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VO-Pro: Comprehensive visual order management system for MT4

  • #781
  • Edited Aug 31, 2012 12:07am Aug 30, 2012 2:34pm | Edited Aug 31, 2012 12:07am
Hi David,
I want to be able to set a conditions like:
if
Profit = SL
Profit = "%" or "X factor" of SL

In order to perform a dynamic rule, instead of saying when in 30 pips profit move SL to BE.
On a dynamic trade, I would simply say when "Profit = SL, TP1 and BE". Then I wouldn't have to set a new rule for each trade.
One rule fits one approach!
Thanks
  • #782
  • Sep 2, 2012 10:53pm Sep 2, 2012 10:53pm
Quoting wadib
Hi David,
I want to be able to set a conditions like:
if
Profit = SL
Profit = "%" or "X factor" of SL

In order to perform a dynamic rule, instead of saying when in 30 pips profit move SL to BE.
On a dynamic trade, I would simply say when "Profit = SL, TP1 and BE". Then I wouldn't have to set a new rule for each trade.
One rule fits one approach!
Thanks
Many thanks for your ideas. I will see what is reasonably possible, within the overall design philosophy. I want to make VO/TM as open-ended, and therefore as widely marketable, as I possibly can.
  • #783
  • Sep 6, 2012 10:59pm Sep 6, 2012 10:59pm
Hi David
Would you please help me build a template.
I open two equal trades A and B.

Condition:
When A reaches profit (is closed)
Action:
B SL, moves to BE.

many thanks
  • #784
  • Sep 7, 2012 6:04am Sep 7, 2012 6:04am
Quoting wadib
Hi David
Would you please help me build a template.
I open two equal trades A and B.

Condition:
When A reaches profit (is closed)
Action:
B SL, moves to BE.

many thanks
Hi,

Unzip the attached file to your ..../(MT4)/experts/files folder.

It works both ways, i.e. if order A is closed, the SL of order B is moved; if order B is closed, the SL of order A is moved.

If you prefer a one-way process only, let me know, and I'll delete the second of the two generated rules.

I haven't tested it yet, so please try it on a demo account first. Let me know if you encounter any problems.

David
Attached File(s)
File Type: zip TM template.zip   < 1 KB | 400 downloads
  • #785
  • Sep 8, 2012 12:46am Sep 8, 2012 12:46am
Quoting hanover
Hi,

Unzip the attached file to your ..../(MT4)/experts/files folder.

It works both ways, i.e. if order A is closed, the SL of order B is moved; if order B is closed, the SL of order A is moved.

If you prefer a one-way process only, let me know, and I'll delete the second of the two generated rules.

I haven't tested it yet, so please try it on a demo account first. Let me know if you encounter any problems.

David
Many Thanks, That should do the job.
Wessam
  • #786
  • Sep 19, 2012 4:29am Sep 19, 2012 4:29am
Hi David,

I was wondering if it is going to be possible to use the TM rules to create a 'hedged' market neutral position?

For example let's say we open a SELL at 2% of equity which just happens to be exactly 1 lot. At -50 pips we want to open an equal value BUY (1 lot) to hedge our position and stop the drawdown. We can't use 2% of equity as our equity has changed, so we need to manually add in 1 lot as our contract size?

Reading the manual (a first for me here) , the available TM actions do not include opening an order as far as I can see, so I am wondering if there is a workaround?

We can manually add a pending BUY at the -50 pips price, but I was wondering if we can script the process somehow.

Loving the functions of the TM David - excellent piece of kit.

Best regards,

macman
  • #787
  • Sep 19, 2012 5:53am Sep 19, 2012 5:53am
Quoting macman
Hi David,

I was wondering if it is going to be possible to use the TM rules to create a 'hedged' market neutral position?

For example let's say we open a SELL at 2% of equity which just happens to be exactly 1 lot. At -50 pips we want to open an equal value BUY (1 lot) to hedge our position and stop the drawdown. We can't use 2% of equity as our equity has changed, so we need to manually add in 1 lot as our contract size?

Reading the manual (a first for me here) , the available TM actions do not include opening an order as far as I can...
Macman,

Thanks for the feedback. I'm glad that you find TM useful.

All going well, I hope to release v3.06 by Friday. Among other things, it will give TM a 'Create new order' action. The attached screenshot is my first draft of the Create Order entry window.

Provided that your br0ker allows hedging, what you describe should be possible.

