Trading utilities for MetaTrader 4
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MetaTrader 4
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Overview
Trend following pending orders detect a group of orders opened by chart buttons and automatically follows market price.
Once your STOP or LIMIT orders are activated Trend following pending orders immediately adds STOP LOSS and TAKE PROFITS.
Optionally you can add rule for closing all market orders when sum or price will reach your profit or loss.
You can also enable trailing stop loss and traling take profit to market orders.
It is a very handy tool in cases where you want to catch the perfect price in the trend.
TIP: Following feature could be also enabled on orders opened via classic MetaTrader window. You must only type your TradeComment into comment input.
How it works
- Simply place STOP or LIMIT order manually with predefined chart button or via MetaTrader window (but remember to type TradeComment into comment input).
- Trend following pending order will check all pending orders and slide with them following the market movements.
- Once STOP or LIMIT order turns into a BUY or SELL order, Trend following pending order automatically add stop loss and take profit (immediately after the price reaches pending order).
It is possible to use the system for Limit and Stop orders simultaneously. It is also possible that the system will automatically shut all BUY and SELL positions in the event of achievement of profit or loss that you define.
The system can be combined with other EA, since it is possible to use the filtering and controlling with comments (TradeComment input).
Parameters
- TradeComment - default is empty - it will control all trades, otherwise use some words or chars for controlling only selected orders (order must be placed with the same comment or via chart buttons - see images)
- StopDistance - distance offset for moving STOP orders (in points)
- LimitDistance - distance offset for moving LIMIT orders (in points)
- StopLoss - stop loss in points
- TakeProfit - take profit in points
- Trailing_SL and Trailing_TP - set to true if you want to use trailing stop loss or trailing take profit
- CloseMarketProfit - profit amount for closing all opened orders, disabled value is 0
- CloseMarketLoss - loss amount for closing all opened orders, disabled value is 0 (it does not depend on whether you use minus or plus)
