EA that opens 1 position at a time

Hi everyone, I'm looking to build an ea that when a buy or sell condition arises it will do so, but my problem is that I want the ea to open only one position at the time and close that position only when it reaches the stop or take profit, then it can open the next position wait to reach stop take profit and so on.

PS: If this is already available please point me in the right direction as I tried to search but no luck.
thank you,

Hi Mihulea,

Can you please be a little more specific about the conditions on which you want the EA to trigger the buy or sell trade ?

Regards,

Malcolm.

Thank you for the reply Malcolm,

Well that can be any condition as this is part of a bigger ea. So in this part I want to close the active open position at the stop or take profit value say 30 pips each. Also if this value is not reached there will be no more new positions opened until the previous on closed. Then wait for the next signal to open next position.

For example:
on the opening of next candle
buy, place stop / profit at 30 pips
Is target reached at stop/profit
No then do nothing
yes close position
wait for next candle open
sell, place stop / profit at 30 pips
Is target reached at stop/profit
No then do nothing
yes close position
and loop

Aha, I see,

So what you need is effectively a piece of MT4 code that would act as a trade handler subroutine within the overall EA ?

Hmm, might be tricky to find something like that - I've never seen anything like it.

I code my own MT4 EA's, so I know a little bit about the subject, and I'm just wondering how you propose to stitch what you're looking for into the rest of the EA ?

Regards,

Malcolm.

You see this is a temp from MetaEditor


//+------------------------------------------------------------------+
//| Temp.mq4 |
//| Copyright 2012, MetaQuotes Software Corp. |
//| http://www.metaquotes.net |
//+------------------------------------------------------------------+
#property copyright "Copyright 2012, MetaQuotes Software Corp."
#property link "http://www.metaquotes.net"

//+------------------------------------------------------------------+
//| expert initialization function |
//+------------------------------------------------------------------+
int init()
{
//----

//----
return(0);
}
//+------------------------------------------------------------------+
//| expert deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----

//----
return(0);
}
//+------------------------------------------------------------------+
//| expert start function |
//+------------------------------------------------------------------+
int start()
{
//----on the opening of next candle
buy, place stop / profit at 30 pips
Is target reached at stop/profit
No then do nothing
yes close position
wait for next candle open
sell, place stop / profit at 30 pips
Is target reached at stop/profit
No then do nothing
yes close position
and loop

//----
return(0);
}
//+------------------------------------------------------------------+

So I want the code to go in the start function part.

Hi Mihulea,

I've coded up something that seems to do what you require, on initial brief testing.

At the moment it runs as a standalone EA, but I've included both the MQL4 and the .EX4 files, so you can chop the code out and insert it into your 'wider EA' as requested.

Please also note the disclaimer blah blah etc. - this is just for your use only, and only for 'fun', not for live trading :-)

It's a little unusual, trying to code a 'partial' EA like this, never done it this way before - but hey - anything to help a fellow trader :-) - please take a look at your convenience.

Please bear in mind that this thing will take it's 'seed' from the last trade executed, so if that is a sell, the first trade it opens will be a buy, and vice versa. It seems to naturally open a buy first when used standalone.

I've exported the variables for the position size, stop loss, and take profit.

There's also an additional exported variable for ECN or Non-ECN brokers - very important as the ECN brokers do not allow you to send the SL and TP info lumped in with the main order - they have to issued immediately afterwards as a 'modify order' command.

Regards,

Malcolm.

That is cool you are good. Can you change it to open a buy when last candle close > current ma value wait for the stop loss take profit again then if last candle close < current ma value sell and wait again for stop/take profit than repeat.and in between this operations do nothing so if the ea just closed a sell and last candle close still < current ma do nothing until the candle that closes above ma.

Hi Mihulea,

Do you want the trade to only close when either the stop loss/take profit level is reached, or should the trade close if the price closes below the MA even though the SL/TP levels were not met ?

Regards,

Malcolm.

Hi Malcolm,

Yes only at the stop/take profit as the price might bounce up and down a few times until it takes of.

Hi

Could you explain a bit more about your method, what time frame and what MA so we could test it as well.

I didn't got that far yet, I need the ea to work the way I want and then the testing begins, so not much on that yet.

Hi Mihulea,

I've coded in the changes that you requested, and the EA appears to now be working as you asked.

There are some new input variables that I have included, that you can change to suit your test plan, as follows :-

1. MA Period

 

1. MA_Period_Buy (Default = 34) This is a numeric entry for the MA period desired for a buy trade
2. MA_Period_Sell (Default = 34) This is a numeric entry for the MA period desired for a sell trade

So, out of the box, the EA will default to a 34 period simple moving average

2. MA Mode

 

1. MA_Mode_Buy (Default = 0 = SMA) This is a numeric entry representing the MA method applied to calculate the MA
2. MA_Mode_Sell (Default = 0 = SMA) This is a numeric entry representing the MA method applied to calculate the MA

Possible choices for the MA_Mode's are 0 = SMA, 1 = EMA, 2 = SMMA & 3 = LWMA

3. MA Applied Price

 

1. Applied_Price_BuyMA (default = 0 - Price Close)
2. Applied_Price_SellMA (default = 0 - Price Close)

Possible choices for the applied price are 0 = Price Close, 1 = Price Open, 2 = Price High, 3 = Price Low, 4 = Price Median, 5 = Price Typical, 6 = Price Weighted

Good Luck with the testing.

Regards,

Malcolm.

Hi,

I am after this same strategy. I basically want to keep 1 position open at a time and have inputs to specific if it will be a buy or a sell trade (or have 2 separate buy/sell EA's), when the first trade closes with a set TP it will reopen a new trade. Also have inputs for setting TP (and SL if required).

I've seen a few scripts on here that do it but they don't seem to work so was looking at an EA.

Thanks in advance and sorry for reopening old post