All of the versions up to v3.10 will continue to add to the functionality (additional conditions and allowable actions) to TM. I'm hoping to get through all of this work by around mid-October. TM will ultimately allow a 'logic savvy' trader to effectively build his own EAs (although there will almost certainly be some restrictions, compared to what can be done coding EAs using MQL4).

David
Attached Image (click to enlarge)
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  • #788
  • Sep 20, 2012 4:46pm Sep 20, 2012 4:46pm
Hi David

I did download your latest version and i am really impressed with all the options
so i did read the manual and also the part of the Trade Minder

i would like to know if my next example is possible

look at the picture

the system i use is based on reversals.
Example.
When i get my entry i place 3 orders at the same price risking a total of 3% and my risk reward is at least 1:1 or better
i also place for the 3 orders the stops at the same place as u can see in the picture
then i place 2 Target's
now when the first target gets hit it closes that order and i move manualy 1 stop of the 2 remaining orders to break even+.
at this point i am save and i made at least 1+% profit depending of the risk reward level.
if now the market returns it wil close the order at breakeven costing me nothing.
and if it also closes the last order i loose 1 % but i made also at least 1% from the first order so i diddnt loose anything.
but lets say the market moves to the target2
if that happens i move the stop of the last remaining order to the level of the 1st target.
and then that last order i let it run till my system gives me a new signal in the opposite direction and i close it manualy.
this way of moving stops and minimizing risk gives me good results and also for the market a lot of room to swing arround without stopping u out to soon.

now the question would it be possible for your V0-Pro to do that automaticaly for me and if yes could u give me an example how i have to do it i would like to test it


Greets

Gert
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  • #789
  • Sep 21, 2012 11:22pm Sep 21, 2012 11:22pm
Quoting freakgib
Hi David

I did download your latest version and i am really impressed with all the options
so i did read the manual and also the part of the Trade Minder

i would like to know if my next example is possible

look at the picture

the system i use is based on reversals.
Example.
When i get my entry i place 3 orders at the same price risking a total of 3% and my risk reward is at least 1:1 or better
i also place for the 3 orders the stops at the same place as u can see in the picture
then i place 2 Target's
now when the first target gets hit...
Hi Gert,

Many thanks for evaluating VO-Pro.

Assuming I understand you correctly, VO will handle your requirement easily enough, like this (let's assume a 'buy' situation, as in your screenshot; a 'sell' situation would simply be the 'mirror image'):

Creating the 3 orders — first method

1. In VOConsole, you would select the pending buy preset from the dropdown (or simply click its assigned button — this is button '3' from the initial install). Set the Trade Risk to 1%. Then go to MT4 and drag the 'VO Create New Order' script to approximately where you want the entry point. Select and move the three lines around on the screen, until you have the entry, SL and TP for the first order correctly positioned. Then click the EXECUTE (green tickmark) button to place the order.

2. Back to VOConsole, select the 'same levels' preset from the dropdown (or simply click its assigned button — this is button '5' from the initial install). Set the Trade Risk to 1%. Then go to MT4 and drag the 'VO Create New Order' script onto the chart again, and the levels should default to the same as they were in the first order. Assuming you want the same entry and SL, all you need to do is select and move the TP line to your desired level. Then click the EXECUTE (green tickmark) button to place the second order.

3. Drag the 'VO Create New Order' script onto the chart again, and the levels should default to the same as they were in the second order. Move any of the lines wherever you wish. Then click the EXECUTE (green tickmark) button to place the final order.

I'll get to the Trade Minder part soon. But first, there's another way of creating the three orders, like this:


Creating the 3 orders — alternative method

1. In VOConsole, you would select the pending buy preset from the dropdown (or simply click its assigned button — this is button '3' from the initial install). Exactly as before. This time, however, set the Trade Risk to 3%,1,1,1
This means: risk a total of 3%, but split it into three orders in the ratio of 1:1:1. Hence you will get 3 orders with 1% size each.

2. Go to MT4 and drag the 'VO Create New Order' script to approximately where you want the entry points. Note: the risk/return/lot size di8splayed above the lines will reflect the TOTAL for all 3 orders. Select and move the three lines around on the screen, until you have the entry, SL and TP for the first order correctly positioned. Exactly as before. Then click the EXECUTE (green tickmark) button, and VO-Pro will cause MT4 to create 3 identical orders.

3. Go to MT4 and drag the 'VO Modify Orders' script onto the chart. This will allow you to modify all three orders simultaneously. Select and move the TP lines of any of the orders, wherever you want them. You can toggle the 'Show RR totals' checkbox on/off to show the risk/return of the individual orders, or the combined total. When you're happy with the levels, click the EXECUTE (green tickmark) button, and VO-Pro will execute all of the modifications that you've made.

