Scale in MT4

(I did an extensive Google search but haven't found what I'm looking for or a free version of it)

I prefer to scale in to a trade in order to lower risk and use drawdown to my advantage. The problem is, this task is very tedious if I enter the orders in manually.

Here's an example of what I want to do (preferably the user should be able to define how they want to scale in):
1. I want to buy 10,000 units in total with a stoploss of 30pips from the original level.
2. I want to scale in the trade, so I create an order of 1,000 units at my original level with a T/P of 30pips.
3. I then create another order of 1,000 units 1 pip away from my original level, again with a stoploss of 30pips from the original level (i.e, same stoploss price as the first order).
4. Again, another order of 1,000 units, but this time 2 pips away from my original level with a stoploss of 30pips from the original level (i.e, same stoploss price as the first order).
5. Yet, another order of 1,000 units, but this time 3 pips away from my original level with a stoploss of 30pips from the original level (i.e, same stoploss price as the first order).
6. So on and so forth until my original order of 10,000 units has been scaled in.

Using this form of scaling in, my last order would be for 1,000 units and 10pips away from my original entry. All orders have the same stoploss price as the very first trade at the original level.

So instead of risking $30 (10,000 units x 30pips = $30), I end up risking $25.50 instead:

.01 lot * 30pips = $3.00
.01 lot * 29pips = $2.90
.01 lot * 28pips = $2.80
.01 lot * 27pips = $2.70
.01 lot * 26pips = $2.60
.01 lot * 25pips = $2.50
.01 lot * 24pips = $2.40
.01 lot * 23pips = $2.30
.01 lot * 22pips = $2.20
.01 lot * 21pips = $2.10
......................= $25.50

If something like this exists, I would VERY much appreciate if you could forward me to a thread or post the indicator/expert/script/whatever.

If you need me to explain further, just ask.

Thanks!

*Last effort bump*

search for tigpips 'scaling script v1.2.mq4' in the 'scaling in script' thread.

maybe close to your needs

(sorry unable to post the file & don't know how to post link of thread)

One point in your above example, is the profit target also from the original level?

http://www.forexfactory.com/showthread.php?t=313214

This is great, sounds just what I was looking for.

As for your question regarding the T/P being from the original level, I'd prefer it that way, but I'll generally not set a T/P at first unless there's an obvious support/resistance level. Quite a few times, I'll let the trade run until price fails to make progress in my favor.

Thanks, AlienTrader.

Hi Amart83,

I've modified the script thinking it would better suite your need. I split it into 2 for quicker & clearer appliance. Place above current price & you get limit orders, below current price & you get stop orders. You can dial in a different Stop or Profit when applying. I just did the Sell script first, if its what you want I'll do the Buy.



I also attach 2 scripts for group adjusting Profit targets & Stops once the orders are made, so you can easily keep adjusting you Profit target with ease. You just drag & drop to the new position on the chart.




hope this suites you