Hello Everyone,
My trading system relies heavily on equity profits. I've been using different EAs and Scripts to close all open trades and pending orders once an equity profit has been reached. However, because the EA or Script closes the open trades one at a time, the profits can either increase or decrease due to the changing markets.
Instead, does anyone know of an EA (or can create one) that does the following:
1) Keeps track of what the equity would be if pending orders were placed closest the currency pair's price.
2) Once desired equity is reached according to where the pending orders will go, the EA will place a stop order at that price for all currency pairs.
3) As soon as a stop order is placed for all currency pairs, it then turns into a Trailing Stop for every pip movement.
4) All other EAs will not place any more trades until ALL open orders has hit their stops.
Basically, MT4 will allow you to put pending stop orders, for example, 2 pips away for EURUSD, 3 pips away for GBPUSD, 3 pips away for USDJPY, etc etc. for certain brokers. I would like the EA to monitor the equity at where the closest stop would be; not where the actual equity is. For instance, if the "stop order equity" for all currency pairs reaches $500, the EA will place a stop order instantly for all currency pairs.
For example, I would like to close out all my trades when my unrealized profits reach $500. I currently have 5 different trades open with different currency pairs. I would like this EA to calculate what the equity is if it puts in stop orders closest to the price. If my current equity for open trades is +$500, the actual equity of the potential stop orders wouldn't be as high. Because it has to be placed a few pips away, the pending order equity would be around $475 or so. Once the potential pending stop orders reach $500, the EA will instantaneously place stops closest to the currency pairs. Then it automatically turns into a trailing stop. Finally, until all stops are hit, no additional trades cannot be placed BY AN EA.
Does anyone know how to code this? If it's possible? Or if something like this has been made already?
Thanks in advance for all your help!
My trading system relies heavily on equity profits. I've been using different EAs and Scripts to close all open trades and pending orders once an equity profit has been reached. However, because the EA or Script closes the open trades one at a time, the profits can either increase or decrease due to the changing markets.
Instead, does anyone know of an EA (or can create one) that does the following:
1) Keeps track of what the equity would be if pending orders were placed closest the currency pair's price.
2) Once desired equity is reached according to where the pending orders will go, the EA will place a stop order at that price for all currency pairs.
3) As soon as a stop order is placed for all currency pairs, it then turns into a Trailing Stop for every pip movement.
4) All other EAs will not place any more trades until ALL open orders has hit their stops.
Basically, MT4 will allow you to put pending stop orders, for example, 2 pips away for EURUSD, 3 pips away for GBPUSD, 3 pips away for USDJPY, etc etc. for certain brokers. I would like the EA to monitor the equity at where the closest stop would be; not where the actual equity is. For instance, if the "stop order equity" for all currency pairs reaches $500, the EA will place a stop order instantly for all currency pairs.
For example, I would like to close out all my trades when my unrealized profits reach $500. I currently have 5 different trades open with different currency pairs. I would like this EA to calculate what the equity is if it puts in stop orders closest to the price. If my current equity for open trades is +$500, the actual equity of the potential stop orders wouldn't be as high. Because it has to be placed a few pips away, the pending order equity would be around $475 or so. Once the potential pending stop orders reach $500, the EA will instantaneously place stops closest to the currency pairs. Then it automatically turns into a trailing stop. Finally, until all stops are hit, no additional trades cannot be placed BY AN EA.
Does anyone know how to code this? If it's possible? Or if something like this has been made already?
Thanks in advance for all your help!