Either of the above methods will work — try them both on a demo account, and decide upon which one you prefer.


Trade Minder — managing the orders

Once you've placed the orders, Trade Minder ('TM') will manage them for you.

I will create a template for you (it is less than 5 minutes work). When you run the template (I will explain how, in my next post), the template will simply ask you for the last few digits of each of the 3 order numbers, so that it knows which orders to operate on.

The template will automatically execute the following rules:

1. When the first target is hit, order #1 will automatically close, because its TP is at that level. But the first rule in the template will be: if order #1 is closed, at a profit, then move the SL of order #2 to the entry point.

2. When the second target is it, order #2 will automatically close, because its TP is at that level. But the second rule in the template will be: if order #1 is closed, at a profit, then move the SL of order #2 to a specified price level (which is the same as the first target).

All of the above is assuming that I understand you correctly. Then it is simply a case of your closing out any remaining orders manually.

I will prepare a template and test it on Monday, when the markets are open once again.

Regards,
David
Attached Images
  • #790
  • Edited 3:56am Sep 22, 2012 3:41am | Edited 3:56am
Quoting hanover
Hi Gert,

Many thanks for evaluating VO-Pro.

Assuming I understand you correctly, VO will handle your requirement easily enough, like this (let's assume a 'buy' situation, as in your screenshot; a 'sell' situation would simply be the 'mirror image'):

Creating the 3 orders — first method

1. In VOConsole, you would select the pending buy preset from the dropdown (or simply click its assigned button — this is button '3' from the initial install). Set the Trade Risk to 1%. Then go to MT4 and drag the 'VO Create New Order' script to approximately...
Hi David

thx for your support

i did do my self the alternate way of placing orders 3%,1,1,1 only the test version is stuck to 20% but thats oke for a test

after the orders where placed i did do the modify orders and moved the TP to the correct levels
and after that i did experiment with the Trade minder
but i was not sure if it worked it was already late and couldnt wait for the market to hit my targets

but if u make a template would that mean that when I in the future place 3 orders as explained above and i run that template/script
it wil automaticaly do those rules even if for some other setup the TP levels are at different prices or even a different pair
and also if i have a short setup
and lets say when everything is setup and i decide to move the 2nd TP to a higher level i asume i just place the VO Modify Orders' script on the chart move the 2nd TP and click the EXECUTE (green tickmark) and everything is good to go or do i then have to run the Trade minder template again.

ow and 1 more thing lets say everything is running nicely and suddenly my internet connection is gone for XX time but later it's up again
wil V0-Pro stil handle everything ?



Greets

Gert
  • #791
  • Sep 23, 2012 8:20pm Sep 23, 2012 8:20pm
Quoting freakgib
Hi David ......
Hi Gert,

I just want to make sure that I understand correctly.

There are 3 orders, let's call them #1, #2 and #3. All 3 orders have the same entry and SL, but different TPs.
The TP of order #1 is TP#1 (the first target)
The TP of order #2 is TP#2 (the second target)
Order #3 doesn't have a TP, as you will close it manually.

Here's what TM needs to do:
--- When price reaches TP#1, order #1 will close automatically; TM needs to move the SL of order #2 to the breakeven (entry) point.
--- When price reaches TP#2, order #2 will close automatically; TM needs to move the SL of order #3 to TP#1.

Do I have that correct?

Quoting freakgib
but if u make a template would that mean that when I in the future place 3 orders as explained above and i run that template/script
it wil automaticaly do those rules even if for some other setup the TP levels are at different prices or even a different pair
The template will generate (probably 2) rules, based on the order numbers that you enter when you apply it. Hence you would apply the template once for each set of 3 orders, i.e. once for each pair.

Quoting freakgib
and also if i have a short setup
and lets say when everything is setup and i decide to move the 2nd TP to a higher level i asume i just place the VO Modify Orders' script on the chart move the 2nd TP and click the EXECUTE (green tickmark) and everything is good to go or do i then have to run the Trade minder template again.
VO-Pro's 'visual order entry' and Trade Minder modules are really two different products, that don't communicate between each other. Hence the need to type the price value of a TP into Trade Minder. If you subsequently move the target (i.e. TP), then you'd need to modify the rule that was generated by the template. I will explain this more fully, when I create the template.

Quoting freakgib
ow and 1 more thing lets say everything is running nicely and suddenly my internet connection is gone for XX time but later it's up again
wil V0-Pro stil handle everything ?
Everything that you see in MT4's terminal area (including the entry/SL/TP of the orders you've created) is stored on the br0ker's server. Hence, if your internet shuts down, and there is no communication with the br0ker, these items are unaffected.

