy the product.

Regards,
David

Download from post #1.

Minor fix to True Leverage calculation. Applicable only if br0ker appends suffixes to currency symbols, e.g. IamFX uses EURUSDiam instead of EURUSD

Sir
I want to buy your VO-Pro Console.
Please give me your skype or live contact or any id.


RidoyRx
skype : ridoy18
E mill : [email protected]

Many thanks. I will send you an e-mail.

I've been getting a number of e-mails asking me how to locate the computer ID (for the purpose of registering VO-Pro). Please see the attached screenshots; hopefully they are self-explanatory. Either way delivers the same result.

If you register by computer ID, VO will run happily on any MT4 accounts (live and/or demo) on any br0ker MT4 installation on that computer.

You can register up to 2 computer IDs per $69 license.

David

Just to clarify:

What VO-Pro can do

VO-Pro is a visual order management system for MT4. It will create new orders; and modify, close and/or delete existing orders. Basically it offers a visual way of performing functions that are available in MT4, but as a visual, interactive process, allowing you to seamlessly combine technical analysis with money management.

Creating new orders: VO allows you to create 1 or more orders for the same pair, simultaneously; or create a series of orders with evenly spaced entry/SL/TPs, in rapid succession. It offers the following time-saving features:

 

1. you do not need to type in any price values; it is simply a case of moving lines around the price chart to your desired entry/SL/TP levels;
2. position size (number of lots) is calculated automatically, if risk is specified as either a $ amount, or % of account equity;
3. VO can (optionally) adjust for spread automatically. This allows you to move the lines relative to technical levels on the chart (candle highs/lows, indicator values, horizontal lines, etc) which re all based on the BID price. VO will then place the orders at the correct price (BID or ASK — depending on the order type), and adjust the sizing, and risk and return calculations automatically, based on the current spread. Great for pinpoint accuracy, e.g. S/R based trading;
4. VO determines the order type automatically, based on the locations of the entry/SL/TP levels;
5. Most MT4s require that you enter the SL/TP for a market order, by modifying the order as a separate process. VO combines all of these in a single process;
6. VO allows a trade to be 'split' into multiple orders, whose sizes can be any ratio (e.g. splitting a $700 risk into the ratio 1:2:4 would result in 3 orders, of risk $100, $200, and $400 to be placed, as a single process). Entry/SL/TP of component orders can subsequently be adjusted, using VO's Modify Orders function.

Modifying existing orders: either all, or selected, orders for the same pair can be modified simultaneously. The same visual process is used, i.e. moving entry/SL/TP lines to new levels. SLs and TPs may be added or deleted. Alternatively, levels may be preset using MM-based criteria, e.g. move the TP to the level that would generate $100 profit. You can toggle between showing the risk and return for each component order, or the total for all displayed orders.

Close/delete orders: either all, or selected, orders for any or all pairs, may be simultaneously closed or deleted. (Obviously, open orders are closed; and pending orders are deleted). For processing batches of orders, this is much quicker than using MT4, where each order must be individually closed/deleted. Closure may be full, or partial, and can be determined by some fairly sophisticated MM techniques, e.g. close to generate $100 profit; or a 'free ride' (which closes enough of the position, so that even if the rest of the trade were to retreat to the SL, a minimum specified profit over the whole trade would be attained); stop and reverse; etc.

Presets: VO-Pro allows the creation of presets, allowing complex order types like hedges, straddles and grids to be saved, and then recalled at a single click, for rapid implementation. Ideal for scalpers, where both accuracy and speed are paramount.


What VO-Pro does NOT do

1. Apart from using the in-built MT4 facilities of pending orders, SLs, and TPs, VO-Pro is NOT a trade manager/babysitter. All functions must be initiated manually, while you are at the computer. There are already dozens of products (e.g. MYFX) and trade management EAs (e.g. Steve Hopwood’s MPTM; or in this thread) that meet these requirements, and I wanted to create a unique product, as opposed to ‘re-inventing the wheel’.

2. VO-Pro does not make trading decisions for you, nor does it implement specialist strategies beyond those that I’ve already described. There are simply too many possible approaches to trading, for it to address.

David

Hi Hanover .. Is it working for pepperstone broker ? becoz i dont see it in the broker list .. can u confirm ?

Thanks.

Hi Eto,

Answer is yes — I run 2 (demo) accounts with Pepperstone myself.

Screenshot below is from post #1.

David

Hello David,

I have several weeks testing VO-PRO, and i am almost sold, really it is a precius tools, bravo!

I need only more practice with the closing box, do you have more videos explaining this in details?

Also i want to know if it is possible attache the VO-PRO to an IP from a VPS, because before pass to real (i am still looking for a broker with good latency) i want to try it en demo accounts.

Br
Tiglat

Tiglat,

Many thanks for your interest in VO-Pro.

In lieu of a video on closing orders, there is information in the second half of this post, and also specifics on how the 'free ride' option operates in posts #229 and #231. It is a case of clicking the wizard '?' button, and then selecting from the menu of options, each of which has an explanation alongside of it. You can prove that these options work as stated, by trying them on a demo account.

Re VPS, different VPS providers/servers may work differently, and all I can suggest is that you test the trial version of VO-Pro on the VPS that you wish to use. The trial version incorporates all of the features of the paid-for version, and works in exactly the same way, except for the limitation on the Trade Risk entries, as explained here.

David