However, all MT4 EAs (including Trade Minder) run from your local computer, and require that MT4 is running continuously, with the EA being attached to a chart, and also require that a connection between MT4 and the br0ker is continuously maintained. If you remove the EA, or shut down MT4, your internet connection, or your computer, then the EA will stop running until everything is operational once again.

David
  • #792
  • Sep 24, 2012 12:43am Sep 24, 2012 12:43am
Quoting hanover
Hi Gert,

I just want to make sure that I understand correctly.

There are 3 orders, let's call them #1, #2 and #3. All 3 orders have the same entry and SL, but different TPs.
The TP of order #1 is TP#1 (the first target)
The TP of order #2 is TP#2 (the second target)
Order #3 doesn't have a TP, as you will close it manually.

Here's what TM needs to do:
--- When price reaches TP#1, order #1 will close automatically; TM needs to move the SL of order #2 to the breakeven (entry) point.
--- When price reaches TP#2, order #2 will close automatically;...
Hi David

yes u are correct about the orders i place 3 orders as u did describe.

Greets


Gert
  • #793
  • Sep 24, 2012 8:48am Sep 24, 2012 8:48am
Hi David,

As you know, I am running a long term test on VO-Pro and generally, it is excellent.

However I have recently found a slight drawback using VO-Pro with a restart EA.

I use MT4i Auto Restart EA (http://www.mt4i.com/appstore/app.asp...ort=popularity) which, as the name suggests will automatically restart MT4 if the connection to your broker goes down.

The problem seems to be that when MT4 comes back up, the TM rules no longer function. I have found that I need to list the rules and then click the green tick to re-enable the rules, at which point VO-Pro immediately takes action.

I have seen this twice now, latest this morning, so believe it is not a one off event.

Attached are the terminal tabs from this morning. The TM rule was only actioned after they were re-enabled, as described above.

Best regards
Attached Image(s) (click to enlarge)
Click to Enlarge Name: Terminal_VO-Pro.png Size: 24 KB
Click to Enlarge Name: Terminal1_VO-Pro.png Size: 22 KB
  • #794
  • Edited 11:27am Sep 24, 2012 11:24am | Edited 11:27am
Hi, David.

When I open an order my stop loss pip values are always different. For example, my stop loss may be 50 pips on one order and 35 pips on another. When I configure 'Close Order In 2 Parts' with a set pip value the rule doesn't necessarily fit all my trades equally well.

Is there a way to create a rule that uses a percentage of the stop loss to determine the the close points? In other words I might want my trades to close the first part when I am 100% of the stop loss pip value in profit and the second part at 200% of the stop loss pip value. (SL = x pips, first part close at x pips (100%) profit, second part close at 2x pips (200%) profit) Of course I would like the percentages to be user defined and to have the same feature available in other types of templates as well.

As I write this I just realized the coding could get quite messing if I use a trailing stop...Oh well, I'll throw it out there anyway and see what you think.

I looked around and couldn't find this feature in the documentation. Hope I didn't just over look it somewhere.

As always, thank you for your efforts.

P. S. - The same feature using dollar amounts would be kewl also.
  • #795
  • Sep 24, 2012 4:09pm Sep 24, 2012 4:09pm
Just saw the wadib's post, #781, above. Looks like you may be working on something similar to this already.
  • #796
  • Edited 5:34pm Sep 24, 2012 5:19pm | Edited 5:34pm
Quoting macman
Hi David,

As you know, I am running a long term test on VO-Pro and generally, it is excellent.

However I have recently found a slight drawback using VO-Pro with a restart EA.

I use MT4i Auto Restart EA (http://www.mt4i.com/appstore/app.asp...ort=popularity) which, as the name suggests will automatically restart MT4 if the connection to your broker goes down.

The problem seems to be that when MT4 comes back up, the TM rules no longer function. I have found that I need to list the rules and then click the green tick to re-enable...
Hi,

That's strange. I can understand if VO Monitor EA needs restarting (i.e. because the orange numbers have stopped ticking over) following a MT4 restart, but VOConsole operates completely independently of MT4, hence the rules should remain unaffected.

I will investigate further, but (as a general rule) I can't offer guarantees that VO will run 100% alongside every other EA that's being run simultaneously, without any possible conflicts. I'd need to ask every EA programmer to co-operate with me, for that to be the case.

Anyway, thanks for informing me of this problem.

David
  • #797
  • Sep 24, 2012 5:27pm Sep 24, 2012 5:27pm
Quoting Pablo55
Hi, David.

When I open an order my stop loss pip values are always different. For example, my stop loss may be 50 pips on one order and 35 pips on another. When I configure 'Close Order In 2 Parts' with a set pip value the rule doesn't necessarily fit all my trades equally well.

Is there a way to create a rule that uses a percentage of the stop loss to determine the the close points? In other words I might want my trades to close the first part when I am 100% of the stop loss pip value in profit and the second part at 200% of the stop loss...
Hi Pablo,

Thanks for your enquiry.

What you're describing (calculating exits as a % of the SL) can't currently be done, because VO-Pro's 'visual order entry' and Trade Minder modules are really two different products, that don't communicate between each other.

I'm looking at several possibilities, in terms of extending TM's rule types further. Ideally, I'd like to make TM as open-endedly functional as possible, in order to reach the widest possible market. But I can't make any promises at this point. Perhaps the biggest challenge that I have, given that I must work within TM's current framework, is to somehow maximize open-endedness without making TM impossibly complex to use. After all, if one has to already be a competent programmer in order to use TM, then it raises the question as to why the programmer couldn't simply code his own EA.

David
  • #798
  • Sep 24, 2012 5:43pm Sep 24, 2012 5:43pm
Quoting freakgib
Hi David

yes u are correct about the orders i place 3 orders as u did describe.

Greets


Gert
Hi Gert,

Please try the attached template.

To install the template, unzip the attached file into your ....(MT4)/experts/files folder. 'Gert's exits' should then appear in the list of templates when you enter TM. To apply the template, simply make entries into the 4 parameters, and click the green tickmark button. You should see two rules created. Then click the green tickmark again to exit TM and send these rules to MT4. Provided that you have VO Monitor EA running on one chart (with the orange numbers ticking over), then VO Monitor will apply any rules that you have created.

In the template, the 4th parameter requires that you specify how many pips from entry you want the SL to be moved to. You can establish this by running the 'VO Modify Orders' script, moving the TP line around, and making a note of the number of pips.

In v3.10, I hope to (among many other things) give TM the capability of being able to reference and use order-related information (e.g. order type, entry, SL, TP, magic#, etc). This would make the 4th parameter unnecessary. I had hoped to release v3.10 by the end of October, but I'm running a little behind schedule.

Please let me know whether or not the template does the required job.

David
Attached File(s)
File Type: zip TM template.zip   1 KB | 427 downloads
  • #799
  • Sep 25, 2012 5:22pm Sep 25, 2012 5:22pm
Quoting hanover
Hi Gert,

Please try the attached template.

To install the template, unzip the attached file into your ....(MT4)/experts/files folder. 'Gert's exits' should then appear in the list of templates when you enter TM. To apply the template, simply make entries into the 4 parameters, and click the green tickmark button. You should see two rules created. Then click the green tickmark again to exit TM and send these rules to MT4. Provided that you have VO Monitor EA running on one chart (with the orange numbers ticking over), then VO Monitor...
David so far i can say u are a Genuis

it works i have to do some more testing but the few long and short setups i did test did work as i wanted
only thing i want to ask is
if i have placed all orders and then configured TM by telling it the last digits from the orders and the distance from the entry to the TP1 level
and then 2 times clicked the confirmation button
it is running
then what wil happen if i for example move the TP of order 2 because if the market closes that order then the rule for TM is to move the stop of the last order to the level of TP1
so i think it is oke to move that TP2 cos TM wil only act when that TP2 is closed and then do its action am i correct

and one thing it is hard to tell if TM is running correctly cos u dont see anything on the chart who indicate TM is watching would it be possible to make some text or indicator in the chart so u can see this pair is watched by TM
  • #800
  • Sep 26, 2012 2:05am Sep 26, 2012 2:05am
Quoting macman
Hi David,

As you know, I am running a long term test on VO-Pro and generally, it is excellent.

However I have recently found a slight drawback using VO-Pro with a restart EA.

I use MT4i Auto Restart EA (http://www.mt4i.com/appstore/app.asp...ort=popularity) which, as the name suggests will automatically restart MT4 if the connection to your broker goes down.

The problem seems to be that when MT4 comes back up, the TM rules no longer function. I have found that I need to list the rules and then click the green tick to re-enable...
Hi Macman,

I have just encountered this error myself, albeit in a different context.

I'll fix it in v3.06. I'd intended to release v3.06 last Friday, but due to unforeseen bugs I'm running well behind schedule.

Thanks again for pointing this out.

David
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